FuelFix posted from AP on 23 December 2011, SEC requiring coal firms to report safety problems
Earlier this week, the SEC announced new rules that require mining companies to start reporting any fatalities and all major health and safety violations, mine by mine, in their quarterly and annual financial reports. The filings are mandated in the wide-ranging Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress passed to try to increase corporate accountability.What problem does this reporting solve? As the article points out:
The rules take effect 30 days after publication in the Federal Register. They require companies to report within four days any “significant and substantial” violations, citations, flagrant violations and imminent-danger orders issued by the federal Mine Safety and Health Administration.
Coal operators must also include the dollar value of proposed fines, whether the company has been or may be designated a pattern violator by MSHA, and any pending cases with the Federal Mine Safety and Health Review Commission.