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Re: SEC & Sen. Jefford's Greenhouse Gas Bill



Donald,

I suggest that you contact Michelle Chan-Fishel at Friends of
the Earth, MChan@foe.org.  She's based in Berkeley but runs a group called
the Corporate Sunshine Working Group that has been active around issues
relating to the SEC
and the environment.

Susan Blachman
Environmental Finance Center, Region IX
851 West Midway Avenue
Alameda, CA 94705
T: 510-653-8797
F: 510-451-4115
http://www.greenstart.org/efc9




Donald Sutherland wrote:

 > I am researching corporate financial environmental accounting and the US SEC
 > enforcement of departures from SEC Reg. S-K for filing of significant
 > environmental material expenses to stakeholders.
 >
 > A 1998 EPA study found that 74 percent of publicly-traded companies had
 > failed to adequately disclose the existence of environmental legal
 > proceedings in their 10-K registration requirements as mandated by the
 > Securities and Exchange Commission.
 > http://www.pollutiononline.com/read/nl20010515/427844
 >
 > In October 2001 the EPA launched a campaign for corporate environmental
 > accounting under US SEC Regulation S-K.
 > http://es.epa.gov/oeca/ore/sec.pdf
 >
 > Does anyone know of any NGO support for the attached Senator Jefford's
 > proposed draft
 > bill to have corporations file the financial impact of their greenhouse gas
 > emission performance on their quarterly and annual SEC 10-Q & 10-K filings
 > under SEC Regulation S-K?
 >
 > And can you tell me if there are any environmental organizations currently
 > campaigning
 > for enforcement of corporate financial environmental performance to
 > stakeholders under SEC Regulation S-K?
 >
 > Thank you for your prompt response to my inquiries.
 >
 > Best Wishes,
 > Donald Sutherland
 > Member of the Society of Environmental Journalists
 > donaldsutherland-iso14000@worldnet.att.net
 > phone: 508-497-3676
 >
 > References:
 > >Notice on Public Company Requirements to Disclose Environmental Legal
 > >Proceedings
 > >http://es.epa.gov/oeca/main/strategy/oppac_notice.html
 > >
 > >Oct.1st. EPA alert on SEC disclosure
 > >http://es.epa.gov/oeca/ore/sec.pdf
 > >
 > >A 1998 EPA study found that 74 percent of publicly-traded companies had
 > >failed to adequately disclose the existence of environmental legal
 > >proceedings in their 10-K registration requirements as mandated by the
 > >Securities and Exchange Commission.
 > >http://www.pollutiononline.com/read/nl20010515/427844
 > >
 > >WRI report on financial environmental departures by US
 > >publicly traded pulp manufacturers
 > >http://www.wristore.com/pureprofit.html
 > >
 > >*Publicly traded corporations disclosing financial environmental
 > liabilities
 > >must have corporate reserves to cover those liabilities under SEC
 > >regulations.
 > >
 > >http://www.law.uc.edu/CCL/regS-K/index.html
 > >1.The Securities and Exchange Commission's Environmental
 > >Disclosure Rules:
 > >SEC Regulation S-K Item 101 Applicable to 10-K (Annual) and
 > >10-Q (Quarterly)
 > >Reports
 > >
 > >*Item 101 General Description of Business Operations: 17 C.F.R. 229.101
 > >"Appropriate disclosure also shall be made as to the material
 > >effects that
 > >compliance with Federal, State and local provisions which have
 > >been enacted
 > >or adopted regulating the discharge of materials into the
 > >environment, or
 > >otherwise relating tothe protection of the environment, may
 > >have upon the
 > >capital expenditures, earnings and comptetitive position of
 > >the registrant
 > >and its subsidiaries.  The registrant shall disclose any
 > >material estimated
 > >capital expenditures for environmental control facilities for
 > >the remaninder
 > >of its current fiscal year and its succeeding fiscal year and for such
 > >further periods ans the registrant may deem material."
 > >
 > >*Item 303 Management Discussinon and Analysis 17 C.F.R. 229.303
 > >The Management Discussion and Analysis (MD & A) is a narrative
 > >analysis of
 > >financial statements and conditions which may include
 > >foreseeable material
 > >environmental liabilities.  The duty to include MD& A exists
 > >"where a trend,
 > >demand, commitment, event or uncertainty is both presently known to
 > >management and reasonably likely to have material effects on the
 > >registrants's financial condition or results of operation."
 > >
 > >*Item 303 Legal Proceeding 17 C.F.R. 229.103
 > >Instruction 5 to Item 103 requires disclosure of environmental
 > >proceeding
 > >when such proceeding: (1) are material to the business or financial
 > >condition of the registrant; (2) involve primarily a claim for
 > >damages that
 > >exceeds ten percent of the current assets of the registrant and its
 > >susidiaries on a consolidated basis; or (3) involve a
 > >governmental authority
 > >as a party and such proceedings result in monetary sanctions,
 > >unless the
 > >registratnt reasonably believes that the proceeding will result in no
 > >monetary sanctions, or in monetary sanctions, exclusive of interest and
 > >costs, of less than $100,000.
 > >
 > >2.Here is a quick review of how to access US publicly traded companies
 > >traded
 > >on the US stock exchanges US Securities and Exchange Commission mandated
 > >filing of "significant
 > >environmental material expenses" to shareholders on SEC 10-Q and SEC 10-K
 > >forms using Generally Accepted Accounting Principals (GAAP) draw up by the
 > >Financial Accounting Standards Board (FASB) (http://www.fasb.org ) and
 > >enforced under SEC Regulation S-K.
 > >See: http://www.sec.gov
 > >enter: Search EDGAR archieves
 > >enter: Quick Forms Look Up
 > >select: 10-K and or 10-Q from Customize Form Selection
 > >enter: company name
 > >Scroll corporate SEC 10-K form for environmental depreciation, liability,
 > >infrastructure, and other costs.
 > >
 > >Contacts:
 > >EPA
 > >Shiria Venus, Office of Policy Analysis and Communication
 > >phone: 202-564-0177
 > >email:
 > >
 > >
 >
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