close loopholes that allow companies to conceal their operations. It needs new regulations to make plain that no company can conduct secret business in Iran. Such rules should require SEC registrants and their subsidiaries to come clean and report any and all commercial dealings in Iran and to report any Iranian assets they might hold. This disclosure should be required regardless of whether the information meets corporate managements definition of "material."
The moment companies come clean about their investments in Iran is the moment that continuing those operations will become untenable. Public knowledge that a business operates in a country that poses a serious threat to global security will trigger widespread outrage and contempt for that company. Responsible firms will pull out of Iran.
Already, about a dozen companies have ceased doing business in Iran in recent months. Accounting firm KPMG, for instance, announced the termination of its relationship with an Iranian partner -- citing "serious and escalating concerns" about Tehrans conduct. KPMG had been providing auditing, accounting, tax and other services for businesses operating in Iran. Similarly, Shell announced in March that it would cease gasoline sales in Iran, after having shipped an estimated 1.65 million barrels of gasoline into the country between April and October of last year.
These businesses join many other international giants that have scaled down or stopped Iranian contracts due to public pressure, including General Electric, Caterpillar, Ingersoll Rand, the Huntsman Corp., Siemens, Eni, BP and Reliance Industries.
But how many others still do business with Iran? Its time for the American people to find out. The SEC should make crystal-clear sure that all US-listed public companies must publicly acknowledge their work in Iran.
Any firm seeking to continue enabling that rogue nation will sully its reputation and hurt its pocketbook in America.
Mark D. Wallace, President of United Against Nuclear Iran, served as US Ambassador to the United Nations, Representative for UN Management and Reform, from 2006 to 2008.
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