The Hong Kong stock exchange has changed its listing rules for extractive sector companies.
The new rules say:
18.05 (6) if relevant and material to the Mineral Company's business operations, information on the following [must be disclosed]:-
(c) compliance with host country laws, regulations and permits, and payments made to host country governments in respect of tax, royalties and other significant payments on a country by country basis;
That makes Hong Kong the first stock exchange in the world to require country-by-country reporting.
Congratulations to Vanessa Herringshaw, all at Revenue Watch and Publish What You Pay who have worked so hard on this dimension of country-by-country reporting.
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