Global Witness welcomes recommendations released today by Canadian civil society and mining associations that lay out a framework for Canada to adopt a revenue transparency provision for all publicly listed mining companies in Canada. The Resource Revenue Transparency Working Group, comprised of the Mining Association of Canada, Prospectors & Developers Association of Canada, Publish What You Pay-Canada and the Revenue Watch Institute, calls for all Canadian publicly-listed companies to publicly disclose project-level payments to domestic and foreign governments, with no exceptions.
Corinna Gilfillan of Global Witness said, “The Working Group’s recommendations, endorsed by Canadian mining associations and civil society, are a major step forward in bringing greater transparency to Canada’s mining sector and in creating a global transparency standard. We call on the Canadian federal and provincial governments to adopt these recommendations as quickly as possible which are consistent with extractive industry transparency provisions adopted in Europe and the United States.”
“The strong support of Canadian industry demonstrates the fallacy of the case against mandatory disclosure made by certain industry opponents, such as the American Petroleum Institute (API). Contrary to API’s arguments, detailed mandatory disclosure will not cause any competitive harm given the emerging global reporting standard. In light of this achievement in Canada, the US Securities and Exchange Commission should move forward and swiftly issue a strong rule implementing mandatory extractive revenue disclosure in the US.”
“Mining companies are publicly supporting mandatory reporting on extractive industry payments and we commend their leadership on this important issue. Extractive companies realize that disclosing revenue payments is in their best interest to show citizens and communities how they are contributing to the national and local economies.”
“Canada has a crucial role to play in promoting greater transparency and accountability in the extractives sector, given that close to 60% of the world’s mining companies are listed in Canada. Disclosure of revenue payments will enable citizens to hold their governments to account for management of extractive revenues so that these revenues contribute to development and poverty alleviation in resource-rich countries.”
For more information please contact Corinna Gilfillan at: 202 725 8705.