Nebraska Treasurer and active farmer Tom Briese today commented on news that a proposed rule change by the NY Stock Exchange (NYSE) to adopt listing standards of so-called Natural Asset Companies (NACs) has been dropped.  Earlier this month, Briese submitted a comment letter to the Securities and Exchange Commission (SEC) opposing such as move.

A copy of Briese’s letter to the SEC is attached.

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.” 

“I am pleased by the NYSE’s decision to reverse course and withdraw this short-sighted proposal, and I want to thank everyone who submitted comments with me to oppose this bad idea. As a farmer myself, I know how important agriculture is to Nebraska’s economy. Allowing NAC’s would only incentivize the environmental left and hurt production agriculture. It is my hope that this idea is dead and buried,” Briese said.

The Notice of Withdrawal can be accessed here: https://www.sec.gov/files/rules/sro/nyse/2024/34-99355.pdf.