Investors with $5.6 Trillion of Assets Call on SEC to Deliver Strong Oil, Mining Payment Disclosure Rule
Calvert continues support through court-mandated rule review
Calvert Investment Management, Inc. organized a group of 44 investors representing more than $5.6 trillion that sent a letter to SEC letter to the Securities and Exchange Commission (SEC) praising it for issuing strong rules for the implementation of the oil and mining transparency law enacted through Section 1504 of the Dodd-Frank Act. The letter has the support of a wide range of U.S.-based and international investors that want the information to be provided by Section 1504 as soon as possible in a form that is consistent with companion regulations in place in the EU and under development in Canada.
On September 3, the SEC announced it would review its rules for implementation of Section 1504 in response to the U.S. District Court’s decision in the American Petroleum Institute et al vs. SEC. Calvert will continue to play a leading role among investors in assisting the SEC as it addresses the District Court’s questions about the public availability of Section 1504 mandated data, project-level payment disclosure, and the desirability of no exemptions for reporting in certain countries. Calvert’s long-term commitment to Section 1504 and mandatory payment disclosure in general is a reflection of our strong conviction that the disclosure of such information may be of material benefit to the valuation of companies in the oil, gas and mining sectors.