February 1, 2017

Conflict Minerals: To Be Reconsidered! (& Tomorrow’s Webcast!)

Last night, SEC Acting Chair Piwowar released this statement, announcing that the SEC would be reconsidering its conflict minerals “2014 guidance.” Here’s an excerpt from Lawrence Heim’s note:

Although there is ambiguity in this statement that we hope to get clarity on soon, it appears that the statement may only relate to the 2014 guidance and not the rule as a whole. In addition, it also appears that the outcome of the SEC’s action in relation to Piwowar’s statement applies to filings covering calendar year 2017 and therefore may not impact activities currently underway by issuers preparing for their CY2016 filings.

The statement notes that Chair Piwowar visited Africa last year & has seen the rule’s unintended consequences firsthand (and see more analysis in this Gibson Dunn blog). Comments on the reconsideration can be submitted over the next 45 days.

This news comes just in time for our webcast tomorrow – “Conflict Minerals: Tackling Your Next Form SD” – featuring our own Dave Lynn of Morrison & Foerster, Ropes & Gray’s Michael Littenberg, Elm Sustainability Partners’ Lawrence Heim and Deloitte’s Christine Robinson. They will discuss what this latest development means for you, as well as what you should be considering as you prepare your Form SD for this year.

Steve Quinlivan blogs that the resource extraction rules might turn to dust soon as the House seeks a “joint resolution of disapproval” today…

The Investor Stewardship Group’s Governance Framework

Yesterday, the “Investor Stewardship Group” wrapped up two years of work to release these long-term value principles: “Framework for U.S. Stewardship and Governance.” The group includes 16 large institutional investors & global asset managers: BlackRock, CalSTRS, Florida State Board of Administration, GIC Private Limited (Singapore’s Sovereign Wealth Fund), Legal and General Investment Management, MFS Investment Management, MN Netherlands, PGGM, Royal Bank of Canada (Asset Management), State Street Global Advisors, TIAA Investments, T. Rowe Price Associates, ValueAct Capital, Vanguard, Washington State Investment Board and Wellington Management.

Our February Eminders is Posted!

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Broc Romanek