NGO Coalition welcomes Investor Statement on transparency of Oil, Gas and Mining payments

The Publish What You Pay coalition of over 100 NGOs warmly welcomes the statement from UK and European investors calling for the public disclosure of taxes, royalties and other payments by extractive companies. The statement – signed by seven leading investment groups managing £466 billion – is the first significant public endorsement given by the investment community to improving transparency of extractive companies payments with developing country governments.

The statement highlights that revenue transparency is a critical factor for corporate governance, management of reputational risk, and a sustainable investment environment in resource-rich but poor countries. Simon Taylor, Director of Global Witness says: “We have always believed that revenue transparency is in the enlightened self-interest of all parties concerned. We warmly welcome this statement as proof of that point.”

The Publish What You Pay campaign coalition believes that a simple and effective first step to promote revenue transparency is to require companies listed on regulated markets to disclose payments made to all national governments on a country-by-country basis. Transparency of financial flows in the extractive industries will contribute to poverty alleviation and efforts to stamp out corruption in resource-rich countries. Transparency will also provide a basis for democratic debate over the management of revenues and enhance development rather than social divisiveness.

“Publish What You Pay is a very simple appeal for transparency of extractive company payments because after all, you cannot manage what you cannot measure,” says Publish What You Pay Coordinator, Henry Parham. “Disclosure of payments to all national governments can only be achieved with a level playing field for all companies.”

The Publish What You Pay coalition urges other investors to sign onto the statement and to press for both multinational and state-owned extractive companies to develop an effective system of payments disclosure that is supported by home and host governments, international organisations and financial institutions, and civil society.

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Press contacts: Henry Parham, Publish What You Pay Coordinator Tel: +44 (0) 20 7981 0315; coordinator@publishwhatyoupay.org
Gavin Hayman, Global Witness Campaigner Tel: +44 (0) 20 7272 6731; ghayman@globalwitness.org
Notes:

1. The signatories to the investors’ statement are: Allianz Dresdner Asset Management, Central Finance Board of the Methodist Church, Co-operative Insurance Society, Henderson Global Investors, Insight Investment Management, ISIS Asset Management, Jupiter Asset Management, Morley Fund Management, Schroders Investment Management, and Universities Superannuation Scheme.

ISIS Asset Management’s press release on the investors’ statement is available at: www.isisam.com/newsSection.asp

2. Publish What You Pay (PWYP) was launched in June 2002 as an appeal for transparency over oil, gas and mining companies’ payments to all national governments. PWYP seeks to provide a mechanism to address the paradox of plenty – the link between natural resource wealth and poverty in many developing countries, including Angola, Congo-Brazzaville, the Democratic Republic of Congo, Equatorial Guinea, Indonesia, Kazakhstan, Nigeria, Papua New Guinea, and Venezuela. The call for mandatory disclosure of company payments to and transactions with governments on a country-by-country basis is led by an international coalition of over 100 non-governmental organisations who is pressing for the establishment of an international regulatory framework. PWYP is complementary to wider global efforts related to international development, poverty alleviation, corporate social responsibility, and tackling corruption, for which transparency is an essential condition.


3. The PWYP NGO coalition includes CAFOD, Catholic Relief Services, Christian Aid, Global Witness, NiZA, the Open Society Institute, Oxfam International, Pax Christi Netherlands, Save the Children UK, Secours Catholique and Transparency International UK. For a full list of the members of the coalition, and for more information on the campaign visit the website: www.publishwhatyoupay.org



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