“SASB focuses on the investor stakeholder and therefore focuses on things likely to be material for that industry and stakeholder. These really aren’t ESG issues, they’re business issues,” he says.
Because his career sits at “the intersection between accounting and the markets,” Siegel says he jumped at the opportunity to bring that experience first to the FASB and, later, to the SASB.
“While practitioners have been involved in the standard-setting process, they haven’t traditionally been accounting and financial people,” he says, “but it’s important for them to be involved. If ESG information is increasingly used by investors, those skill sets should be brought to bear.”
Serving as a standard-setter can be “an extremely rewarding experience, even if it’s not always popular,” he concludes, “but listening to and working with people from different perspectives contributes to a more robust standard-setting process.”