Canada - Civil society and companies push for transparency

Canadian mining companies and civil society join forces for transparency. Spread the news!

Congrats to @PWYPCanada @revenuewatch @the_PDAC and @theminingstory on their fantastic work promoting transparency! 

Mining companies worth $550B support mandatory payment transparency 

9 of the world's 10 largest mining companies support project level payment transparency  

In the push for extractive transparency Canada's miners take the lead while @OilGasCanada falls behind 

Canada is home to 60 % of the world’s mining companies – time for it to join the global push for transparency! 

Canada's mining companies in support of transparency. Spread the news!  

With its mining companies operating all over the world, Canada plays a crucial role in the global extractive sector. Its activities generate millions in natural resource revenues, but how much do citizens in resource-rich countries benefit?

Canada’s Resource Revenue Transparency Working Group, made up of the Mining Association of Canada, the Prospectors and Developers Association of Canada), PWYP -Canada and the Revenue Watch Institute, has published a framework for mandatory disclosure rules for extractive companies in the country. These rules would oblige all extractive companies listed in Canada to publish the payments they make to the governments where they operate around the world. These recommendations are equivalent to the mandatory disclosure rules recently adopted by the EU (in the Transparency and Accounting Directives) and passed by the US in 2010 (Dodd-Frank Act 1504).

The working group will present the framework as policy recommendations to the Canadian government, which last June pledged to introduce mandatory disclosure rules.

 “By working with the mining industry to improve transparency, PWYP-Canada found a powerful ally to help achieve our goal of establishing mandatory payment transparency in Canada. From the outset, all organisations recognised the important role that transparency can play to enhance accountability and improve development,” Claire Woodside, Director of PWYP Canada

It is the first time mining companies have been so actively involved in promoting mandatory disclosure. If this framework is adopted, Canada would join the global push to introduce more transparency in the extractive sector. With the EU and the US having passed mandatory disclosure rules, Canada is one of the remaining players that needs to step up to the plate.  

 “60% of the world’s mining companies are listed in Canada; if the payments of all these companies were to be disclosed it could change the lives of millions of people” said Marinke van Riet, International Director of Publish What You Pay. “Civil society in resource-rich countries would be able to follow the money and hold their governments accountable for how it is spent – for women, men and youth around the world, natural resources could finally become a blessing rather than a curse”.

Image by Alex Indigo taken from Flickr. Used under the Creative Commons License.