On 9th April 2013, the EU agreed to an historic law which will oblige all EU listed (and large non-listed) extractive companies to publish their payments to the governments in which they operate.
This will be done on a project and country basis, meaning that communities will – sometimes for the first time – be able to see just how much revenue local extraction generates. With this information activists, journalists and local representatives will be armed with the tools to ensure their community receives a fair share of the benefits. They will also be able to ensure that these revenues are responsibly spent, to the benefit of all citizens rather than the few.
Companies will be obliged to publish any payment over €100,000 and there will be no exemptions.
These laws follow on the footsteps of similar legislation in the US, Dodd-Frank 1504, which covers US listed companies. Between them, the EU and the US cover 73% of the global value of extractive companies. Important new frontiers in the pursuit of global mandatory disclosure rules include Australia and Canada.
Publish What You Pay was launched ten years ago with the express design of obliging companies to publish what they pay. This deal brings us closer to that goal, and closer to better natural resource governance around the globe.
The EU legislation will be officially passed in the next couple of months and payments should start being published in 2015. Our members are preparing themselves for the release of this information, so they can use it judiciously to translate transparency into accountability.
We would like to thank all our members for their tireless campaigning and hard work. This fantastic outcome shows us just how much is possible when you work as a coalition!
What to find out more about the legislation? Read our Q & A
You can also read our press release as well as press releases from our members, including Global Witness, CAFOD and Global Financial Integrity (this is only a small selection of the press releases!)
VIEWPOINT: Transparency laws will release money to tackle poverty (TrustLaw)
INSTANT VIEWS: EU lawmakers back strong extractive transparency law (TrustLaw)
European Union reaches deal on tough oil, gas anti-corruption law (Reuters)
EU seals deal to boost transparency of oil, gas and logging firms (The Guardian)
EU Agrees on Rules for Oil, Mining Companies (Wall Street Journal)
Sen. Cardin: EU oil, mining disclosure rules create unity with US (The Hill)