Financial Transparency Coalition

Jana Morgan, National Coordinator of Publish What You Pay US, shares an exciting list of successes in country-by-country reporting for extractives industries during the year 2013:

2013 – A PWYP Year in Review

Thanks to all the Publish What You Pay coalition members around the world who helped us come so far so quickly!

Section 1504 rules catalyze momentum around the world!

• The European Union amended its Accounting and Transparency Directives in line with August 2012 rules. They go even further by including large EU-registered companies, as well as logging companies.
• Countries such as Sweden, Denmark and Finland agree to quick transposition of the Directives, while the UK commits to transposition by the end of 2014.
• Norway passes mandatory disclosure law.
• Canada’s Resource Revenue Transparency Working Group finalizes recommendations for a Canadian disclosure law – with mining industry support.
• G8 leaders agree to make progress on establishing a global transparency standard for the extractive industries, with specific reference to the 2012 rule.

Huge steps forward toward putting an end to hidden company ownership!

• The G8 nations commit to developing action plans to tackle beneficial ownership.
• At OGP summit, the UK committed to developing public beneficial ownership registries.
• In its second OGP National Action Plan the US renewed its commitment to advocate for legislation on hidden company ownership.
• A Senate bill on beneficial ownership was introduced into the Judiciary Committee.

EITI develops strong new standards and the US joins up!

• The EITI developed new requirements on beneficial ownership and project-by-project payment disclosure.
• The US follows through with commitment to join the EITI, a formidable CSO working group is created and the US candidacy application is submitted to the secretariat.

Congressional threats thwarted!

• PWYP successfully lobbies for a clean Transboundary Hydrocarbon Agreement – no exemptions.

Allies maintain strong support for Section 1504!

• The Senate and House both produced amicus briefs to support the defense of Section 1504.
• Investors with over $5.6 trillion in assets under management, as well as Senate champions, wrote letters to the SEC calling for a quick release of strong rules.