Article by Jeffrey Karp and Katherine Rolph
Petition Filed With Sec Urges Adoption Of New Environmental Liability Disclosure Standards
A petition was recently filed with the Securities and Exchange Commission ("SEC") by the Rose Foundation for Communities and the Environment ("Rose Foundation"), urging the SEC to adopt new environmental liability disclosure standards and ensure compliance with existing material financial disclosure requirements. Twenty-five other charitable foundations joined the Rose Foundation petition. A joint letter in support of the petition also was filed by executives representing a number of "socially responsible" investment funds who state that they manage in the aggregate more than $13 billion in assets, citing an "urgent need" for SEC attention to the matter of under-reporting of environmental liabilities.
