SASB PROPOSAL
Issue Date: April 7, 2016
Comments Due: July 6, 2016
Amendments to:
SUSTAINABLE INDUSTRY
CLASSIFICATION SYSTEM™
The Sustainability Accounting Standards Board
The SASB issued this Exposure Draft to solicit public comment on the Conceptual Framework that
will guide its post-provisional standard-setting activities. Individuals can submit written comments,
in the form of a letter on official letterhead, to [email protected].
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SASB PROPOSAL: AMENDMENTS TO SICS™
SUMMARY AND QUESTION(S) FOR RESPONDENTS
Introduction to SICS™
To address the market need for standardized disclosure of material sustainability information, the
Sustainability Accounting Standards Board (SASB) began developing sustainability accounting
standards in 2012. In embarking on this project, one of the first decisions the SASB had to make
was determining the number of industries for which sustainability accounting standards would be
developed.
Traditional industry classification systems organize companies into groups based on similar
business models, sources and seasonality of revenue, and behavior in financial markets. This
approach allows market participants to assess the impact of traditional industry trends on a
portfolio, and analyze sector and/or industry contributions to portfolio performance.
While analyzing the applicability of these traditional classification systems in the context of
sustainability accounting standards development, the SASB realized the philosophy underpinning
the basis for classification in these systems frequently produced industry categorizations that were
either too granular or not granular enough in terms of shared sustainability characteristics. To gain
efficiencies in workflow for standards development, the SASB needed to group like industries in
terms of their sustainability risks and opportunities. Additionally, industries needed to contain peer
companies that have similar types of impacts, for ultimate benchmarking of performance as well
as applicability of the sustainability accounting standards.
In order to address this shortcoming, the SASB developed the Sustainable Industry Classification
System™ (SICS™). SICS groups companies into industries based on shared sustainability risks and
opportunities. In essence, the taxonomy is based on industries’ sustainability profiles. This
approach adds value to traditional systems by considering the importance of non-financial factors
and their impacts on companies and investment decisions, as well as by providing another lens
through which to understand the complexities of the marketplace.
Sustainability issues affect different industries in various ways. Analyzing the likelihood for material
impacts related to sustainability issues requires an understanding of the specific impact of business
on society and the environment, as well as the impact of sustainability issues on business. SICS
was developed with this in mind. SICS is linked to the Bloomberg Industry Classification System
(BICS), and has a multi-level taxonomy consisting of 10 thematic sectors, 35 sub-industries and 79
industries.
The differences between SICS and traditional classification systems can be categorized in three
broad groups:
1. Creation of new thematic sectors (e.g., the Transportation, Infrastructure, and
Renewable Resources & Alternative Energy sectors)
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1
SASB PROPOSAL: AMENDMENTS TO SICS™
2. Reclassification of industries into different sectors (e.g., the classification of the
Airlines and Automobile industries as part of the Transportation thematic sector, rather
than the Consumer Discretionary sector)
3. Surfacing industries with unique sustainability profiles (e.g., the Wind Energy, Solar
Energy, and Fuel Cells & Industrial Batteries industries)
Investors, corporations, academics, and other stakeholders increasingly acknowledge the link
between sustainability and financial performance. Embedding sustainability factors into traditional
market tools, such as industry classification systems, enriches the array of tools stakeholders have
at their disposal to understand an ever-changing marketplace. For investors, SICS offers a different
way to assess the risk profile of their sector allocations and investment portfolios, and to better
analyze cross-cutting sustainability issues; these assessments could influence their investment
decisions. As evidence, a 2015 Harvard Business School working paper by Khan, Serafeim, and
Yoon used company-specific data on sustainability investments, calendar-time portfolio stock
regressions, and the SASB’s determination of “material” industry-specific issues—for several SICS
industries—and found that “firms with good performance on material sustainability issues
significantly outperform firms with poor performance, suggesting that investments in sustainability
issues are value-enhancing”. 1 The study also found that companies with good performance on
“material” issues and concurrently poor performance on “immaterial” ones perform the best; this
finding has profound implications regarding the effectiveness of companies’ sustainability
investments and investors’ sustainability integration strategies. Further, it demonstrates how
considering sustainability impacts from an industry-specific perspective can provide useful insights
for both of these activities.
Rationale for Proposed Amendments
The SASB started developing sustainability accounting standards in 2012 and by the end of Q1
2016, the provisional standards for industries in the last sector, Infrastructure, will be released.
With the public release of the Infrastructure standards, the SASB will have had developed
standards for the 79 industries currently in SICS.
Since its inception, the SICS taxonomy has grouped like companies and industries in terms of their
sustainability profiles. Since 2012, as a natural consequence of the SASB’s standards-development
work, the SASB’s understanding of each industry’s sustainability characteristics has increased
considerably. Today, armed with an almost full set of provisional standards, the SASB has the
opportunity to have a second look at the original SICS taxonomy and propose changes that better
serve the classification system’s purpose.
Overview of Key Amendments
The following list summarizes the key amendments being proposed; additional information on the
rationale behind these suggested changes is provided under the “Proposed Amendments” section
below.
1
Khan, Mozaffar et al. 2015. “Corporate Sustainability: First Evidence on Materiality.” Harvard Business School Working Paper.
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SASB PROPOSAL: AMENDMENTS TO SICS™

Separate the “Convenience Stores” segment of the current “Drug Retailers &
Convenience Stores” industry [CN0402], and include it as part of the “Food Retailers &
Distributors” industry [CN0401] instead. Rename the “Drug Retailers & Convenience
Stores” industry [CN0402] as “Drug Retailers”.

Move the “Drug Retailers” industry [CN0402] from the “Consumption” sector to the
“Health Care” sector.

Move the “E-Commerce” industry [CN0404] from the “Consumption” sector, to the
“Technology & Communications” sector.

Move the “Restaurants” industry [SV0203] from the “Services” sector to the
“Consumption” sector.

Split the “Consumption” sector into two different sectors named “Food & Beverage”
and “Consumer Goods”.

Merge the “Cable & Satellite” industry [SV0303], currently under the “Services” sector,
with the “Telecommunications” industry [TC0301], currently under the “Technology &
Communications” sector. Rename the new industry as “Telecommunication Services”
and include it in the “Technology & Communications” sector.

Move the “Cruise Lines” industry [SV0205] from the “Services” sector to the
“Transportation” sector.
Please refer to Annex 1 and 2 below. Annex 1 includes the current SICS taxonomy, which can also
be accessed online, while Annex 2 incorporates, and tracks, the amendments to SICS discussed
below.
Question(s) for Respondents
1. Does each amendment proposed below improve SICS to bring it more in line with its purpose
of grouping like industries based on the similarities of their sustainability profiles and shared
sustainability risks, and opportunities?

If so, how?

If not, why not? If an amendment is required for a particular industry discussed below,
what alternative amendment would improve SICS for greater alignment with its
intended purpose?
2. Do the proposed changes to SICS improve its usefulness for sector and industry analysis and
portfolio construction according to sustainability risks and opportunities?
3. Are the proposed changes to SICS likely to add a substantial cost burden for entities currently
using SICS or considering using SICS, that would outweigh the benefits? Please explain.
4. The SASB is also seeking input on a specific question related to a Health Care segment. Please
see Item 8 for more information.
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SASB PROPOSAL: AMENDMENTS TO SICS™
PROPOSED AMENDMENTS
Item 1
Proposal:
(1.1) Separate the “Convenience Stores” segment of the current “Drug Retailers & Convenience
Stores” industry [CN0402], and include it as part of the “Food Retailers & Distributors” industry
[CN0401] instead.
(1.2) Rename the “Drug Retailers & Convenience Stores” industry [CN0402] as “Drug Retailers”.
Rationale: The “Drug Retailers & Convenience Stores” industry is dominated by the drug retailers
segment in terms of industry revenues. As a result, the “Drug Retailers & Convenience Stores”
industry standards were developed with a focus on the drug retailers segment, and include
sustainability topics and metrics more directly relevant to that segment; these topics deal with,
among others, the proper management of controlled substances and ensuring the integrity of the
drug supply chain. Convenience stores typically sell products that are more similar to those in the
“Food Retailers & Distributors” industry than in the drug retailers segment, such as groceries and
beverages. As such, the sustainability risks and opportunities that convenience stores face are
more aligned with those faced by food retailers, as evidenced by topics in the “Food Retailers &
Distributors” industry. These include, among others, fair labor practices, addressing changing
consumer preferences regarding health and nutrition, and managing environmental and social
impacts in the supply chain.
Item 2
Proposal: Move the “Drug Retailers” industry [CN0402] (see Item 1) from the “Consumption”
sector to the “Health Care” sector.
Rationale: The sustainability profile of the “Drug Retailers” industry is more closely aligned with
that of other health care industries than that of industries involved in the manufacturing and/or
retailing of consumer staples and/or other consumer goods, which is the main focus of the current
“Consumption” sector. Sustainability topics related to patient health outcomes, data security and
privacy, counterfeit drugs, and controlled substances are shared among drug retailers, health care
distributors, health care facilities, and managed care companies, all of which are currently grouped
in the “Health Care” sector.
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SASB PROPOSAL: AMENDMENTS TO SICS™
Item 3
Proposal: Move the “E-Commerce” industry [CN0404] from the “Consumption” sector, to the
“Technology & Communications” sector.
Rationale: E-commerce companies were originally included alongside other brick-and-mortar
retailers based on the assumption that they would share sustainability characteristics of retailing
operations—chiefly, the sustainability implications of managing a complex supply chain. However,
based on the evidence of financial impact and evidence of interest in the SASB’s standardsdevelopment work, the topics and metrics included in the provisional standard for the “ECommerce” industry are more closely aligned with those of other technology industries—in
particular “Internet Media & Services” [TC0401] and “Software & IT Services” [TC0102]. Some of
these topics include data security and fraud protection; data privacy; employee recruitment,
development, and retention; and managing the energy and water footprint of hardware
infrastructure. Furthermore, the business models and product/service offerings of E-commerce
companies evolve more quickly than those of traditional retailers; in that context, the industry is
more in sync with technology companies, which might indicate further convergence in
sustainability profiles in the future.
Item 4
Proposal: Move the “Restaurants” industry [SV0203] from the “Services” sector to the
“Consumption” sector.
Rationale: Originally the “Restaurants” industry was included under the “Services” sector
alongside other hospitality and recreation industries. The rationale was that service-oriented
industries (e.g., “Hotels & Lodging” [SV0201] and “Leisure Facilities” [SV0204]) would have similar
sustainability profiles, mainly in the context of human capital challenges such as fair labor
practices, fair compensation, and the recruitment, retention, and development of human
resources. The set of topics and metrics included in the provisional standards for these industries
supports this rationale. However, the “Restaurants” industry also shares its sustainability profile
with other food and beverage product manufacturing, distribution, and retailing industries.
Commonalities among these industries include: food safety, changing consumer preferences
toward improved nutritional content, food waste, sustainable packaging, and food sourcing risks
in the supply chain. The proposed move, alongside Item 5 below, would create a sector solely
focused on the value chain of food and beverage.
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SASB PROPOSAL: AMENDMENTS TO SICS™
Item 5
Proposal: Split the “Consumption” sector into two different sectors named “Food & Beverage”
and “Consumer Goods” with the following industries in each:
Food & Beverage








Agricultural Products
Meat, Poultry & Dairy
Processed Foods
Non-Alcoholic Beverages
Alcoholic Beverages
Tobacco
Food Retailers & Distributors
Restaurants (see Item 4 above)
Consumer Goods






Apparel, Accessories & Footwear
Appliance Manufacturing
Household & Personal Products
Building Products & Furnishings
Toys & Sporting Goods
Multiline and Specialty Retailers &
Distributors
The taxonomy above reflects the implementation of the proposed split of the Consumption sector,
as well as the changes proposed in Items 1 through 4 above.
Rationale: The “Consumption” sector currently comprises the following 15 industries:








Agricultural Products
Meat, Poultry & Dairy
Processed Foods
Non-Alcoholic Beverages
Alcoholic Beverages
Tobacco
Food Retailers & Distributors
Drug Retailers & Convenience Stores (see
Items 1 and 2 above)







Multiline and Specialty Retailers &
Distributors
E-commerce (see Item 3 above)
Apparel, Accessories & Footwear
Appliance Manufacturing
Household & Personal Products
Building Products & Furnishings
Toys & Sporting Goods
The current “Consumption” sector includes industries involved in the manufacturing and/or
retailing of consumer staples and/or other consumer goods; however, there is a clear distinction in
sustainability challenges faced by companies involved in the production and distribution of
products intended for direct human consumption—i.e. food, beverage, and tobacco—versus
those involved in the manufacturing and distribution of other non-food, non-beverage consumer
goods. Some of the topics relevant across industries in the new “Food & Beverage” sector include,
among others, food safety, nutritional content, water and energy intensity of operations,
managing the environmental and social impacts of food production, as well as environmental risks
faced by food and animal supply chains. Conversely, the standards for the industries grouped in
the new “Consumer Goods” sector would share a similar focus on a set of topics involving the use
of chemicals in products, their environmental lifecycle impacts, as well as materials sourcing and
(mainly social and labor-related) supply chain management challenges.
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SASB PROPOSAL: AMENDMENTS TO SICS™
Item 6
Proposal:
(6.1) Merge the “Cable & Satellite” industry [SV0303], currently under the “Services” sector, with
the “Telecommunications” industry [TC0301], currently under the “Technology &
Communications”.
(6.2) Rename the new industry as “Telecommunication Services” and include it in the “Technology
& Communications” sector.
Rationale: Companies in both industries have significant overlap in activities—e.g., phone,
Internet, and cable services—and industry trends suggest future consolidation and more expected
convergence in the near to medium term given technology trends (e.g., Comcast’s thwarted bid to
acquire Time Warner Cable (TWC), AT&T’s acquisition of DirecTV, Charter Communications’
proposed purchase of TWC, and Dish Network’s attempt to acquire T-Mobile). SASB provisional
standards for both industries address similar topics that center on data privacy, data security,
managing systemic risks from technology disruptions, and ensuring competitive behavior, among
others.
Item 7
Proposal: Move the “Cruise Lines” industry [SV0205] from the “Services” sector to the
“Transportation” sector.
Rationale: Originally the “Cruise Lines” industry was included under the “Services” sector
alongside other tourism, hospitality, and recreation industries. The rationale was that serviceoriented industries (e.g. “Hotels & Lodging” [SV0201] and “Leisure Facilities” [SV0204]) would
have similar sustainability profiles, mainly in the context of customer safety and human capital
challenges such as fair labor practices, fair compensation, and the recruitment, retention, and
development of human resources. The set of topics and metrics included in the provisional
standards for these industries supports this rationale. However, the “Cruise Lines” industry is
unique among this group in that it also serves as a mode of transportation. This is reflected in the
industry’s provisional standard, which is similar to that for the “Marine Transportation” industry.
Commonalities among these industries include: the environmental footprint of fuel use; managing
ecological impacts from operations; ensuring on-board safety for passengers and/or crew; and
overall accident and safety management.
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SASB PROPOSAL: AMENDMENTS TO SICS™
Item 8
Proposal: Add the “Pharmacy Benefit Managers” (PBMs) segment, which is currently not
considered under any SICS industry, to the “Managed Care” [HC0303] industry.
Rationale:
The PBMs segment shares economic value drivers and thus is likely to share sustainability
characteristics with the Managed Care industry. Because the industry’s business model, like
Managed Care, is focused on more efficient delivery of medical services, topics and metrics
focused on pricing transparency, customer welfare, and customer privacy are likely relevant.
Item 9
The following set of items—which for the most part deal with minor changes to SICS—are
included here mainly for notification purposes; interested parties are nonetheless welcome to
provide comments as they see fit. Some of the changes described below involve the renaming of
industries either as a result of the SASB’s own research and/or external stakeholder feedback,
while some others involve the addition of segments from within BICS (which were previously not
considered under SICS due to their size and/or niche operations) to existing SICS industries.
Item 9.1: Rename the “Electric Utilities” industry [IF0101], currently under the “Infrastructure”
sector, as “Electric Utilities & Power Generators.”
Item 9.2: Rename the “Gas Utilities” industry [IF0102], currently under the “Infrastructure”
sector, as “Gas Utilities & Distributors.”
Item 9.3: Rename the “Water Utilities” industry [IF0103], currently under the “Infrastructure”
sector, as “Water Utilities & Services.”
Item 9.4: Rename the “Real Estate Owners, Developers & Investment Trusts” industry [IF0402],
currently under the “Infrastructure” sector, as “Real Estate.”
Item 9.5: Rename the “Forestry & Logging” industry [RR0201], currently under the “Renewable
Resources & Alternative Energy” sector, as “Forestry Management.”
Item 9.6: Add the “Food Service Contractors” and “Caterers” segments, which are currently not
mapped to any SICS industry, to the “Restaurants” industry [SV0203], currently under the
“Services” sector (see Item 4 above for a proposal affecting this industry).
Item 9.7:
(9.7.1) Add the “Receivable Collection & Management,” “Security Services,” “Printing Services,”
and “Building Maintenance Services” segments, which are currently not mapped to any SICS
industry, to the “Professional Services” industry [SV0102], currently under the “Services” sector.
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SASB PROPOSAL: AMENDMENTS TO SICS™
(9.7.2) Rename the industry as “Professional & Business Support Services.”
Item 9.8:
(9.8.1) Add the “Commercial Finance” segment, which is currently not mapped to any SICS
industry—and which includes companies involved in the provision of loans and other financing
activities to businesses, such as commercial and transportation equipment finance and leasing—to
the “Commercial Banks” industry [FN0101].
(9.8.2) Rename the industry as “Commercial Banking & Finance.”
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SASB PROPOSAL: AMENDMENTS TO SICS™
ANNEX 1: CURRENT SICS TAXONOMY
The table below includes the 79 industries currently included in SICS (and for which the SASB will
have developed provisional sustainability accounting standards by the end of Q1 2016). Annex 2,
below, includes a similar table which incorporates, and highlights, the amendments proposed
above.
NR0000 Non-Renewable
Resources
NR0100 Oil & Gas
NR0200 Coal
NR0300 Metals & Mining
RR0000 Renewable
Resources &
Alternative Energy
NR0400 Construction Materials
RR0100 Alternative Energy
RR0200 Forestry & Paper
RT0000 Resource
Transformation
RT0100 Chemicals
RT0200 Industrials
CN0000 Consumption
CN0100 Food
CN0200 Beverages
CN0300 Tobacco
CN0400 Retailers
NR0101
NR0102
NR0103
NR0104
NR0201
NR0301
NR0302
NR0401
RR0101
RR0102
RR0103
RR0104
RR0201
RR0202
RT0101
RT0201
RT0202
RT0203
RT0204
CN0101
CN0102
CN0103
CN0201
CN0202
CN0301
CN0401
CN0402
CN0403
CN0500 Apparel & Textiles
CN0600 Consumer Discretionary
Products
TC0000
Technology &
Communications
SV0000 Services
TC0100 Technology
TC0200
TC0300
TC0400
SV0100
Semiconductors
Telecommunications
Internet Media & Services
Consumer Services
SV0200 Hospitality & Recreation
SV0300 Media
IF0000 Infrastructure
IF0100 Utilities
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CN0404
CN0501
CN0601
CN0602
CN0603
CN0604
TC 0101
TC0102
TC0103
TC0201
TC0301
TC0401
SV0101
SV0102
SV0201
SV0202
SV0203
SV0204
SV0205
SV0301
SV0302
SV0303
IF0101
IF0102
Oil & Gas - Exploration & Production
Oil & Gas - Midstream
Oil & Gas - Refining & Marketing
Oil & Gas - Services
Coal Operations
Iron & Steel Producers
Metals & Mining
Construction Materials
Biofuels
Solar Energy
Wind Energy
Fuel Cells & Industrial Batteries
Forestry & Logging
Pulp & Paper Products
Chemicals
Aerospace & Defense
Electrical & Electronic Equipment
Industrial Machinery & Goods
Containers & Packaging
Agricultural Products
Meat, Poultry, & Dairy
Processed Foods
Non-Alcoholic Beverages
Alcoholic Beverages
Tobacco
Food Retailers & Distributors
Drug Retailers & Convenience Stores
Multiline and Specialty Retailers &
Distributors
E-commerce
Apparel, Accessories & Footwear
Appliance Manufacturing
Household & Personal Products
Building Products & Furnishings
Toys & Sporting Goods
Electronic Manufacturing Services &
Original Design Manufacturing
Software & IT Services
Hardware
Semiconductors
Telecommunications
Internet Media & Services
Education
Professional Services
Hotels & Lodging
Casinos & Gaming
Restaurants
Leisure Facilities
Cruise Lines
Advertising & Marketing
Media Production & Distribution
Cable & Satellite
Electric Utilities
Gas Utilities
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SASB PROPOSAL: AMENDMENTS TO SICS™
IF0200 Waste Management
IF0300 Infrastructure
IF0400 Real Estate
IF0103
IF0201
IF0301
IF0401
IF0402
TR0000 Transportation
TR0100 Automobiles
TR0200 Air Transportation
TR0300 Marine Transportation
TR0400 Land Transportation
FN0000 Financials
FN0100 Banking & Investment
Banking
FN0200 Specialty Finance
HC0000 Health Care
FN0300 Insurance
HC0100 Biotechnology &
Pharmaceuticals
HC0200 Medical Technology
HC0300 Health Care Providers
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IF0403
TR0101
TR0102
TR0103
TR0201
TR0202
TR0301
TR0401
TR0402
FN0101
FN0102
FN0103
FN0201
FN0202
FN0203
FN0301
HC0101
HC0102
HC0201
HC0301
HC0302
HC0303
Water Utilities
Waste Management
Engineering & Construction Services
Home Builders
Real Estate Owners, Developers and
Investment Trusts
Real Estate Services
Automobiles
Auto Parts
Car Rental & Leasing
Airlines
Air Freight & Logistics
Marine Transportation
Rail Transportation
Road Transportation
Commercial Banks
Investment Banking & Brokerage
Asset Management & Custody Activities
Consumer Finance
Mortgage Finance
Security & Commodity Exchanges
Insurance
Biotechnology
Pharmaceuticals
Medical Equipment & Supplies
Health Care Delivery
Health Care Distributors
Managed Care
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SASB PROPOSAL: AMENDMENTS TO SICS™
ANNEX 2: PROPOSED SICS TAXONOMY
The table below incorporates the proposed amendments described in Items 1 through 9 above.
Highlighted cells indicate amendments where industries would migrate across sectors. Red text
indicates amendments to industry names, either as a result of the addition or subtraction of
particular industry segments, or as a result of stakeholder feedback provided to the SASB during
the standards development process. For the purposes of this table, and to help readers track
changes between the current and proposed taxonomies, SICS industry codes have not been
changed from to the prior table. If changes to SICS are incorporated after this Public Comment
Period, SICS industry codes will be amended accordingly.
NR0000 Non-Renewable
Resources
NR0100 Oil & Gas
Oil & Gas - Refining & Marketing
NR0201
Coal Operations
NR0301
Iron & Steel Producers
NR0302
Metals & Mining
NR0401
Construction Materials
RR0101
Biofuels
RR0102
Solar Energy
RR0103
Wind Energy
RR0104
Fuel Cells & Industrial Batteries
RR0201
Forestry Management
RR0202
Pulp & Paper Products
RT0100 Chemicals
RT0101
Chemicals
RT0200 Industrials
RT0201
Aerospace & Defense
RT0202
Electrical & Electronic Equipment
RT0203
Industrial Machinery & Goods
RT0204
Containers & Packaging
CN0101
Agricultural Products
CN0102
Meat, Poultry, & Dairy
CN0103
Processed Foods
CN0201
Non-Alcoholic Beverages
CN0202
Alcoholic Beverages
CN0301
Tobacco
CN0401
Food Retailers & Distributors
CN0100 Food
CN0300 Tobacco
NEW
NEW
Consumer Goods
NR0103
NR0300 Metals & Mining
CN0200 Beverages
CG0000
Oil & Gas - Midstream
Oil & Gas - Services
RR0200 Forestry & Paper
Food & Beverage
NR0102
NR0104
RR0000 Renewable
RR0100 Alternative Energy
Resources &
Alternative Energy
FB0000
Oil & Gas - Exploration & Production
NR0200 Coal
NR0400 Construction Materials
RT0000 Resource
Transformation
NR0101
Food & Beverage Retail
Restaurants
SV0203
Restaurants
CN0500 Apparel & Textiles
CN0501
Apparel, Accessories & Footwear
CN0600 Consumer Discretionary
Products
CN0601
Appliance Manufacturing
CN0602
Household & Personal Products
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SASB PROPOSAL: AMENDMENTS TO SICS™
NEW
TC0000 Technology and
Communications
SV0000 Services
Consumer Goods Retail
TC0100 Technology
Toys & Sporting Goods
CN0403
TC 0101
Multiline and Specialty Retailers &
Distributors
Electronic Manufacturing Services &
Original Design Manufacturing
TC0102
Software & IT Services
Hardware
TC0201
Semiconductors
TC0300 Telecommunications
TC0301
Telecommunication Services
TC0400 Internet Media &
Services
TC0401
Internet Media & Services
CN0404
E-commerce
SV0101
Education
SV0102
Professional & Business Support Services
SV0201
Hotels & Lodging
SV0202
Casinos & Gaming
SV0204
Leisure Facilities
SV0301
Advertising & Marketing
SV0302
Media Production & Distribution
IF0101
Electric Utilities & Power Generators
IF0102
Gas Utilities & Distributors
SV0100 Consumer Services
IF0100 Utilities
IF0103
Water Utilities & Services
IF0200 Waste Management
IF0201
Waste Management
IF0300 Infrastructure
IF0301
Engineering & Construction Services
IF0400 Real Estate
IF0401
Home Builders
IF0402
Real Estate
IF0403
Real Estate Services
TR0101
Automobiles
TR0102
Auto Parts
TR0103
Car Rental & Leasing
TR0201
Airlines
TR0202
Air Freight & Logistics
TR0301
Marine Transportation
SV0205
Cruise Lines
TR0401
Rail Transportation
TR0402
Road Transportation
FN0101
Commercial Banking & Finance
FN0102
Investment Banking & Brokerage
FN0103
Asset Management & Custody Activities
FN0201
Consumer Finance
FN0202
Mortgage Finance
FN0203
Security & Commodity Exchanges
TR0100 Automobiles
TR0200 Air Transportation
TR0300 Marine Transportation
TR0400 Land Transportation
FN0000 Financials
CN0604
TC0103
SV0300 Media
TR0000 Transportation
Building Products & Furnishings
TC0200 Semiconductors
SV0200 Hospitality & Recreation
IF0000 Infrastructure
CN0603
FN0100
Banking & Investment
Banking
FN0200 Specialty Finance
© 2016
2016 THE
THE SUSTAINABILITY
SUSTAINABILITY ACCOUNTING
ACCOUNTING STANDARDS
STANDARDS BOARD
BOARD
©
13
SASB PROPOSAL: AMENDMENTS TO SICS™
HC0000 Health Care
FN0300 Insurance
FN0301
Insurance
HC0100 Biotechnology &
Pharmaceuticals
HC0101
Biotechnology
HC0102
Pharmaceuticals
HC0200 Medical Technology
HC0201
Medical Equipment & Supplies
HC0300 Health Care Providers
HC0301
Health Care Delivery
HC0302
Health Care Distributors
HC0303
Managed Care
CN0402
Drug Retailers
© 2016
2016 THE
THE SUSTAINABILITY
SUSTAINABILITY ACCOUNTING
ACCOUNTING STANDARDS
STANDARDS BOARD
BOARD
©
14
Sustainability Accounting Standards Board
1045 Sansome Street, Suite 450
San Francisco, CA 94111
415 830-9220
sasb.org