U.S. Transparency Law Going Global?

U.S. Transparency Law Going Global?

May 23, 2011
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Transparency advocates are making headway in their effort to extend a U.S. transparency law to other markets.

In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") was approved by Congress and signed into law by President Obama. The Dodd-Frank Act requires all companies—foreign and domestic—listed on a U.S. stock exchange to report their payments to governments for oil, gas, and mineral resources. This will help citizens hold their governments accountable, bolsters the fight against corruption, and provides investors with detailed information to identify risks associated with investing in resource-rich countries. 

EG Justice, along with the other members of the Publish What You Pay coalition, is working to ensure that the standard for transparency established by the Dodd-Frank Act becomes the new global standard for revenue transparency in the oil, gas, and mining industries.

In late May 2011, the G8 endorsed the mandatory disclosure of extractive industry payments to governments. Notable European government officials, including European Commission President Barroso, French President Sarkozy, and British Chancellor of the Exchequer Osborne, have publically voiced their support for natural resource transparency rules in the European Union.

Calvert Investment Management, Inc., a socially responsible investment management firm with more than 400,000 investors and $14.5 billion in managed assets, is calling on European investors to support the expansion to European markets of the extractive industries payment reporting reforms passed in the U.S. On May 23, Bennett Freeman, Senior Vice President, Sustainability Research and Policy, addressed a gathering of policymakers and investors by video in Oslo, Norway on the necessity of globalizing the reforms made through the Dodd-Frank Act (watch video below).

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