{"id":10011,"date":"2011-05-13T12:48:33","date_gmt":"2011-05-13T11:48:33","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=10011"},"modified":"2011-05-13T12:48:33","modified_gmt":"2011-05-13T11:48:33","slug":"does-glencores-hong-kong-prospectus-comply-with-hong-kongs-rules-on-country-by-country-reporting","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/05\/13\/does-glencores-hong-kong-prospectus-comply-with-hong-kongs-rules-on-country-by-country-reporting\/","title":{"rendered":"Does Glencore&#8217;s Hong Kong prospectus comply with Hong Kong&#8217;s rules on country-by-country reporting?"},"content":{"rendered":"<p>The Hong Kong Stock\u00a0Exchange's\u00a0<a href=\"http:\/\/www.hkex.com.hk\/eng\/rulesreg\/listrules\/mbrules\/documents\/chapter_18.pdf\" target=\"_blank\">listing\u00a0agreement says:<\/a><\/p>\n<blockquote><p>In addition to the information set out in Appendix 1A, a Mineral Company must include in\u00a0its listing document......if relevant and material to the Mineral Company\u2019s business operations, information\u00a0on the following:\u2013<\/p>\n<p>(c) compliance with host country laws, regulations and permits, and payments\u00a0made to host country governments in respect of tax, royalties and other\u00a0signi\u00ef\u00ac\u0081cant payments on a country by country basis;<\/p><\/blockquote>\n<p>Note the reference to\u00a0country-by-country reporting. I\u00a0stress, the data referred to here is on past\u00a0performance. There is a separate requiremnt that these payments also be projected.<\/p>\n<p>Glencore's <a href=\"http:\/\/www.glencore.com\/documents\/EWP-full.pdf\" target=\"_blank\">Hong Kong\u00a0prospectus\u00a0was issued today<\/a>.<\/p>\n<p>The data referred to above is not included in it as far as I can see. I've searched it each and every way I can.<\/p>\n<p>There is\u00a0some\u00a0projected data \u00a0- but on tax it simply discloses statutory tax rates in most cases. But of\u00a0country-by-country reporting of past data there is not a hint.<\/p>\n<p>In that case does this disclosure comply with Hong Kong's listing\u00a0requirements? Would anyone like to suggest how that can be the case?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Stock\u00a0Exchange&#8217;s\u00a0listing\u00a0agreement says: In addition to the information set out in Appendix 1A, a Mineral Company must include in\u00a0its listing document&#8230;&#8230;if relevant and<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/05\/13\/does-glencores-hong-kong-prospectus-comply-with-hong-kongs-rules-on-country-by-country-reporting\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[],"class_list":["post-10011","post","type-post","status-publish","format-standard","hentry","category-country-by-country"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/10011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=10011"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/10011\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=10011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=10011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=10011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}