The EU rules on transparency in the extractive industries finally become law

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Publish What You Pay has just been able to share the news that:

Publish What You Pay, the global civil society coalition working for transparency and accountability in the world's extractive industries, welcomed today's historic plenary vote in the European Parliament in favour of new EU Transparency and Accounting Directives. The coalition also welcomed Canada's announcement that it will establish new mandatory reporting standards for Canadian extractive companies.

The MEPs' vote creates a binding legal requirement for EU-listed and large privately owned oil, gas, mining and logging companies to publish — country by country and project by project — all payments over €100,000 to governments wherever they operate. This follows agreement between the European Parliament, Member States and Commission after months of negotiations, and brings the EU finally into line with similar extractive industry transparency rules that take effect this year in the US under the 2010 Dodd-Frank Act.

This is not country-by-country reporting as such: it is just payment information.

But it's still very welcome and a step in the right direction.


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