Harvard Case - The Sustainability Accounting Standards Board (Abridged)
"The Sustainability Accounting Standards Board (Abridged)" Harvard business case study is written by Julie Battilana, Michael Norris. It deals with the challenges in the field of Organizational Behavior. The case study is 20 page(s) long and it was first published on : Mar 25, 2019
At Fern Fort University, we recommend that the Sustainability Accounting Standards Board (SASB) adopt a multi-pronged approach to address the challenges of gaining widespread adoption of its sustainability accounting standards. This approach should focus on building strong relationships with key stakeholders, fostering collaboration across industries, and demonstrating the value proposition of SASB standards to investors and companies. This will require a shift in strategy, prioritizing communication, collaboration, and demonstrating the tangible benefits of SASB standards.
2. Background
The case study focuses on the Sustainability Accounting Standards Board (SASB), a non-profit organization established in 2011 to develop and disseminate sustainability accounting standards for publicly traded companies. The SASB aims to provide investors with consistent and comparable information on companies' environmental, social, and governance (ESG) performance. However, the organization faces challenges in gaining widespread adoption of its standards.
The main protagonists of the case study are:
- SASB: The organization itself, facing the challenge of gaining adoption of its standards.
- Investors: Who are the primary users of the SASB standards, seeking reliable and comparable ESG information.
- Companies: Who are the issuers of the information, facing increasing pressure to report on their ESG performance.
3. Analysis of the Case Study
The case study highlights several key challenges facing SASB:
- Lack of awareness and understanding: Many companies and investors are unaware of SASB standards or their potential benefits.
- Competition from other frameworks: SASB faces competition from other sustainability reporting frameworks, such as the Global Reporting Initiative (GRI) and the Task Force on Climate-Related Financial Disclosures (TCFD).
- Cost and complexity: Implementing SASB standards can be costly and complex for companies, particularly smaller businesses.
- Limited enforcement mechanisms: SASB lacks the authority to enforce its standards, relying on market forces and stakeholder pressure for compliance.
To analyze the situation, we can apply the Porter's Five Forces framework:
- Threat of new entrants: The threat of new entrants is relatively low, as developing and promoting a new sustainability reporting framework requires significant resources and expertise.
- Bargaining power of buyers (investors): Investors have moderate bargaining power, as they can choose to invest in companies that report using SASB standards. However, the lack of widespread adoption limits their leverage.
- Bargaining power of suppliers (companies): Companies have moderate bargaining power, as they can choose to report using other frameworks or not report at all. However, increasing investor demand for ESG information is driving companies towards reporting.
- Threat of substitute products: The threat of substitutes is moderate, as other sustainability reporting frameworks offer alternative options. However, SASB's focus on materiality and investor needs sets it apart.
- Rivalry among existing competitors: The rivalry among existing competitors is high, as SASB competes with other frameworks for market share and influence.
4. Recommendations
To address the challenges and achieve widespread adoption, SASB should implement the following recommendations:
- Strengthen Stakeholder Engagement:
- Build Relationships with Investors: Proactively engage with institutional investors, asset managers, and analysts to demonstrate the value proposition of SASB standards.
- Collaborate with Companies: Partner with companies to develop and implement SASB standards, offering guidance and support.
- Engage with Regulators: Advocate for the adoption of SASB standards by regulatory bodies, leveraging their influence to drive compliance.
- Foster Cross-Industry Collaboration:
- Create Industry-Specific Standards: Develop industry-specific standards that address the unique sustainability challenges faced by different sectors.
- Facilitate Collaboration: Encourage companies within industries to share best practices and collaborate on reporting initiatives.
- Promote Sector-Specific Events: Organize industry-specific events and workshops to raise awareness and foster dialogue around SASB standards.
- Demonstrate the Value Proposition:
- Highlight Materiality: Emphasize the materiality of SASB standards, demonstrating their relevance to investors' decision-making.
- Showcase Success Stories: Share case studies and examples of companies that have successfully implemented SASB standards and benefited from improved investor engagement.
- Quantify the Benefits: Conduct research and analysis to quantify the economic and social benefits of using SASB standards, providing tangible evidence of their value.
- Enhance Communication and Outreach:
- Develop Clear and Concise Messaging: Simplify the language and messaging around SASB standards, making them accessible to a wider audience.
- Leverage Digital Platforms: Utilize social media, webinars, and online resources to reach a broader audience and disseminate information.
- Partner with Media Outlets: Collaborate with media outlets to promote SASB standards and educate the public about their importance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with SASB's core competencies in developing and disseminating sustainability accounting standards and its mission to provide investors with reliable and comparable ESG information.
- External customers and internal clients: The recommendations prioritize the needs of SASB's external customers (investors) and internal clients (companies) by addressing their concerns and offering solutions.
- Competitors: The recommendations acknowledge the competitive landscape and aim to differentiate SASB from other sustainability reporting frameworks by focusing on materiality, investor needs, and cross-industry collaboration.
- Attractiveness ' quantitative measures if applicable: While quantifying the impact of these recommendations is difficult, they are expected to increase the adoption of SASB standards, leading to greater investor confidence and improved corporate sustainability performance.
6. Conclusion
SASB plays a crucial role in promoting transparency and accountability in corporate sustainability reporting. By adopting a strategic approach that prioritizes stakeholder engagement, cross-industry collaboration, and value demonstration, SASB can overcome the challenges it faces and achieve widespread adoption of its standards. This will benefit investors, companies, and society as a whole by fostering a more sustainable and responsible business environment.
7. Discussion
Other alternatives not selected include:
- Focusing solely on regulatory pressure: While regulatory pressure can be effective, it may not be sufficient to drive widespread adoption.
- Adopting a purely market-based approach: Relying solely on market forces may be slow and uncertain, as investor demand for ESG information is still evolving.
The recommendations rely on the following key assumptions:
- Investors are increasingly interested in ESG information: This assumption is supported by growing investor demand for ESG data and the increasing importance of ESG factors in investment decisions.
- Companies are willing to embrace sustainability reporting: This assumption is based on the growing recognition of the business case for sustainability and the increasing pressure from stakeholders to report on ESG performance.
- SASB can effectively communicate the value proposition of its standards: This assumption requires SASB to develop clear and compelling messaging and engage in effective outreach and communication efforts.
8. Next Steps
SASB should implement the recommendations outlined in this case study solution through a phased approach, focusing on building relationships, fostering collaboration, and demonstrating value. Key milestones include:
- Year 1: Develop a comprehensive stakeholder engagement strategy, build relationships with key investors and companies, and launch a pilot program for industry-specific standards.
- Year 2: Expand stakeholder engagement efforts, facilitate cross-industry collaboration, and conduct research to quantify the benefits of SASB standards.
- Year 3: Advocate for the adoption of SASB standards by regulatory bodies, continue to build relationships and partnerships, and monitor the impact of the implemented initiatives.
By taking these steps, SASB can position itself as the leading authority on sustainability accounting and drive the transition towards a more sustainable and responsible global economy.
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Case Description
In 2014, as the Sustainability Accounting Standards Board (SASB) has just brought former New York City Mayor Michael Bloomberg on as chairman of the board, Jean Rogers, founder and CEO, struggles with how best to ensure the nonprofit's financial sustainability while pushing for broad acceptance of its nonfinancial accounting metrics.
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