“Rule provides clarity of what companies must report on creating a clear path” says ACCP Chief Carolyn Berkowitz
FAIRFAX, VA – In response to today’s decision by The U.S. Securities and Exchange Commission (SEC) to adopt rules requiring standardized climate-based reporting, the Association of Corporate Citizenship Professionals (ACCP), the nation’s leading advocate for corporate social impact professionals, said the new rule would provide much needed clarity for professionals engaged in sustainability and social impact programs by creating a clear path for the creation of long-term, strategic sustainability planning, implementation of programs to meet sustainability goals, and designing measurement tools to meet regulatory reporting requirements.
“Today’s long-awaited decision by the SEC to standardize climate-based reporting for all U.S. listed companies will provide much needed clarity for our members who are leading corporate social impact teams and responsible for guiding companies to meet these new requirements. It lays out a clear path forward for corporate executives to develop sustainability programs that are fully funded and resourced in order to meet these new requirements,” said Association of Corporate Citizenship Professionals (ACCP) president and CEO Carolyn Berkowitz. “Now that the rule has been finalized by the SEC, companies must fully resource CSR & ESG functions to implement climate-based strategies that align with their corporate values and are beneficial to society. As regulations continue to increase around the globe, diverting resources to compliance is short-sighted. Companies must resource innovation and strategy, while building their capacity for reporting. It’s not a tradeoff.”
Every year, ACCP conducts and releases its CSR Insights Survey, sharing insights on how more than 100 companies, representing more than $1 Billion in community investments, engage and carrying out corporate social responsibility initiatives.
ACCP’s CSR Insights Survey conducted in April 2023 found environmental sustainability as the top priority social issue for purpose-driven companies. The survey showed, “the focus on environmental sustainability is a natural progression as CSR & ESG functions continue to cooperate and integrate to respond to the material issues of companies. In addition, 66% of survey respondents from global companies indicated environmental sustainability as a priority area, potentially influenced by new EU regulations around ESG.”
The top three priority social issues in last year’s survey included environmental sustainability (56%), K-12 education (53%), and food insecurity (49%).
“A growing number of corporations in all sectors are waking up to the fact that climate change is material to their business. Given the focus by the public and investors on a company’s environmental footprint – and the increase in government regulations – environmental sustainability will continue to be a top social and business issue,” concluded Berkowitz.
ACCP’s members are comprised of CSR and ESG professionals at more than 250 of the world’s leading companies who are advising corporate executives on social impact strategies and have already been preparing executives about the need for companies to be ready for continuing environmental regulations, like the rule adopted today by the SEC.
To Speak with Carolyn Berkowitz about the SEC Decision and/or Corporate Sustainability, please contact Jeanne Metzger at jeanne@accp.org
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The Association of Corporate Citizenship Professionals (ACCP) is the preeminent membership organization advancing the practice of corporate social impact. ACCP increases the effectiveness of CSR & ESG professionals and their companies by sharing knowledge, fostering solutions, and cultivating inclusive and supportive peer communities. ACCP amplifies the voices of its practitioner network to elevate strategies that work, provide innovative solutions, and expand impact.
