February 23, 2012

Senators Complain Over Potentially Imminent Conflict Minerals Rulemaking

This Bloomberg article notes that Senator Patrick Leahy and others have written the SEC Chair objecting to proposed language in the SEC’s conflict minerals rule proposal which would allow firms to “furnish” instead of to “file” required disclosures. As noted in this Akin Gump memo, the letter also indicates that a final conflict minerals rule may be imminent.

Check it out! Bill Gates – in his capacity as head of his foundation – has sent a comment letter to the SEC regarding the resource extraction proposal…

Could the World Move on IFRS Without the SEC? And If So, What are the Ramifications?

This article entitled “Foot-Dragging on IFRS Decision Could Strip SEC of Power” is worth a read…

Investors Press SEC on Financial Market Reform

As noted in this ISS blog, CalPERS – on behalf of a group of 14 institutional investors – has written a letter to SEC Chair Schapiro asking the SEC to prioritize these six initiatives:

– Appoint an Investor Advisory Committee to provide the commission with investors’ perspectives on regulatory issues; appoint an Investor Advocate to champion investor rights.
– Renew rulemaking for universal proxy access so that investors can propose directors for boards on a level playing field with management.
– Adopt final rules on the remaining executive compensation reforms under the Dodd-Frank Act.
– Continue work on International Financial Reporting Standards to ensure high quality accounting in global markets.
– Provide for an accountable and transparent ratings system with full disclosure on data and models used to develop securities ratings. Develop an independent mechanism to track the accuracy and effectiveness of the ratings process and complete the study of financing alternatives for credit rating agencies.
– Clarify and ensure compliance with the commission’s interpretive guidance on climate risk disclosures. Direct the new Investor Advisory Committee to provide advice and recommendations on climate change disclosure and the process for including diversity considerations into the corporate board nomination process. Ensure that sustainability issues and diversity reporting are integrated into financial reporting frameworks.

– Broc Romanek