The New York Stock Exchange withdrew a recently proposed rule change that would have allowed the listing of “Natural Asset Companies” (NACs).
The withdrawal comes after opposition from a group of attorneys general, including Virginia’s Jason Miyares.
NACs are a novel corporate structure designed to take land off the market to prohibit productive economic uses, and promote Environmental, Social and Governance (ESG) policies at the expense of economic growth.
“The NYSE withdrawing their proposal is a huge win for Virginians and protects our economic interests. ESG policies push radical ideas at the expense of financial and economic security, and I’ll continue defending Virginians against them,” Miyares said.
In their letter on January 9, the coalition of attorneys general expressed strong opposition to the proposed rule change and urged the SEC to disapprove it. The letter was co-led by Utah and Kansas and joined by 23 other states.
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Rebecca Barnabi
