November 1, 2018
SEC Adopts “Mining Company Property Disclosure” Rules
Yesterday, the SEC adopted rules to update how mining companies disclose their “property” – including how they disclose mineral resources & reserves – so that the SEC’s requirements are closer to what is required globally from mining companies. Here’s the SEC’s press release – and the 453-page adopting release.
The old rules – including the now-obsolete Guide 7 – permitted the disclosure of non-reserve estimates only in limited circumstances. But that will now change. There is a two-year transition period so that mining companies won’t need to comply with the new rules until its first fiscal year beginning on or after January 1, 2021. We will be posting memos in our “Mining Companies” Practice Area.
Say-on-Pay: Rite Aid With a 84% Vote “Against”!
As noted in this Bloomberg article, Rite Aid received a 84% vote ‘against’ on its say-on-pay. I was pretty sure that was a record low…but surprisingly, it’s not even the leader in the clubhouse for 2018! For example, Nuance Communications got only 10% in favor. Some bigger names also got clobbered – Wynn Resorts was at 20%, and Bed, Bath & Beyond was at 21%…
Our November Eminders is Posted!
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– Broc Romanek