Nebraska Treasurer and active farmer Tom Briese has submitted a comment letter to the Securities and Exchange Commission (SEC) opposing a proposed rule change by the NY Stock Exchange (NYSE) to adopt listing standards of so-called Natural Asset Companies (NACs). Click here for a copy of the letter.
Unlike other types of publicly traded companies, the purpose of NACs is to hold the rights to ecological performance of a defined area. According to the NYSE summary, agriculture is contributing to the loss of natural habitat and soil degradation and is one of several “significant threats to life on earth and the economy.”
“As a farmer myself, and a public servant of a state that relies heavily on agriculture, I object to the characterization of production agriculture in this way. The proposed rule would enable, encourage, and facilitate large scale investment in the corporate ownership of the right to manage areas in a manner that may be detrimental to agriculture,” Briese said in his letter.
After an unusually short 21-day public comment period, the SEC announced it was reopening the public comment period until January 18th.
Submissions can be made at: https://www.sec.gov/rules/sro/sr-nyse-2023-09
“Agriculture is the life-blood of Nebraska’s economy, accounting for roughly 22% of our state’s GDP, and agriculture is the engine that drives local and regional economies across our great country. From the narrative of the Commission’s notice, it would appear that NACs could throw another obstacle before Nebraska’s – and our nation’s – agriculture producers,” Briese said.
