'SEC Must Enforce Environmental Disclosure Law,' Urges Petition; Rose Fdtn. Report Encourages Investment Managers to Push for Disclosure 8/20/2002
From: Nadia Khatchadourian for the Rose Foundation, 202-478-6187 Web: http://www.rosefdn.org News Advisory: On Wednesday, August 21 at 11 a.m. EDT, the Rose Foundation For Communities & the Environment will hold a conference call to respond to media inquiries about their submission of a petition to the Securities and Exchange Commission (SEC) demanding that the SEC comply with its own regulations requiring publicly traded companies to disclose environmental liabilities to their shareholders. The petition is supported by a new Rose Foundation report which documents that environmental risk and liabilities can significantly reduce shareholder value. The petition to the SEC is supported by several of the United States' largest and most influential environmental and community foundations representing over $3 billion in combined assets including the Richard & Rhoda Goldman Fund, Rockefeller Family Fund and the Surdna and San Francisco Foundations. Several investment houses including Calvert, Domini, Walden and Citizens Funds with assets of over $13 billion also support enforcement. The report, "The Environmental Fiduciary: The Case for Incorporating Environmental Factors Into Portfolio Management Practices," also to be released on August 21, details the need for investment managers to insist on disclosure of environmental liabilities since it is crucial in allowing markets to accurately price environmental risk, analyze competitive posture, and forecast corporate growth potential. WHAT: A conference call media briefing discussing The Rose Foundation's petition to the SEC urging enforcement of corporate environmental disclosure and supporting report that documents the need for investment managers to incorporate environmental risk into portfolio management policies WHO: -- Tim Little, co-founder of Rose Foundation and co-author of new report, "The Environmental Fiduciary" -- Susannah Blake Goodman, co-author of new report, "The Environmental Fiduciary" -- Tim Smith, Senior Vice President of Walden Asset Management -- Julie Frieder, Research Analyst, Calvert Group Ltd. WHEN: Wednesday, August 21, 2002, 11 a.m. INFO: Call 1-800-351-9742. The participant code is ROSE FOUNDATION. For more information, please contact: Nadia Khatchadourian, 202-478-6187, nadiak@mrss.com |