Financial Transparency Coalition

Better transparency in the extractive industries is essential, but, in all sectors, multinationals take advantage of the secrecy offered by the opaque financial system to avoid contributing to the societies from which they benefit. For this reason, country by country reporting must become a mandatory requirement for multinationals in all sectors – and for oil company executives like Peter Voser to attack such transparency suggests not only being out of touch with the political times, and indeed his own company’s position, but also a lack of concern for some of the poorest people on the planet. Wednesday, the Financial...

Targeting Stock Exchanges is Key in Civil Society's Push for Country-by-Country Reporting, writes François Valérian Today, Transparency International and the Revenue Watch Institute have published the Promoting Revenue Transparency 2011 Report on Oil and Gas Companies. This report evaluates corporate reporting performance on anti-corruption programmes, on subsidiaries and partners, as well as on country-level financial results and technical data. The report shows a concerning reporting gap. Most companies score significantly better in reporting on anti-corruption programmes than in country-level reporting of relevant financial and technical data. This gap further illustrates the major focus of corporate communication, at least for listed...

BERLIN – Oil and gas companies have improved the transparency of how they report revenues and information about anti-corruption programmes but should take bolder actions to stop corruption, according to a new report by Transparency International (TI) and Revenue Watch Institute (RWI).

LONDON – The Publish What You Pay coalition strongly welcomes the announcement by the UK Government that it will push for the implementation of oil, gas and mining transparency laws in the EU. If introduced, such laws would require that companies listed in the EU publish what they pay to governments for the extraction of minerals around the world. This will improve revenue transparency, helping to eradicate the corruption that has blighted some mineral rich states and improve the lives of millions of people in the developing world.