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NATIONAL INDUSTRY EVENTS & DEADLINES
SEC PROPOSALS ON CLIMATE: Dairy Industry & Farms
June 17, 2022 (Fri): DEADLINE TO SUBMIT Comments on the Securities and Exchange Commission (SEC) proposed Climate rule affecting agriculture, farms, and food supply chains.
(NOTE: This situation is now evolving quickly. On this Monday, May 9, a new June date was announced as an extension from an original comment deadline of May 20)
Introductory Article: Overreach of SEC Proposed Climate Rule Could Hurt Agriculture
Knowledge of and action on this proposal should be deemed of "PRIME IMPORTANCE."
SUMMARY: Last Wednesday afternoon, May 6, American Farm Bureau emailed notices concerning a Rule proposal from the Securities and Exchange Commission by which they (SEC) would require climate disclosure notices from public companies by which family farms and ranches in their supply chain would have to disclose a variety of items and practices regarding activities which may impact Scope 3 emissions and other factors related to their (SEC's) perception of climate impact. The language of the proposal was originally made public in late March, but it's taken this long for detailed vetting and analysis to occur, at least enough to begin publishing viewpoints.
This proposed rule is 510 pages long, with over 1000 technical footnotes, and approximately 750 direct questions. Anyone wishing to comment on this issue must do so by Friday, June 17, which is a month later than an original deadline of May 20.
In the words of American Farm Bureau President Zippy Duvall in an AFBF Advocacy email: 'Unlike the large corporations currently regulated by the SEC, family farms and ranches do not have teams of compliance officers. Tell SEC to regulate Wall Street and not family farms and ranches!'
The ways this rule is projected to impact family farms include (from an AFBF email):
- Increase in farm costs due to compliance concerns; farmers could be required to track and disclose information on day-to-day activities.
- Potentially require personal and identifiable data from farmers. Unlike public companies, farmers work and raise their families in their place of business.
- Consolidation could occur at a more rapid rate; because small farms lack the resources to comply with burdensome reporting requirements.
- Increased liability because of the time given to comply with Scope 3 Emission levels.
These are the items which apply to this situation, along with a portal to comment:
From International Dairy Foods Association:
May 2, 2022: Breaking Down SEC's New Climate Disclosure Rules (Part 1, Parts 2 & 3 to come), by Danielle Quist and Matt Herrick, posted at the IDFA (International Dairy Foods Association) blog.
From Great American Insurance Group:
Apri 28, 2022: Ag Groups Alarmed by SEC Climate Rule, by Todd Neely, DTN.
Additional information will be supplied as it becomes available.
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May 22-24, 2022 (Sun-Tues) Alltech ONE Conference, (Onsite and Virtual Attendance options offered).
On site sessions headquartered at Central Bank Center Lexington, KY, with companion events scheduled at a variety of Lexington area sites, including Rupp Arena and Keeneland Racetrack. Some events are scheduled on the day before the actual conference sessions begin.
Alltech ONE is known to be one of the most thought-provoking food and farm events around the world, organized by Alltech, a company known for its inventive, out-of-of-the box thinking and innovations. Speakers include England's popular Dr. Jude Capper, known as a global advocate for practical farm application on sustainability. Jennifer Hartmann, John Deere's Social Media and PR Director, and Dr. Mark Lyons, President and CEO of Alltech.
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June 22-23, 2022 (Wed-Thurs): HighGround Dairy Inaugural Dairy Outlook Conference, Union League Club, Chicago, IL, sponsored by the Chicago Mercantile Exchange (CME). This broad-ranging event brings together speakers from domestic and international perspectives, with the presenters including farm businessmen from Australia and California as well as personnel from the international dairy financial sector. Marin Bozic, respected U-MN professor and industry analyst, will be one of the presenters.
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GEORGIA EVENTS IN MAY
GA MILK COMMISSION meets May 24
The Georgia Milk Commission will meet Tuesday, May 24th, at 10 am.
All Georgia Dairy Farmers are invited to attend. The meeting will take place at The Perry Welcome Center, 101 General Courtney Hodges Blvd, Perry GA. (This is the road on the west side of the fairgrounds.) The Milk Commission determines the spending of Dairy Checkoff dollars for promotion and education purposes.
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