Mandatory Disclosures

                                               

                                               

This image was created by Partnership Africa Canada

Why mandatory disclosure?

Publish What You Pay calls on governments to oblige oil, gas and mining companies registered or publicly listed in their countries to publish the payments they make to governments at home and around the world.

Extractive companies, and the countries that profit from being global players in the extractive game, have an important role to play in ensuring the sector is open and accountable. As long as the international financial system governing the extractives remains opaque, activists in resource-rich countries have the odds stacked against them. International financial transparency rules will provide citizens and civil society at the national and local level with the necessary information to hold companies and governments to account for their countries’ natural resource revenues.

PWYP’s campaign for mandatory disclosure

This campaign targets countries and regions home to extractive companies and calls for them to change their regulation to oblige extractive companies to publish what they pay. For us, mandatory disclosure means that an extractive company would have to publish the payments it makes in each country where it operates, say Gabon or Indonesia, for each of its projects there.  For more on the nitty-gritty of how this works, please see our brief on project by project reporting.

The campaigns are led by national coalitions as well as by members working together across countries and regions.

Find out more about our campaigns in 

Australia

Canada

The European Union

Norway

United States

Australia

Publish What You Pay Australia, with its allies, is advocating for the Australian government to introduce mandatory disclosure rules. Throughout 2014 PWYP Australia will also engage with the G20, as Australia holds the presidency.

Canada

In June 2013 the Canadian government committed to develop mandatory payment disclosure rules for Canadian oil, gas and mining companies. In March 2014, the government released further details of these rules, which they propose should align with those in other markets. The Canadian government has committed to pass legislation implementing this commitment by April of 2015, with the rules coming into effect in June of 2015.

This comes on the heels of transparency recommendations drafted by the Resource Revenue Transparency Working Group, which includes the PWYP Canada coalition as well as mining industry association. To find out more about PWYP Canada’s work, visit their website.

The European Union  

Amendments to the EU Accounting and Transparency Directives, adopted by the EU in June 2013 and in November 2013, oblige all EU listed, and large non-listed, extractive companies to publish their payments on a country and project basis. EU member states are currently transposing these rules into national legislation. The UK has committed to complete transposition of the Accounting Directive in 2014, and together with France, Germany, Italy, Denmark, Finland and Sweden has undertaken to implement both Directives quickly. The Directives must be transposed by 2015. To find out more, read the Q & A.

Norway

The Norwegian Parliament passed legislation in December 2013 introducing country-by-country reporting for Norwegian extractive companies.  This came into effect on 1 January 2014. The regulation requires Norwegian companies in the extractive and forestry industries to report their tax payments, and in addition to that, also the contextual information as in the extended country by country reporting standard which PWYP Norway has been working for. There are now only four weaknesses which are now being challenged before Norway has an extended country by country reporting standard which puts tax payments in its logical context.

For more information visit PWYP Norway’s website.

USA

The Dodd-Frank Act Section 1504, adopted in June 2010, obliges all extractive companies listed in the US (for instance on the New York Stock Exchange) to publish the payments they make to all the governments in the countries where they operate.  Following a lawsuit from the American Petroleum Institute, the Securities and Exchange Commission has been requested to re-issue rules  originally issued in 2012 that govern Dodd-Frank 1504 before the law can come into effect.

In March 2014 PWYP USA submitted a position statement to the SEC, calling for the swift re-issuing of strong rules.

For a Q + A on Dodd-Frank 1504, please click here

To find out more about PWYP USA’s campaign on stock listings, visit the PWYP USA page