Financial Transparency Coalition

BRUSSELS - In an open letter addressed to the European Union (EU) president, the EU presidency and the European commission, 50 MEPs from 4 different political parties (S&D, Greens, Gue/Nordic Left and ALDE) call for “a moratorium on EU public financing for mining projects until adequate standards and regulations are in place.”

OSLO, Norway – Global Financial Integrity Director Raymond Baker delivered remarks today on the importance of transparency in the extractive industries at the “Global Investors for Financial Transparency” meeting in Oslo, Norway. Mr. Baker focused on the importance of country-by-country reporting requirements for oil, gas, and mining companies. Attendees included high-level Norwegian and EU elected officials, regulators, investors, and representatives of the Oslo Stock Exchange.

LONDON – FTSE 100 mining firm Kazakhmys PLC is still refusing to provide full information as to the identity of its beneficial owners, nearly one year after anti-corruption watchdog Global Witness raised concerns over alleged links between the company’s management and Nursultan Nazarbayev, the autocratic president of Kazakhstan.

The Hong Kong Stock Exchange’s listing agreement says:

In addition to the information set out in Appendix 1A, a Mineral Company must include in its listing document……if relevant and material to the Mineral Company’s business operations, information on the following:— (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;

Note the reference to country-by-country reporting. I stress, the data referred to here is on past performance. There is a separate requiremnt that these payments also be projected.