(Lincoln) 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).
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