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Thursday, 21 August 2014

Swinson: UK setting the bar for transparency over oil, gas and mining payments

Mining, gas and oil companies registered in the UK will be required to report on the payments they make to governments in all the countries they operate in as of 1 January 2015, Business Minister Jo Swinson announced today.  The introduction of this transparency requirement makes the UK the first EU country to introduce reporting requirements on extractives companies.

This follows on from the Prime Minister’s commitment to promote transparency in the extractives industry at the 2013 G8 in Lough Erne. Extractives companies will have a maximum of 11 months after the end of their financial year to file a report at Companies House detailing their extractives payments.

Business Minister Jo Swinson said: "Oil, gas and mining can, if well managed, deliver precious economic benefits to the populations of developing countries. Too often though the assets from resource-rich countries are not benefitting local people or the local economy." 

"The UK is determined to lead by example which is why we have introduced reporting requirements on UK based extractives companies early. These changes will result in greater transparency, helping build a stronger economy and ensuring people around the world have the information they need to hold their governments to account."

This new reporting requirement implements Chapter 10 of the EU Accounting Directive, which was agreed in June 2013.