American Bar Association Environmental Disclosure Committee Newsletter, January 2008.

Follow link above from Greg Rogers at www.advancedenvironmentaldimensions.com.

Partial newlsetter pasted below.

MESSAGE FROM THE CHAIR
C. Gregory Rogers

In our last issue, the former chair of the Environmental Disclosure Committee, Jeff Smith, spoke of two different objectives that drive environmental disclosure.

“One is broad-based and far-reaching—to create a language for stakeholder communication; the other is more mundane and rooted in regulation—to do exactly what is required under U.S. Securities and Exchange Commission regulations under federal and state law, including regulations governing environmental accounting practices.” As you read through the articles in this issue, edited by our returning Newsletter Vice Chair Scott Deatherage, I encourage you to consider these two objectives and how they relate to the following questions:

• What environmental information is material to investors?
• Is voluntary disclosure intended to influence investment decisions? If not, what is the purpose? If so, why is such information not contained in regulatory filings?
• Are growing investor demands for voluntary disclosure intended to improve investment decisions, change corporate behavior with regard to the environment, or both?
• What legal standards govern voluntary environmental disclosure? Is regulation needed?
• Do the dual objectives of environmental disclosure require separate communication channels or can both objectives be met through the regulatory disclosure process?
• Will increased voluntary disclosure eventually render regulatory disclosure moot?
• Will efforts to make voluntary disclosure mandatory, if successful, eliminate the need for voluntary disclosure?

In coming years, these issues, among others, seem likely to drive new legislation, regulations, and litigation, as well as broad-based and far-reaching changes in corporate disclosure practices. Undoubtedly, the membership of our committee will be in the center of the action.

As your new chair, I thank you for your participation in the committee and welcome your comments on how we can better meet your professional needs in this exciting and fast-changing area.

ABA Section of Environment, Energy, and Resources

26th Annual Water Law Conference
Feb. 21-22, 2008
San Diego, California

37th Annual Conference on Environmental Law
March 13-16, 2008
Keystone, Colorado

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