Today the U.S. government took a major step forward to promote transparency in the extractive industries. The Securities and Exchange Commission (SEC) adopted a draft rule requiring oil, gas, and mining companies that are listed on U.S. stock exchanges to publicly report on the tax, royalty, bonus, and other payments they make to governments for each extractive project around the world. This rule, if enacted in its current form, could help fight corruption, give communities an important tool to hold their governments to account, and arm investors with new information to avoid the serious risks of investing in the extractive industries. In response to a lawsuit filed by ERI on behalf of Oxfam America, the SEC has promised a federal court that it will schedule a vote to finalize this rule by June 2016.
This post was written by Jonathan Kaufman, former staff.