Sarah Pray - PWYP Montreal Conference 2009

519 views

Published on

Methodologies for mandatory disclosure initiatives

Stock market listing requirements

Sarah Pray, Publish What You Pay USA

Published in: News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
519
On SlideShare
0
From Embeds
0
Number of Embeds
26
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Sarah Pray - PWYP Montreal Conference 2009

  1. 1. Mandatory Disclosure Initiative USA – November 2009
  2. 2. The legislation • The Extractive Industries Transparency Disclosure Act and • The Energy Security through Transparency Act
  3. 3. The EITD and ESTT Acts • Both would require all companies registered with the Securities and Exchange Commission to publish their natural resource revenue payments as part of their annual filing. • Both would apply to EVERY country in the world • Both would apply to ALL companies listed in the United States
  4. 4. Differences between the two bills The EITD The ESTT •The EITD Act requires •The ESTT Act requires country by country project-by-project reporting reporting •The EITD Act breaks •The ESTT Act includes down the payments into DOMESTIC transparency eight categories requirements (royalties, taxes, license fees, bonuses, etc.) •The ESTT Act includes a recommendation that the U.S. implement EITI
  5. 5. Relevance of US legislation • Coverage: most of the world’s major extractive companies are registered with the SEC, including the major Chinese companies • Other exchanges: many of the world’s disclosure regulations originate in the US (such as the Foreign Corrupt Practices Act) – we hope that other jurisdictions will follow US’s lead
  6. 6. Who would be covered? •EVERY country in the world •90% of the world’s major oil companies, like: •Exxon •PetroChina •ENI •Chevron •ConocoPhillips •Repsol •Marathon •Petrobras •Talisman •Hess •CNOOC •BHP Billiton •Total •CNPC •PetroCanada •BP •Statoil •Nexen •Shell •Petrobras •Anadarko
  7. 7. Why does this information matter? • We will get this information EVERY YEAR no matter what the country’s EITI status • It is independently audited and therefore accurate • It will likely be more detailed information that ever before - company by company, country by country, payment categories • Can hold companies and governments accountable
  8. 8. We Need Your Help!! • One of the reasons Lugar introduced the bill was because his staff traveled to resource-rich countries, talked to PWYP activists, and heard of the need for this kind of information • Need statements of support from civil society members in resource-rich countries that they need this information • Need statements of support from resource-rich governments that they don’t oppose legislation

×