On 12 August 2015, Natural Resources Canada (NRCAN) posted a notice on its website seeking public input on its draft implementation tools for its payments to governments by extractive companies transparency initiative. NRCAN developed these implementation tools, called the “Guidance and the Technological Reporting Specifications” to assist companies in satisfying their obligations under the Canadian Extractive Sector Transparency Measures Act (the Act). The government of Canada proclaimed this Act into force on 1 June 2015 to allow Canada to “participate in the fight against corruption through the imposition of measures applicable to the extractive sector” and to foster better transparency in regards to the disclosure of payments made to governments in connection with the exploration or extraction of minerals, oil, and gas.
During the consultation period, which ended on 22 September 2015, mining and oil and gas companies had an opportunity to review the draft implementation tools to understand how the mandatory obligations under the Act, including the payment disclosure requirements, will impact their operations and respond with comments. Once finalized, the Government of Canada will make the revised Guidance and the Technical Reporting Specifications public.