Major victories were announced for transparency in the extractive industries. Canada will establish new mandatory reporting standards for Canadian extractive companies, bringing it in line with rules in the US and EU. The European Parliament approved new EU directives requiring large oil, gas, mining, and logging companies to publish payments over €100,000 made to governments. These developments increase the chances of strong agreements at the upcoming G8 summit to improve tax rules and ensure transparency in extraction deals.

1. PRESS RELEASE
Major Victories for Transparency
GENEVA, June 12, 2013 – The Africa Progress Panel welcomes Canada’s announcement
today that it will establish new mandatory reporting standards for Canadian extractive
companies.
The APP also applauds today’s plenary vote in the European Parliament approving EU
Transparency and Accounting Directives.
Canada, which is home to some of the world’s largest mining companies, has long been seen
as reluctant to embrace the trend to improve transparency in extractive industries. Canada’s
announcement that it will now establish new mandatory reporting standards brings the
country in-line with the direction taken by the US and the EU.
The vote in the European Parliament creates a binding legal requirement for EU-listed and
large privately owned oil, gas, mining and logging companies to publish all payments over
€100,000 to governments in every country where they operate. This brings the EU in line
with similar extractive industry transparency rules in the United States, under the 2010
Dodd-Frank Act, that will take effect this year.
“This is a good day for transparency and is a major step towards a world where developing
countries are paid fair prices for their mineral resources,” says Caroline Kende-Robb,
Executive Director of the Africa Progress Panel. “These developments, coming only days
before the G8 Summit in Lough Erne in Northern Ireland next week, increase the chances
that the G8 Summit will provide agreements for strong action to improve rules to fight tax
avoidance an evasion, and ensure transparency in extraction deals. It has become
increasingly clear that governments and business understand very well the benefits of
transparency for political and social stability”.
Note to editors:
European Parliament vote result: http://www.europarl.europa.eu/sed/votingResults.do
EU process and documents:
Accounting Directive:
http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2011/0308%28
COD%29&l=en
Transparency Directive:
http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2011/0307%28
COD%29&l=en

2. Press conference 12 June 2013 at 14:00 CET, following the European Parliament vote:
http://www.europarl.europa.eu/ep-live/en/schedule (live link)
http://www.europarl.europa.eu/ep-live/en/other-events/ (after event)
* * * * *
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