Wednesday, September 23, 2009

Country by country reporting: new US move

Publish What You Pay USA has issued a press release:

"The “Energy Security through Transparency Act of 2009” was introduced today by Senators Richard Lugar (R-IN), Ben Cardin (D-MD), Charles Schumer (D-NY), Roger Wicker (R-MS) and Russ Feingold (D-WI). The bill would require energy and mining companies to reveal how much they pay to foreign countries and the U.S. government for oil, gas, and other minerals.
. . .
The rule change, if approved by Congress, would for the first time require country-by-country reporting of each oil, gas and mining company’s expenditures for raw materials, including energy resources."

This is not specifically a TJN initiative - we are seeking the same thing but for all companies, worldwide; and we particularly want this to be incorporated into international accounting standards. Nevertheless, this bill (the text of it is here) marks a significant step forwards and should be strongly supported.

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