A COMPARISON OF REGULATORY COMPLIANCE FRAMEWORKS (DJSI, GRESB, SEC) AND THEIR INFLUENCE ON SUSTAINABILITY PRACTICES IN THE U.S

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🔬研究者:Identifies gaps in longitudinal and comparative studies across disclosure frameworks, guiding future research on harmonization and impact.

🏢実務担当者:Provides a comparative understanding of DJSI, GRESB, and SEC requirements, helping firms navigate multiple reporting frameworks and balance voluntary leadership with compliance.

🏛政策担当者:Highlights the complementary roles and challenges of different disclosure regimes, informing policy design and harmonization efforts to reduce reporting burden and enhance transparency.

This literature review integrates findings from academic studies, industry publications, and regulatory documents to compare the Dow Jones Sustainability Indices (DJSI), the Global Real Estate Sustainability Benchmark (GRESB), and the U.S. Securities and Exchange Commission’s (SEC) climate-risk rules in terms of their potential impact on U.S corporate sustainability activities for the 2018 to 2025 period. The study developed a conceptual framework, searched Web of Science, Scopus, and Business Source Complete for peer-reviewed articles, authoritative industry or company reports, and primary regulatory documents, screened literature, extracted data on governance, environmental, and social dimensions, and classified results using thematic coding, cross-case synthesis, and linkage analysis to link constructs with observable corporate outcomes. The findings suggest that DJSI’s wide-ranging, cross-industry survey and peer comparison and GRESB’s industry-specific modules and validation by external experts induce best-practice imitation and investor involvement, whereas the SEC's mandatory disclosure system establishes a legally binding transparency standard, which drives internal controls and board supervision. Although the SEC’s climate-disclosure rule was finalized in March 2024 to establish a legally enforceable transparency floor, its implementation remains uncertain due to ongoing litigation and administrative challenges, raising questions about near-term enforceability. Notwithstanding these complementary roles, time trends such as data comparability, reporting fatigue under multiple frameworks, and few longitudinal outcome studies together thwart clear assignment of long-term performance improvements. The paper argues that combined ESG reporting systems, harmonization of metrics, and more efficient assurance practices may enable firms to balance voluntary leadership with legal compliance, thereby strengthening both market signaling and baseline transparency. This paper recommends future longitudinal, sectoral, and mixed-method studies to evaluate post-2025 developments and inform policy and corporate decision-making in the emerging ESG disclosure landscape. Keywords: DJSI Compliance, GRESB assessment, SEC climate disclosure, U.S. ESG reporting.