The Sustainability Accounting Standards Board (SASB), now the Value Reporting Foundation, sets sustainability disclosure standards that are industry-specific and tied to the concept of materiality to investors. The standards are intended to capture sustainability matters that are financially material—reasonably likely to have a material impact on financial performance or condition. In March 2020, Fifth Third Bank became the first U.S. commercial bank to join the SASB Alliance.
The mission of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) is to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. In 2020, Fifth Third became a TCFD supporter, furthering our commitment beyond our 2019 Climate-related Financial Disclosure Report by incorporating TCFD recommended disclosures into our ESG Report, Environmental & Social Policy and other disclosure materials.
Global Reporting Initiative (GRI) is an independent international organization that has pioneered sustainability reporting since 1997. GRI exists to help organizations be transparent and take responsibility for their impacts so that we can create a sustainable future. In 2020, Fifth Third became the first U.S. commercial bank to join the GRI Community.
Stakeholder Capitalism Metrics
In September 2020, the World Economic Forum’s International Business Council released the Stakeholder Capitalism Metrics (SCM) and disclosures for companies to use to align their mainstream reporting on performance against environmental, social and governance indicators and track their contributions towards the UN Sustainable Development Goals on a consistent basis.