Calvert Comment on U.S. District Court Ruling in API vs. SEC
Materiality of oil and mining payment information makes disclosure necessary
Today the U.S. District Court in the District of Columbia handed down a decision in the case of the American Petroleum Institute (API) vs. the U.S. Securities and Exchange Commission (SEC) that Calvert Investment Management believes does not fully reflect the importance investors place on transparency in the oil, gas and mining sectors. The court's ruling that it is not necessary for oil and mining payment disclosures to be made public as set forth in the SEC's rule implementing Section 1504 of the Dodd-Frank Act appears to restrict the provision of material information to investors.
Calvert was among investors representing more than $1 trillion in assets under management that sent comments to the SEC supporting its rules for the implementation of Section 1504 of the Dodd-Frank Act that emphasized the materiality of the disclosures it requires. We look forward to the SEC's consideration of the decision and will continue to support its ability to compel disclosures that protect the interests of investors.
Calvert Investment Management, Inc., 4550 Montgomery Ave., Bethesda, MD 20814