• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Byrd Amendment Would Force Companies to Disclose Safety Info to the S.E.C. « The Washington Independent

There’s no mystery about the inspiration for this one.

Sen. Robert Byrd (D-W.Va.) yesterday introduced an amendment to the Senate financial reform bill that would force companies to disclose safety and health information to their shareholders.

The proposal is a response to the horrific April 5 explosion that killed 29 miners at a Massey mine in West Virginia, as well as the more recent deadly explosion on a BP oil rig in the Gulf of Mexico.

“Investors ought to know if a company is jeopardizing its workforce in order to maximize its profits,” Byrd in a statement. “In addition, failure to disclose these adverse safety or health conditions could have a significant financial impact on investors, especially if there is a halt in operations because a company failed in its obligation to protect its workers.”

Under Byrd’s proposal, publicly traded companies operating in high-risk environments — places like coal mines and oil rigs — would be required to submit occupational safety information to the Securities and Exchange Commission or face financial penalties. Byrd outlines the four categories of safety information the companies would have to disclose:

  • Pending litigation regarding health and safety.
  • Significant health or safety conditions at risky workplaces, which may cause the corporation to incur damages arising from wrongful deaths.
  • Significant health or safety conditions that may impact financial conditions or operating results within the corporation.
  • Trends in health and safety violations that may affect the relationship between costs and revenues of a corporation.

West Virginia’s other institutional lawmaker, Sen. Jay Rockefeller (D), is the lead co-sponsor of Byrd’s proposal. A separate but similar Rockefeller amendment, which would apply the new safety disclosure rules only to mining companies, has Byrd as the lead co-sponsor.

Shareholders might just appreciate the new disclosure. Massey’s stock, which stood at $54.80 the day of the mining explosion, closed at $33.47 yesterday. BP, meanwhile, has seen its stock price plummet from nearly $61 the day of the rig accident to below $50 at the close of trading yesterday.

Then again, maybe stock owners wouldn’t appreciate the disclosure at all. One of the most remarkable stories to follow the recent energy industry disasters was the one indicating how quickly the companies acted to convince shareholders that their investments were safe. Massey, in the midst of being attacked for putting increased production above worker safety, even announced that it would compensate for lost production at the Upper Big Branch mine by — you guessed it — increasing production at other mines. And that was before all the miners were even known to be dead.

The message inherent in that announcement was clear: Investors would care more about the fate of the company’s value than the fate of the missing miners.

In this sense, the Massey and BP tragedies are as much condemnations of Wall Street culture as they are the companies themselves. And that’s not going to change any time soon.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.