{"id":6457,"date":"2023-04-17T23:42:13","date_gmt":"2023-04-18T03:42:13","guid":{"rendered":"https:\/\/acmanet.org\/2023\/04\/regulatory-updates-insider-april-20-2023\/"},"modified":"2024-01-26T15:17:39","modified_gmt":"2024-01-26T20:17:39","slug":"regulatory-updates-insider-april-20-2023","status":"publish","type":"post","link":"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/","title":{"rendered":"Regulatory Updates – Insider – April 20, 2023"},"content":{"rendered":"

SEC Task Force Announces first ESG Settlement over Dam Collapse<\/span><\/span><\/strong><\/p>\n

On March 28, 2023, the U.S. Securities and Exchange Commission (SEC) <\/span>announced a $55 million settlement with Vale S.A., a <\/span>Brazilian mining company listed on the New York Stock Exchange<\/span>. <\/span>This<\/span> task force is part of the Administration\u2019s <\/span>respon<\/span>se<\/span> to climate and environmental issues<\/span>.<\/span><\/p>\n

The SEC filed charges in April of 2022 alleging \u201cfalse and misleading disclosures about the safety of its dams prior to the January 2019 collapse of the Brumadinho dam that killed 270 people,\u201d according to an <\/span>SEC press release.<\/span><\/a>\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

The SEC alleged that Vale made false disclosures about the safety of the dam to deceive authorities and investors. Notably, the allegedly false statements occurred in the company\u2019s disclosures related to environmental, social, and governance (ESG) matters contained in sustainability reports, periodic filings, and other disclosures. Under the settlement, which remains subject to court approval, Vale agreed to pay $55.9 million to settle the charges.<\/span>\u00a0<\/span><\/p>\n

According to the SEC\u2019s April 2022 complaint, Vale committed securities fraud by intentionally concealing risks that its Brumadinho dam might collapse.\u00a0<\/span>\u00a0<\/span><\/p>\n

The SEC\u2019s Climate and ESG Enforcement Task Force is empowered \u201cto proactively identify ESG-related misconduct consistent with increased investor reliance on climate and ESG-related disclosure and investment.\u201d <\/span>\u00a0<\/span><\/p>\n

For more information on the ESG task force, click <\/span>here<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SEC Task Force Announces first ESG Settlement over Dam Collapse On March 28, 2023, the U.S. Securities and Exchange Commission … <\/p>\n

Read More<\/a><\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[40],"tags":[],"class_list":["post-6457","post","type-post","status-publish","format-standard","hentry","category-advocacy"],"acf":[],"yoast_head":"\nRegulatory Updates – Insider – April 20, 2023 - American Composites Manufacturers Association<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulatory Updates – Insider – April 20, 2023 - American Composites Manufacturers Association\" \/>\n<meta property=\"og:description\" content=\"SEC Task Force Announces first ESG Settlement over Dam Collapse On March 28, 2023, the U.S. Securities and Exchange Commission … Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"American Composites Manufacturers Association\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-18T03:42:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-26T20:17:39+00:00\" \/>\n<meta name=\"author\" content=\"matrixsuperadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"matrixsuperadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\"},\"author\":{\"name\":\"matrixsuperadmin\",\"@id\":\"https:\/\/acmanet.org\/#\/schema\/person\/ac6c7b283e1a527add756565caef3edb\"},\"headline\":\"Regulatory Updates – Insider – April 20, 2023\",\"datePublished\":\"2023-04-18T03:42:13+00:00\",\"dateModified\":\"2024-01-26T20:17:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\"},\"wordCount\":219,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/acmanet.org\/#organization\"},\"articleSection\":[\"Advocacy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\",\"url\":\"https:\/\/acmanet.org\/regulatory-updates-insider-april-20-2023\/\",\"name\":\"Regulatory Updates – Insider – April 20, 2023 - 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