Our friends at Colombia’s Civil Society Roundtable for Transparency in the Extractive Sector (Mesa de la Sociedad Civil para la Transparencia en las Industrias Extractivas) sent comments to the SEC, asking for strong disclosure rules that would require oil, gas, and mining companies listed on U.S. stock exchanges to publicly report all their payments to governments. This is part of the ongoing process to adopt regulations under Section 1504 of the Dodd-Frank Act. ERI supported the Roundtable by explaining the Section 1504 process, providing research, and assisting with the revision of the letter. We’re proud to continue our work of helping civil society and community partners understand and participate in U.S. policymaking activities that affect their human rights and environmental well-being.
As far as we know, this is the first time that Colombian groups have participated in a rulemaking at the SEC. Colombia is a particularly important country for resource transparency because of its rich endowment of hydrocarbons, gems, and precious metals, its history of conflict and corruption, and its close relationship with the United States.