Sustainability Accounting Group Taps Former FASB Chairman
Originally posted on Wall Street Journal
Robert Herz, the former chairman of the U.S. Financial Accounting Standards Board, will join the board of the nonprofit Sustainability Accounting Standards Board, which is working to write industry standards for corporate sustainability and environmental reporting.
The San Francisco-based SASB, formed in 2011, sets voluntary standards for corporations to disclose information on material social, governance, energy, and environmental issues to investors.
Mr. Herz, who led the FASB from 2002 to 2010 will join the group’s board of directors on Jan. 15, and “will play an instrumental role in determining the structure and process” for final standards,” SASB said in a statement.
Mr. Herz has been a longtime proponent of corporate disclosure and transparency on nonfinancial information. In 2001, while a partner at accounting firm PricewaterhouseCoopers he co-wrote a book on value reporting that suggested more disclosure on nonfinancial information and intangible assets was needed because they increasingly drive corporate value.
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