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Gas Utilities & Distributors
The Gas Utilities & Distributors industry consists of gas distribution and marketing entities. Gas distribution involves operating local, low-pressure pipes to transfer natural gas from larger transmission pipes to end users. Gas marketing entities are gas brokers that aggregate and deliver natural gas in quantities that meet the needs of various customers, generally through other entities’ transmission and distribution lines. A relatively smaller portion of this industry is involved in propane gas distribution; therefore, this standard is focused on natural gas distribution. Both types of gas are used for heating and cooking by residential, commercial and industrial customers. In regulated markets, the utility is granted a full monopoly over the distribution and sale of natural gas. A regulator must approve the rates utilities charge to prevent the abuse of their monopoly position. In deregulated markets, distribution and marketing are separated legally, and customers have a choice of which entity from which to buy their gas. In this case, a common carrier utility is guaranteed a monopoly only over distribution and is required legally to transmit all gas equitably along its pipes for a fixed fee. Overall, entities must provide safe, reliable, low-cost gas, while effectively managing their social and environmental impacts, such as community safety and methane emissions.
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Leisure Facilities
Entities in the Leisure Facilities industry operate entertainment, travel, and recreation facilities and services. Entities in this industry operate amusement parks, film theatres, ski resorts, sports stadiums, and athletic clubs and other venues. Leisure facilities entities mainly generate revenue by providing live, digital or interactive entertainment to millions of guests and customers annually in various locations.
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Relevant Issues for both Industries (6 of 26)

Why are some issues greyed out?

The SASB Standards vary by industry based on the different sustainability-related risks and opportunities within an industry. The issues in grey were not identified during the standard-setting process as the most likely to be useful to investors, so they are not included in the Standard. Over time, as the ISSB continues to receive market feedback, some issues may be added or removed from the Standard. Each company determines which sustainability-related risks and opportunities are relevant to its business. The Standard is designed for the typical company in an industry, but individual companies may choose to report on different sustainability-related risks and opportunities based on their unique business model.

Environment
- GHG Emissions
- Air Quality
- Energy Management
  The category addresses environmental impacts associated with energy consumption. It addresses the company’s management of energy in manufacturing and/or for provision of products and services derived from utility providers (grid energy) not owned or controlled by the company. More specifically, it includes management of energy efficiency and intensity, energy mix, as well as grid reliance. Upstream (e.g., suppliers) and downstream (e.g., product use) energy use is not included in the scope.
- Water & Wastewater Management
- Waste & Hazardous Materials Management
- Ecological Impacts
Social Capital
- Human Rights & Community Relations
- Customer Privacy
- Data Security
- Access & Affordability
  The category addresses a company’s ability to ensure broad access to its products and services, specifically in the context of underserved markets and/or population groups. It includes the management of issues related to universal needs, such as the accessibility and affordability of health care, financial services, utilities, education, and telecommunications.
- Product Quality & Safety
  The category addresses issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users. It addresses a company’s ability to offer manufactured products and/or services that meet customer expectations with respect to their health and safety characteristics. It includes, but is not limited to, issues involving liability, management of recalls and market withdrawals, product testing, and chemicals/content/ingredient management in products.
- Customer Welfare
- Selling Practices & Product Labeling
Human Capital
- Labour Practices
- Employee Health & Safety
  The category addresses a company’s ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute). It is traditionally accomplished through implementing safety management plans, developing training requirements for employees and contractors, and conducting regular audits of their own practices as well as those of their subcontractors. The category further captures how companies ensure physical and mental health of workforce through technology, training, corporate culture, regulatory compliance, monitoring and testing, and personal protective equipment.
- Employee Engagement, Diversity & Inclusion
Business Model and Innovation
- Product Design & Lifecycle Management
- Business Model Resilience
  The category addresses an industry’s capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning. This includes responsiveness to the transition to a low-carbon and climate-constrained economy, as well as growth and creation of new markets among unserved and underserved socio-economic populations. The category highlights industries in which evolving environmental and social realities may challenge companies to fundamentally adapt or may put their business models at risk.
- Supply Chain Management
- Materials Sourcing & Efficiency
- Physical Impacts of Climate Change
Leadership and Governance
- Business Ethics
- Competitive Behaviour
- Management of the Legal & Regulatory Environment
- Critical Incident Risk Management
  The category addresses the company’s use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant potential environmental and social externalities. It relates to the culture of safety at a company, its relevant safety management systems and technological controls, the potential human, environmental, and social implications of such events occurring, and the long-term effects to an organization, its workers, and society should these events occur.
- Systemic Risk Management

Disclosure Topics

What is the relationship between General Issue Category and Disclosure Topics?

The General Issue Category is an industry-agnostic version of the Disclosure Topics that appear in each SASB Standard. Disclosure topics represent the industry-specific impacts of General Issue Categories. The industry-specific Disclosure Topics ensure each SASB Standard is tailored to the industry, while the General Issue Categories enable comparability across industries. For example, Health & Nutrition is a disclosure topic in the Non-Alcoholic Beverages industry, representing an industry-specific measure of the general issue of Customer Welfare. The issue of Customer Welfare, however, manifests as the Counterfeit Drugs disclosure topic in the Biotechnology & Pharmaceuticals industry.

Gas Utilities & Distributors Remove
Access Standard
- Energy Management
  The category addresses environmental impacts associated with energy consumption. It addresses the company’s management of energy in manufacturing and/or for provision of products and services derived from utility providers (grid energy) not owned or controlled by the company. More specifically, it includes management of energy efficiency and intensity, energy mix, as well as grid reliance. Upstream (e.g., suppliers) and downstream (e.g., product use) energy use is not included in the scope.
  
  None
- Access & Affordability
  The category addresses a company’s ability to ensure broad access to its products and services, specifically in the context of underserved markets and/or population groups. It includes the management of issues related to universal needs, such as the accessibility and affordability of health care, financial services, utilities, education, and telecommunications.
  - Energy Affordability
    An objective of gas utilities is to deliver natural gas to customers in a safe, reliable and environmentally responsible manner. Entities in the industry manage these potentially competing priorities while maintaining favourable relations with customers and regulators—and ultimately to earn appropriate shareholder returns. From the utility customer perspective, the affordability of energy is challenging to balance, because it often conflicts with other core objectives. Utility energy bills generally are perceived to be increasingly more expensive for low-income customers (affordability is determined by both the net cost of energy bills and the underlying economics of customers). Ensuring utility bills remain affordable is crucial for utilities in building trust (intangible asset value) with regulators and customers. The quality of regulatory relations is an important value driver for utilities, and one of the issues analysed closely by investment analysts. Regulators’ willingness, or lack thereof, to grant rate requests, rate structure modifications, cost recovery and allowed returns is a primary determinant of financial performance and investment risk. Effectively managing affordability may provide opportunities to grow capital investment, revise rate structures favourably and increase allowed returns. Furthermore, utilities that ineffectively manage affordability increasingly face customers reducing their reliance upon natural gas (or reducing energy needs) and pursuing alternative energy sources (for example, industrial customers’ use of combined heat and power). Managing affordability involves operating an efficient business with a comprehensive, long-term strategy, as well as working closely with regulators and public policymakers on rate structures and, potentially, bill-assistance programmes. Although utility business models and rate structures largely determine the precise nature of the financial effects, affordability is a critical business issue for utilities managing, maintaining and growing their customer bases, building intangible asset value, creating investment and return opportunities, and ultimately delivering shareholder returns.
- Product Quality & Safety
  The category addresses issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users. It addresses a company’s ability to offer manufactured products and/or services that meet customer expectations with respect to their health and safety characteristics. It includes, but is not limited to, issues involving liability, management of recalls and market withdrawals, product testing, and chemicals/content/ingredient management in products.
  
  None
- Employee Health & Safety
  The category addresses a company’s ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute). It is traditionally accomplished through implementing safety management plans, developing training requirements for employees and contractors, and conducting regular audits of their own practices as well as those of their subcontractors. The category further captures how companies ensure physical and mental health of workforce through technology, training, corporate culture, regulatory compliance, monitoring and testing, and personal protective equipment.
  
  None
- Business Model Resilience
  The category addresses an industry’s capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning. This includes responsiveness to the transition to a low-carbon and climate-constrained economy, as well as growth and creation of new markets among unserved and underserved socio-economic populations. The category highlights industries in which evolving environmental and social realities may challenge companies to fundamentally adapt or may put their business models at risk.
  - End-Use Efficiency
    Natural gas produces fewer greenhouse gas (GHG) emissions than other fossil fuels. Expanding its use in the economy may be an important strategy for many governments and regulators striving to reduce GHG emissions. However, despite the relatively lower emissions, the natural gas value chain still produces meaningful levels of GHG emissions overall. As policymakers and regulators seek to mitigate climate change, the efficient consumption of natural gas will be an important long-term theme. Energy efficiency is a low-lifecycle-cost method to reduce greenhouse gas (GHG) emissions. Utilities can offer customers a wide range of options to promote energy efficiency, including providing rebates for energy-efficient appliances, weatherising customers’ homes and educating customers on energy saving methods. Overall, entities that sponsor efficiency initiatives may reduce the downside risks from demand fluctuations, gain returns on needed investments, decrease operating costs and earn higher risk-adjusted returns over the long term.
- Critical Incident Risk Management
  The category addresses the company’s use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant potential environmental and social externalities. It relates to the culture of safety at a company, its relevant safety management systems and technological controls, the potential human, environmental, and social implications of such events occurring, and the long-term effects to an organization, its workers, and society should these events occur.
  - Integrity of Gas Delivery Infrastructure
    Operating a vast network of gas pipelines, equipment and storage facilities requires a multifaceted, long-term approach to ensuring infrastructure integrity and managing related risks. Although customers depend on reliable gas supplies, entities manage substantial risks—including those related to human health, property and greenhouse gas (GHG) emissions—that result from operating gas distribution networks and related infrastructure. Ageing infrastructure, inadequate monitoring and maintenance, and other operational factors may result in gas leaks. Gas leak safety-related risks, such as losses of containment, may result in fires or explosions that can be particularly dangerous in urban areas where entities often operate. Furthermore, gas leaks also result in fugitive emissions (methane), causing adverse environmental impacts. Regulated gas utilities generally incur no direct costs for gas leaks, because the cost of gas typically is passed on to customers (though this may vary by region). However, gas leaks that result in safety-related risks or fugitive emissions may affect entities financially through a variety of regulatory, legal and product demand channels. Accidents, particularly fatal accidents, may result in negligence claims against entities, leading to costly court battles and fines. GHG emissions may result in increased regulatory scrutiny—a critical element directly connected to financial performance, given the importance of regulatory relations—and potential fines and penalties. Importantly, regulated gas utilities can financially benefit from capital investment opportunities to improve performance and mitigate risks related to safety and emissions, which can be factored into their rate base. Entities manage such risks through pipeline replacements, regular inspections and monitoring, employee training and emergency preparedness, investments in technology, and other strategies such as working closely with regulators. In response to concerns about ageing infrastructure, many entities are seeking ways to expedite the replacement permitting and approval process, especially in cases where pipelines are located near densely populated areas.
Leisure Facilities Remove
Access Standard
- Energy Management
  The category addresses environmental impacts associated with energy consumption. It addresses the company’s management of energy in manufacturing and/or for provision of products and services derived from utility providers (grid energy) not owned or controlled by the company. More specifically, it includes management of energy efficiency and intensity, energy mix, as well as grid reliance. Upstream (e.g., suppliers) and downstream (e.g., product use) energy use is not included in the scope.
  - Energy Management
    Leisure facilities entities operate large outdoor and indoor facilities that may consume a significant amount of energy. Most of the industry’s electricity is purchased commercially, which indirectly results in greenhouse gas (GHG) emissions, a significant contributor to climate change. Entities in the industry are implementing energy management best practices to reduce operating expenses and environmental impacts and to improve their brand value with guests, who increasingly are concerned about environmental sustainability.
- Access & Affordability
  The category addresses a company’s ability to ensure broad access to its products and services, specifically in the context of underserved markets and/or population groups. It includes the management of issues related to universal needs, such as the accessibility and affordability of health care, financial services, utilities, education, and telecommunications.
  
  None
- Product Quality & Safety
  The category addresses issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users. It addresses a company’s ability to offer manufactured products and/or services that meet customer expectations with respect to their health and safety characteristics. It includes, but is not limited to, issues involving liability, management of recalls and market withdrawals, product testing, and chemicals/content/ingredient management in products.
  - Customer Safety
    Leisure facility entities operate parks and facilities that expose guests to potentially unsafe conditions that may result in injury and even death. Safety management therefore includes managing amusement park ride and ski slope safety as well as operating buildings where large crowds of people may be present, such as sporting and concert venues. The industry is subject to mainly low-probability but high-magnitude safety concerns. Ensuring the highest safety standards may minimise reputational damage to brand value and liabilities from costly lawsuits.
- Employee Health & Safety
  The category addresses a company’s ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute). It is traditionally accomplished through implementing safety management plans, developing training requirements for employees and contractors, and conducting regular audits of their own practices as well as those of their subcontractors. The category further captures how companies ensure physical and mental health of workforce through technology, training, corporate culture, regulatory compliance, monitoring and testing, and personal protective equipment.
  - Workforce Health & Safety
    Safety concerns in the Leisure Facilities industry may expose employees to injuries if facilities and equipment are not maintained, or if precautions and training procedures are ineffective. Amusement park rides, ski slopes and other facilities may expose employees to potentially unsafe conditions that result in injury or even death. Potential financial consequences associated with employee safety violations include regulatory fines, abatement costs and negative effects on brand reputation. These effects may stem from accidents as well as from chronic safety issues.
- Business Model Resilience
  The category addresses an industry’s capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning. This includes responsiveness to the transition to a low-carbon and climate-constrained economy, as well as growth and creation of new markets among unserved and underserved socio-economic populations. The category highlights industries in which evolving environmental and social realities may challenge companies to fundamentally adapt or may put their business models at risk.
  
  None
- Critical Incident Risk Management
  The category addresses the company’s use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant potential environmental and social externalities. It relates to the culture of safety at a company, its relevant safety management systems and technological controls, the potential human, environmental, and social implications of such events occurring, and the long-term effects to an organization, its workers, and society should these events occur.
  
  None

General Issue Category

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Remove Leisure Facilities Access Standard

Energy Management

Energy Management
Leisure facilities entities operate large outdoor and indoor facilities that may consume a significant amount of energy. Most of the industry’s electricity is purchased commercially, which indirectly results in greenhouse gas (GHG) emissions, a significant contributor to climate change. Entities in the industry are implementing energy management best practices to reduce operating expenses and environmental impacts and to improve their brand value with guests, who increasingly are concerned about environmental sustainability.

Access & Affordability

Energy Affordability
An objective of gas utilities is to deliver natural gas to customers in a safe, reliable and environmentally responsible manner. Entities in the industry manage these potentially competing priorities while maintaining favourable relations with customers and regulators—and ultimately to earn appropriate shareholder returns. From the utility customer perspective, the affordability of energy is challenging to balance, because it often conflicts with other core objectives. Utility energy bills generally are perceived to be increasingly more expensive for low-income customers (affordability is determined by both the net cost of energy bills and the underlying economics of customers). Ensuring utility bills remain affordable is crucial for utilities in building trust (intangible asset value) with regulators and customers. The quality of regulatory relations is an important value driver for utilities, and one of the issues analysed closely by investment analysts. Regulators’ willingness, or lack thereof, to grant rate requests, rate structure modifications, cost recovery and allowed returns is a primary determinant of financial performance and investment risk. Effectively managing affordability may provide opportunities to grow capital investment, revise rate structures favourably and increase allowed returns. Furthermore, utilities that ineffectively manage affordability increasingly face customers reducing their reliance upon natural gas (or reducing energy needs) and pursuing alternative energy sources (for example, industrial customers’ use of combined heat and power). Managing affordability involves operating an efficient business with a comprehensive, long-term strategy, as well as working closely with regulators and public policymakers on rate structures and, potentially, bill-assistance programmes. Although utility business models and rate structures largely determine the precise nature of the financial effects, affordability is a critical business issue for utilities managing, maintaining and growing their customer bases, building intangible asset value, creating investment and return opportunities, and ultimately delivering shareholder returns.

Product Quality & Safety

Customer Safety
Leisure facility entities operate parks and facilities that expose guests to potentially unsafe conditions that may result in injury and even death. Safety management therefore includes managing amusement park ride and ski slope safety as well as operating buildings where large crowds of people may be present, such as sporting and concert venues. The industry is subject to mainly low-probability but high-magnitude safety concerns. Ensuring the highest safety standards may minimise reputational damage to brand value and liabilities from costly lawsuits.

Employee Health & Safety

Workforce Health & Safety
Safety concerns in the Leisure Facilities industry may expose employees to injuries if facilities and equipment are not maintained, or if precautions and training procedures are ineffective. Amusement park rides, ski slopes and other facilities may expose employees to potentially unsafe conditions that result in injury or even death. Potential financial consequences associated with employee safety violations include regulatory fines, abatement costs and negative effects on brand reputation. These effects may stem from accidents as well as from chronic safety issues.

Business Model Resilience

End-Use Efficiency
Natural gas produces fewer greenhouse gas (GHG) emissions than other fossil fuels. Expanding its use in the economy may be an important strategy for many governments and regulators striving to reduce GHG emissions. However, despite the relatively lower emissions, the natural gas value chain still produces meaningful levels of GHG emissions overall. As policymakers and regulators seek to mitigate climate change, the efficient consumption of natural gas will be an important long-term theme. Energy efficiency is a low-lifecycle-cost method to reduce greenhouse gas (GHG) emissions. Utilities can offer customers a wide range of options to promote energy efficiency, including providing rebates for energy-efficient appliances, weatherising customers’ homes and educating customers on energy saving methods. Overall, entities that sponsor efficiency initiatives may reduce the downside risks from demand fluctuations, gain returns on needed investments, decrease operating costs and earn higher risk-adjusted returns over the long term.

Critical Incident Risk Management

Integrity of Gas Delivery Infrastructure
Operating a vast network of gas pipelines, equipment and storage facilities requires a multifaceted, long-term approach to ensuring infrastructure integrity and managing related risks. Although customers depend on reliable gas supplies, entities manage substantial risks—including those related to human health, property and greenhouse gas (GHG) emissions—that result from operating gas distribution networks and related infrastructure. Ageing infrastructure, inadequate monitoring and maintenance, and other operational factors may result in gas leaks. Gas leak safety-related risks, such as losses of containment, may result in fires or explosions that can be particularly dangerous in urban areas where entities often operate. Furthermore, gas leaks also result in fugitive emissions (methane), causing adverse environmental impacts. Regulated gas utilities generally incur no direct costs for gas leaks, because the cost of gas typically is passed on to customers (though this may vary by region). However, gas leaks that result in safety-related risks or fugitive emissions may affect entities financially through a variety of regulatory, legal and product demand channels. Accidents, particularly fatal accidents, may result in negligence claims against entities, leading to costly court battles and fines. GHG emissions may result in increased regulatory scrutiny—a critical element directly connected to financial performance, given the importance of regulatory relations—and potential fines and penalties. Importantly, regulated gas utilities can financially benefit from capital investment opportunities to improve performance and mitigate risks related to safety and emissions, which can be factored into their rate base. Entities manage such risks through pipeline replacements, regular inspections and monitoring, employee training and emergency preparedness, investments in technology, and other strategies such as working closely with regulators. In response to concerns about ageing infrastructure, many entities are seeking ways to expedite the replacement permitting and approval process, especially in cases where pipelines are located near densely populated areas.

Relevant Issues for both Industries (6 of 26)

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