WIXLIB

Complementary Standards Designed to be Used Together “Nested” materialityconcepts recognizedifferent use casesReporting on matters that reflect theorganisation’s significant impacts on theeconomy, environment and peopleReporting on the sub-set ofsustainability topics that arematerial for enterprise valuecreationReportingthat is alreadyreflected inthe financialaccounts*Notes* Including assumptions and cash flow projections** Reflects the scope of the CDP survey, insofaras it functions de facto as a disclosure standardfor climate, water and forests, as well as thescope of CDP’s data platformIASB, FASBIIRCSASB, CDSBGRICDP**22CDSB, IIRC and SASBfilter the relevant subset of GRI/CDP topics10/15/2020 SASB

Concept of a Comprehensive Global Corporate Reporting SystemFinancial* GAAPSustainability GAAPbased on evidenceof significant impacton people, planet,economybased on evidence of impact on enterprisevalue creation*FilterSustainability reporting throughvarious communication channelsabout the economic, environmentaland social impacts caused by theorganisation to meet the informationneeds of a diverse group ofstakeholdersAnnual integrated reportReporting to stakeholders whose primary use ofthe information is to make economic decisions*Comprehensive value creation would also need to include manufactured and intellectual capital2310/15/2020 SASB

“Group of 5” Joint Paper, along with the IFAC Statement,Received Significant Press and Positive Reaction“CFA Institute has long supported efforts to achieve global accounting standards, and wesupport the proposal to do the same for sustainability standards The time has come forregulators and other stakeholders globally to recognize the importance of consistentglobal standards as it relates to sustainability disclosures. A common language thatenables investors to distinguish between financial value–relevant and values-relevantdisclosures is important in serving the needs of ultimate investors and professionalinvestors who work on their behalf to ensure their investment objectives are met.”“We applaud the leading framework and standard-setting organizations for comingtogether with a joint vision toward a more consistent system for ESG reporting. Aglobally accepted system built from existing standards and frameworks, adapted tomarket needs, could help ensure companies put forth readily comparable ESGinformation.”2410/15/2020 SASB

Conclusion

Toward a Market StandardWhat AMAC can do to help Publicly support the need for a comprehensive system ofsustainability disclosure standards that would have similar market“legitimacy” as accepted accounting principles and standards Amplify the visuals and messaging in the “group of 5” jointstatement, to help establish a common language to describe the purposesand uses of sustainability disclosure Support and reinforce the work of SASB’s Investor Advisory Group tocommunicate a clear message from investors to both companies andregulators Investors are rapidly coalescing around SASB and TCFD asfoundational disclosures for the global capital markets, to besupplemented by broader societal impact disclosures (e.g. WEF IBCmetrics) in certain markets2610/15/2020 SASB

Appendix: SASB Governance,Advisory Groups & OrganizationalMilestones

CURRENT MEMBERS (Slide 1 of 2)SASB Investor Advisory GroupIAG Members include senior investment decision makersfrom major asset owners and asset managersAllianz Global Investors Dr. Steffen Hörter, Global Head of ESGAPG Egon Vavrek, Director Global Emerging Markets Equities,(All Pensions Group)Fundamental StrategiesATP Christian Kjaer, Head of Liquid Markets, Vice PresidentOle Buhl, Head of ESG, Senior Vice PresidentAXA Investment Management Matt Christensen, Global Head of Responsible InvestmentBank of America Merrill Anna Snider, Head of Due Diligence for the ChiefLynchInvestment Officer, Global Wealth & InvestmentManagementBCI (British Columbia Jennifer Coulson, Vice President, ESG, Public MarketsInvestment ManagementCorporation)BlackRock Michelle Edkins, Managing Director & Global Head ofInvestment StewardshipRay Cameron, Head of Investment Stewardship – TheAmericasCapital Group Robert W. Lovelace, Vice-ChairmanHeather Lord, Senior Vice President, Strategy & Innovation, GlobalHead of ESGCBUS David Atkin, CEONicole Bradford, Portfolio Head, Responsible InvestmentCPP Investments Richard Manley, Managing Director, Head of Sustainable InvestingBen Lambert, Senior Portfolio Manager, Sustainable EquityDai-Ichi Life Akifumi Kai, General Manager, Investment Planning DepartmentInsurance Group Miyuki Zeniya, Head of Sustainable FinanceDomini Impact Carole M. Laible, CEOInvestments Corey Klemmer, Director of EngagementFederated Hermes Eoin Murray, Head of InvestmentDr. Michael Viehs, Associate Director – ESG IntegrationFidelity Investments Pam Holding, Co-Head, Equity DivisionNicole Connolly, Head of ESG Investing and Portfolio ManagerFranklin Templeton Julie Moret, Head of ESG Multi-Asset SolutionsInvestmentsBoston Trust Walden Heidi Soumerai, Managing DirectorAmy Augustine, Director of ESG InvestingFuture Fund Joel Posters, Head of Investment Stewardship & ESGBreckinridge Capital Peter Coffin, Founder & PresidentAdvisors Rob Fernandez, Vice President & Director of ESG ResearchBrunel Pension Partnership Faith Ward, Chief Responsible Investment OfficerCaisse de dépôt et placement Réjean Nguyen, Director, Investor Stewardshipdu Québec (CDPQ)Harvard Management Michael Cappucci, Managing Director, ComplianceCompanyand Sustainable InvestingCalPERS Dan Bienvenu, Deputy Chief Investment Officer,Total PortfolioSimiso Nzima, Investment Director and Head of CorporateGovernance, Global EquityCalSTRS Christopher Ailman, Chief Investment Officer(IAG Chair Emeritus)Kirsty Jenkinson, Investment Director, SustainableInvestment & Stewardship StrategiesCalvert Research and John Streur, President & CEOManagement John Wilson, Vice President, Director of CorporateEngagement29Goldman Sachs Asset John Goldstein, Managing Director, Head of the Sustainable FinanceManagement GroupCatherine Winner, Vice President, Global Head of Stewardship10/15/2020Inclusive Capital Eva Zlotnicka, Founder & Managing PartnerPartnersIvy Investment Dan Hanson, Chief Investment OfficerManagement Gil Scott, Director of ResearchCompanyLACERA Jonathan Grabel, Chief Investment OfficerScott Zdrazil, Senior Investment OfficerLegal & General Aaron Meder, Chief Executive OfficerInvestment John Hoeppner, Head of US StewardshipManagement Americaand Sustainable Investments SASB

SASB Investor Advisory GroupCURRENT MEMBERS (Slide 2 of 2)IAG Members include senior investment decision makers from major asset ownersand asset managersMan Group Robert Furdak, CIO for ESGJason Mitchell, Co-Head of Responsible InvestmentSteven Desmyter, Co-Head of Responsible InvestmentManulife Investment Peter Mennie, Global Head of ESG and RiskManagement Margaret Childe, Managing Director, Head of ESG, CanadaMorgan Stanley Ted Eliopoulos, Vice Chair Investment Management & HeadInvestment Managementof Strategic PartnershipsRui de Figueredo, Co-Head and Chief Investment Officer,Solutions & Multi-Asset GroupNeuberger Berman Joseph V. Amato, President of Neuberger Berman GroupLLC, Chief Investment Officer of EquitiesJonathan Bailey, Managing Director and Head of ESGInvestingNew York City Alex Doñé, Deputy Comptroller & Chief Investment Officer,Retirement SystemsNYC Bureau of Asset ManagementMichael Garland, Assistant Comptroller – CorporateGovernance and Responsible Investment, NYC Office of theComptrollerNissay Asset ManagementPutnam Investments Katherine Collins, Portfolio Manager and Head of SustainableInvestingPaul Scanlon, Head of Credit ResearchQMA (a PGIM Margaret Stumpp, Senior Advisorcompany) Pat Watral, Senior Governance OfficerRBC Lindsay Patrick, Managing Director & Head, Sustainable Finance,RBC Capital MarketsMelanie Adams, Vice President and Head of Corporate Governanceand Responsible Investment, RBC Global Asset ManagementRPMI Railpen Mads Gosvig, Chief Fiduciary OfficerLeo George, Head of Sustainable OwnershipSchroders Sarah Bratton, Head of Sustainability, North AmericaAndrew Howard, Head of Sustainable InvestingState Street Global Lynn Blake, Executive Vice President & Chief InvestmentAdvisorsOfficer, Global Head of Beta SolutionsBen Colton, Co-head Asset StewardshipRobert Walker, Co-head Asset StewardshipSustainable Insight George Parker, Chief Operating Officer & General CounselCapital ManagementTomoaki Fujii, Co-CIOToshikazu Hayashi, Chief AnalystNordea Asset Management Eivind Lorgen, CEO & President, North America, IAG ChairKatarina Hammar, Head of Responsible InvestmentsNorges Bank Investment Wilhelm Mohn, Head of Sustainability Initiatives, CorporateManagementGovernanceNorthern Trust Asset Christopher Shipley, Senior Vice President and Head ofManagementFundamental EquitiesOntario Teachers’ Deborah Ng, Director, Strategy and RiskPension Plan Walter Viguiliouk, Principal, Responsible InvestingTemasek Chin Yee Png, Deputy Chief Financial Officer, Head FinancialServicesGim Huay Neo, Managing Director, SustainabilityUAW Retiree Medical Hershel Harper, Chief Investment OfficerBenefits Trust Malcolm Goepfert, Deputy Chief Investment OfficerUBS Asset Bruno Bertocci, Managing Director, Head of Sustainable InvestorsManagement Christopher Greenwald, Head of Sustainable and Impact InvestingResearchVanguard Glenn Booraem, Principal & Head of Investment StewardshipOregon State Treasury, Anna Totdahl, Investment Officer, ESG & SustainabilityInvestment DivisionPGGM Investments Hans Op ‘t Veld, Head of Responsible Investment,IAG Vice ChairWalden Asset Heidi Soumerai, Managing Director & Senior ESG AdvisorManagement Carly Greenberg, Manager of ESG InvestingWells Fargo Asset Hannah Skeates, Co-head, Sustainable InvestingManagementJessica Mann, Head of StewardshipPIMCO Del Anderson, Senior Vice President, Credit ResearchWespath Investment Nizida Arriaga, Manager, Fixed IncomeManagement3010/15/2020 SASB

Governance and OversightGovernance structure safeguards the independence and integrity of standard-settingSASB FOUNDATION BOARD OF DIRECTORSStandards OversightCommittee (SOC)Oversight of due process ofstandard-setting activitiesGovernance & NominatingCommitteeNominates members for appointment tothe Sustainability Accounting StandardsBoard by SASB Foundation DirectorsTHE SUSTAINABILITY ACCOUNTING STANDARDS BOARDAdvisory Groups or ad hocAdvisory Committees (externaladvisors) who provide input onpractical and technical issues3110/15/2020 SASB

The SASB Foundation BoardFiduciary duty to oversee the funding and operations of the SASB and staffRobert K. Steel – ChairMary Schapiro – Vice ChairMichael R. BloombergChairmanPerella Weinberg PartnersPromontory Advisory Board Vice ChairFormer Chairman – SECCHAIRMAN EMERITUSPhilanthropist, Founder of Bloomberg LP,and three-term Mayor of New York CityJanine GuillotDeborah L. DeHaasJim McIntireCEOThe SASB FoundationVice Chairman and National ManagingPartner of the Center for BoardEffectiveness, DeloitteFormer Treasurer, State of WashingtonAlan BellerSenior CounselCleary Gottlieb Steen & HamiltonRudi BlessChief Accounting OfficerBank of AmericaPaul DruckmanChairman, World Benchmarking AllianceExecutive Director and ChairPrudential SupervisionDe Nederlandsche BankAudrey ChoiCEOInstitute for Sustainable Investing,Morgan Stanley32Director, Institute for Business and Social ImpactUC Berkeley Haas School of BusinessKenneth GoldmanMatthew WelchPresident, HillspirePresidentThe SASB FoundationSteven O. Gunders, CPAElse BosLaura Tyson, PhDPartner, Deloitte & Touche LLP (Retired)Robert H. HerzFormer Chairman, FASBJay WilloughbyCIO, TIFFChuck ZegarPhilanthropist, Co-Founder of Bloomberg LPPaula LoopAssurance Partner and Leader ofGovernance Insights Center,PricewaterhouseCoopers10/15/2020 SASB

The Sustainability Accounting Standards BoardIndependent board responsible for all aspects of standard-settingJeffrey Hales, PhDChairCharles T. Zlatkovich Centennial Professor of AccountingThe University of Texas at AustinSector Chair for Renewable Resources & Alternative EnergyVerity ChegarCo-Vice ChairSector Chair for Extractives &Minerals ProcessingRobert Hirth, Jr.Co-Vice ChairSenior Managing Director, ProtivitiChairman Emeritus, Committee ofSponsoring Organizations of theTreadway Commission (COSO)Sector Chair for Technology &CommunicationsKurt KuehnFormer CFO, UPSSector Chair for Transportation &InfrastructureLloyd Kurtz, CFASenior Portfolio Manager, Head ofSocial Impact Investing,Wells Fargo Private BankSector Chair for Health Care &Resource TransformationDaniel L. Goelzer, JDRetired Partner,Baker & McKenzie LLPSector Chair for ServicesElizabeth SeegerHead of Sustainable Investing, KKRSector Chair for Consumer GoodsSusanne Stormer*Chief Sustainability Advisor &Vice President, Novo NordiskStephanie Tang, JDDirector and Senior CorporateCounsel, Securities andCorporate GovernanceAutodeskSector Chair for Food & BeverageMark Vaessen*Partner, Head of Department ofProfessional Practice, KPMGMarc SiegelPartner - EYSector Chair for Financials* Appointment effective as of January 1, 20213310/15/2020 SASB

SASB Organizational Milestones Launched Data ProviderPartner Program andFundamentals ofSustainability Accounting(FSA) Credential Jean Rogersfounded SASB tomeet investordemand20112012 Industry WorkingGroup participantsreached 1,0002013 Public launch ofstandards-settingactivities2014 Industry Working Groupparticipants exceeded2,80020152016 Michael Bloomberg Established two-tier Launched the SASB2017Advisory Group (IAG) Held inaugural SASB Harvard Business Schoolreporters reaches 100 Launch of BloombergAlliance Launched the Investorand Mary Schapiroappointed as Chairand Vice Chair Number of corporategovernance structureSASB ESG Index Family201820192020 Launched the BlackRock andStandards AdvisoryGroup (SAG)SSGA askcompanies touse SASBstandardsSymposiumpublished case on SASBProvisional Standards Issued 2013-20166 industries inHealth Caresector7 industries inFinancials sector6 industries inTechnology &Communication sector8 industries inNon-RenewableResources sector8 industries inTransportation sector5 industries inResourceTransformationsector8 industries inInfrastructuresectorNovember 2018Codified Standards issuedfor 77 industries in 11 sectors15 industries inConsumption sector6 industries inRenewableResources &Alternative Energysector10 industries inServices sector3410/15/2020 SASB

Sustainability Accounting Standards Board SEC AMAC ESG Subcommittee Janine Guillot CEO October 17, 2020. SASB Overview. 77 industry-specific disclosure standards . Oil & Gas - Exploration & Production Oil & Gas - Midstream Oil & Gas - Refining & Marketing Oil & Gas