Calvert  News & Commentary

Bennett Freeman and Paul Bugala comment on Section 1504 of Dodd-Frank in a Recent Article by The Motley Fool

Calvert’s SVP for Sustainability Research and Policy and Senior Sustainability Research Analyst voice their opinion and support of SEC’s efforts around Section 1504


In the article written by Sara Murphy, “Extractives Will Soon Be Forced To Air Dirty Laundry,” the author states that shifting regulatory sands are generating tremors beneath the extractive industry's once solid ground, and that some companies are running scared. And that a high–stakes fight is now brewing in the wake of a recent court decision.

The article outlines the most recent developments related to Section 1504, known as the "Cardin–Lugar" provision, which mandates that companies disclose all payments greater than $100,000 to governments for the extraction of oil, gas, or minerals.

A U.S. district court, in response to a lawsuit by the American Petroleum Institute filed against the SEC, struck down the SEC's original rules implementing Section 1504 earlier this year, taking issue with the Commission's intent to make companies' full filings public — as opposed to summaries — and to the SEC's refusal to grant exceptions for payments to countries that prohibit payment disclosure. The SEC chose not to appeal the court's decision. That means it's back to the drafting table for the SEC, which will certainly revive intense jockeying for influence from all sides.

Ms. Murphy spoke with Bennett Freeman and Paul Bugala to learn more about Calvert’s advocacy efforts and support of this important matter. Read the full article at

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