British All-Party Parliamentary Groups host panel on transparency in the extractive industry

February 6, 2022 - 12:08

On 24 January 2012, the British APPG on International Corporate Responsibility and the APPG on the Great Lakes Region of Africa, with PWYP, hosted a panel on transparency in the extractive industries.

The panel discussed the amendment proposals introduced by the European Commission in October 2011, which would oblige listed (and large non-listed) extractive companies to publish what they pay on a country and project basis. Panellists discussed the need for these rules, potential challenges in their implementations and possible complimentary measures.

Publish What You Pay welcomed the point made by Elodie Grant Goodey, Head of Societal Issues and Relationships, that for BP “exemptions are not an issue”. A number of companies are seeking to water down the ground breaking US and proposed EU legislation by calling for an exemption clause for countries where disclosure of payments is prohibited. Research has shown that no such secrecy law exists and providing an exemption in the US and EU rules would simply provide a perverse incentive for opaque countries to introduce prohibitions on disclosure.

MP Paul Uppal, who chaired the panel, stated after the event that, “Research has proved that a lack of transparency in extractive industries is often associated with mismanagement and corruption, especially in countries heavily dependent on income from those industries….

In order to reverse the resource paradox we need greater accountability and transparency from host governments and the extractive industries”.

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