TNC's Response
The Nature Conservancy has posted its response to the report on its website The main points...
* On June 7, 2005 the Senate Finance Committee released a Staff report on The Nature Conservancy.
* Over the past two years, the Conservancy has made substantial and far-reaching changes so that we now meet higher standards of ethical, legal and professional conduct and organizational efficiency.
* The Conservancy remains confident that all of our work is in compliance with the law and in furtherance of our mission.
* We will examine the Committee’s Staff report to determine if there are further changes we should consider.
* Continual improvement is – and will remain – an organizational priority.
And the report does give TNC credit for cleaning up its act over the last two years (post the Washington Post). But it still has reservations.
TNC’s efforts and reforms should significantly improve the scrutiny of insider transactions, and prohibit certain types of transactions that came to light in May 2003. While the Staff commends TNC for its quick and comprehensive actions, the Staff remains concerned that TNC’s involvement in emissions credit arrangements, joint ventures, and similar arrangements may escape review under TNC’s revised policies.
There is also a sense from the report that TNC's rules on dealing with insiders is still not opaque nor is it tough enough. The ball is now in TNC's court.
For a round-up of other articles on the report, check out The Uneasy Chair. Thanks for the tip o' the eyeshade, Jon.
* On June 7, 2005 the Senate Finance Committee released a Staff report on The Nature Conservancy.
* Over the past two years, the Conservancy has made substantial and far-reaching changes so that we now meet higher standards of ethical, legal and professional conduct and organizational efficiency.
* The Conservancy remains confident that all of our work is in compliance with the law and in furtherance of our mission.
* We will examine the Committee’s Staff report to determine if there are further changes we should consider.
* Continual improvement is – and will remain – an organizational priority.
And the report does give TNC credit for cleaning up its act over the last two years (post the Washington Post). But it still has reservations.
TNC’s efforts and reforms should significantly improve the scrutiny of insider transactions, and prohibit certain types of transactions that came to light in May 2003. While the Staff commends TNC for its quick and comprehensive actions, the Staff remains concerned that TNC’s involvement in emissions credit arrangements, joint ventures, and similar arrangements may escape review under TNC’s revised policies.
There is also a sense from the report that TNC's rules on dealing with insiders is still not opaque nor is it tough enough. The ball is now in TNC's court.
For a round-up of other articles on the report, check out The Uneasy Chair. Thanks for the tip o' the eyeshade, Jon.
posted by Pat Burns | 9:25 PM
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