Calvert Congratulates Statoil for Breaking Ranks with API
International oil company distances itself from effort to revoke U.S. transparency law
Calvert Investments commends the decision of Statoil ASA (NYSE:STO) to withhold its support of litigation brought by the American Petroleum Institute (API), the U.S. Chamber of Commerce and others that seeks to revoke a landmark transparency law that would provide material information to investors in the oil, gas and mining sectors.
Section 1504 of the Dodd Frank Wall Street Reform and Consumer Protection Act requires oil, gas and mining companies registered with the Securities and Exchange Commission (SEC) to publish the payments they make to governments where they operate. In March 2012, Calvert called on Statoil CEO Helge Lund to follow through on comments he made at an oil and gas conference in support of industry transparency by supporting Section 1504 publicly. Shortly after the SEC issued final rules from implementation of the law in August 2012, API and others launched a legal attempt to annul it in which they argue that the law violates companies’ First Amendments rights.
Calvert has played the leading role among investors in supporting the material disclosures required by Section 1504. We were among investors representing more than $1 trillion dollars in assets under management that submitted comments to the SEC in support of the law. We commend companies like Statoil and Newmont Mining Corporation that have acknowledged the importance of these disclosures to investors and other stakeholders publicly and we hope that their peers in the oil, gas and mining industries will follow suit.
As of January 31, 2013, accounts managed by Calvert Investments, Inc. had securities issued by Statoil ASA and Newmont Mining Corporation. Calvert may or may not still invest in, and is not recommending any action on, companies listed.
Calvert Investments, Inc., 4550 Montgomery Avenue, Bethesda, MD 20814