Jan. 15, 2024
I am urging the SEC to NOT allow the NYSE to list “Natural Asset Companies” or NACs, pursuant to File No. SR-NYSE-2023-09. Dear SEC Commissioners, I am writing to vehemently oppose the New York Stock Exchange’s proposal to list “Natural Asset Companies” (NACs), as outlined in File No. SR-NYSE-2023-09. Beyond the significant risks and concerns already articulated, I wish to highlight a critical issue: the potential loss of public control over the nation’s natural resources, leading to a worrying scenario where government and private entities might collude to the detriment of the public interest. The listing of NACs could effectively transfer the stewardship of vital natural resources from the public domain to private hands. This shift raises serious concerns about public access, equitable use, and long-term sustainability. When natural assets such as forests, water bodies, and mineral reserves are commoditized and controlled by private entities, the public’s ability to influence the management and preservation of these resources diminishes significantly. This could result in restricted access to natural resources that are essential for local communities, both for their livelihoods and for maintaining their cultural and environmental heritage. Moreover, the intertwining of private corporate interests with governmental regulatory responsibilities poses a substantial risk of regulatory capture. In such scenarios, the government, which is supposed to regulate and oversee the exploitation of natural resources for the greater public good, might instead become an enabler of private profit motives, often at the expense of environmental conservation and social equity. This collusion between private companies and government bodies could lead to decisions that favor short-term economic gains over long-term environmental sustainability and public welfare. The creation of NACs, therefore, not only risks the misvaluation and potential exploitation of natural assets but also threatens the democratic principles of public resource management. It opens the door for a form of tyranny where decisions about vital natural resources are made by a few, for the few, with little to no accountability to the wider public. In light of these concerns, I strongly urge the SEC to reconsider and ultimately reject the NYSE’s proposal to list Natural Asset Companies. It is imperative that we safeguard the public’s interest in our natural resources and ensure their sustainable and equitable management for generations to come. Sincerely, Marc Collings US Citizen Sent from Proton Mail for iOS