PWYP-US was launched in 2004 and has campaigned mainly on mandatory disclosures. These efforts culminated in the passage of the Cardin-Lugar provision in the Dodd-Frank Act of July 2010, which obliges all US listed companies to publish what they pay in the countries in which they operate. However, the law has yet to come into effect so PWYP-US is focusing its efforts on ensuring a swift and effecting implementation of the rule. PWYP-US also played a critical role in the advocacy push for the US to join EITI.
Investor support for Section 1504 is overwhelming. Investors with over $6.4 trillion in assets under management have written multiple letters to the SEC calling for a strong rule and arguing the importance of 1504 disclosures to investors. $6.4 trillion is greater than the GDP of every single country in the world, except the United States and China
PWYP-Canada and PWYP-UK detail the mandatory disclosure requirements of Canada and the United Kingdom, calling on the SEC to produce a rule in line with the global standard
Duke University economist, Dr. Robert Conrad, writes to the SEC to debunk industry claims that Section 1504 will harm company competitiveness
The Global Call for Payment Transparency
Civil society organizations from around the world have written in to the SEC detailing how they will use project-level payment information to hold companies and governments accountable in their countries. Many of these writers come from countries affected by the ‘resource curse’, a paradoxical situation in which countries that are rich in natural resources are some of the poorest in the world due to mismanagement and corruption. While the map below highlights letters from individual countries, a letter was also sent to the SEC that was signed by over 500 civil society organizations from 40 countries. A staggering demonstration of the worldwide support for payment transparency.
Are you for Big Oil or Big Data? – “What most profoundly distinguishes American Petroleum Institute (API) from civil society organizations in resource-rich countries working to make a more transparent and accountable extractives sector? (Hint: the answer we’re looking for is not “the ability to pay for an army of high-priced lawyers” – although that works too.)…”
US-listed BHP Billiton, the largest mining company in the world, voluntarily disclosed its 2014 project-level payments
6 out of 10 of the largest mining companies by market cap are listed in the US.
In 2013 the US was the world’s third largest producer of oil.
Key resources: coal, copper, lead, zinc, gold, iron, oil and natural gas