Sarah Pray - PWYP Montreal Conference 2009
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Transcript of Sarah Pray - PWYP Montreal Conference 2009
Mandatory Disclosure Initiative
USA – November 2009
The legislation
• The Extractive Industries Transparency Disclosure Act and and
• The Energy Security through Transparency Act
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
Differences between the two bills
The EITD•The EITD Act requires country by country reporting
The ESTT•The ESTT Act requires project-by-project reporting
•The EITD Act breaks down the payments into eight categories (royalties, taxes, license fees, bonuses, etc.)
•The ESTT Act includes DOMESTIC transparency requirements
•The ESTT Act includes a recommendation that the U.S. implement EITI
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
Who would be covered?
•EVERY country in the world•90% of the world’s major oil companies, like:
•Exxon•Chevron•Marathon
•PetroChina•ConocoPhillips•Petrobras
•ENI•Repsol•Talisman•Marathon
•Hess•Total•BP•Shell
•Petrobras•CNOOC•CNPC•Statoil•Petrobras
•Talisman•BHP Billiton•PetroCanada•Nexen•Anadarko
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
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 • 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