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Entries in Extractive Industries (19)

Monday
May222017

These 77 countries have extractive industries disclosure rules

The U.S. Senate voted in February to repeal an SEC rule that would have required oil and gas and mining companies to disclose each year all of their payments to foreign governments for exploration and production rights, permits, taxes, and other things.

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Tuesday
May092017

Martin Kenney: Shell’s Nigeria mess shows why we need more disclosure

Tom Fox recently wrote a post for the FCPA Blog about allegations that Shell made a £1.1 billion ($1.42 billion) payment for an oil field license in Nigeria, with half the money ending up in a company owned by a Nigerian government official.

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Wednesday
Apr192017

Martin Kenney: Scrapping the extractive industries disclosure rule is a backward step

The SEC rule that would have required oil and gas and mining companies to disclose each year their payments to foreign governments was intended to increase transparency and prevent back-handers, bungs, and bribes from reaching those able to influence contractual decisions.

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Tuesday
Feb072017

Dispatch from Africa: Repeal of extractive industries disclosure rule hurts us

Dear FCPA Blog,

Thank you for your post yesterday about repeal of the SEC's extractive industries disclosure rule.

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Monday
Feb062017

Congress votes to kill extractive industries disclosure rule

The U.S. Senate voted Friday to repeal an SEC rule that would have required oil and gas and mining companies to disclose each year all of their payments to foreign governments for concessionary rights, permits, taxes, and other things.

Click to read more ...

Wednesday
Sep282016

A Compliance Plan for the Extractive Industries Payment Disclosure Rule

In the prior post we described the SEC's new Rule 13q-1 that took effect on Monday (September 26). In this post, we discuss steps covered companies should take to comply with the rule.

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Monday
Sep262016

Practice Note: How to prepare for the SEC’s Resource Extraction Disclosure Rule

After a long and tortured route through the courts, the SEC’s final rule implementing Dodd-Frank’s Resource Extraction Payment Disclosure requirement took effect today (September 26).

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Friday
Feb132015

Tom Fox: Oil price drop raises compliance risks

Oil is hovering around $50 per barrel. For most of the U.S. economy this drop in oil prices has provided a much-needed economic boost. One piece on the NPR website said “economists have suggested the big drop in oil prices is a gift to consumers that will propel the economy.”

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Monday
Oct062014

Get ready for UK extractive industries disclosure rules

Image courtesy of the Houses of Parliament Flicker streamThe UK government recently announced the publication of draft legislation entitled “Reports on Payments to Governments Regulations 2014." The legislation would require UK-registered mining, quarrying, and logging companies to report on payments they make to governments all over the world, when such payments exceed £86,000 ($137,000) in a financial year.

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Tuesday
Sep172013

The aid Africa needs most

In the prior post, I talked about steps governments in East Africa can take to lift the natural resource curse that plagues the region. Let's look now at how extractive companies and foreign governments can also help make life better for millions of people.

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Monday
Sep162013

Healing the East Africa resource curse

There's no silver bullet to overcome the natural resource curse that haunts much of the globe. But countries in East Africa, the region I am most familiar with, can take several practical and affordable steps to exploit resources in ways that will benefit citizens and put realistic development goals within reach.

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Tuesday
Jul162013

Corruption isn't just 'over there'

In this 14-minute Ted Talk filmed in June, Global Witness co-founder Charmian Gooch names some well-known companies that help kleptocrats move, hide, and spend their money, and she explains how it's done.

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