Last week, at the official opening ceremony of the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show & Investors Exchange in Toronto, Ontario, Canada’s Minister of Natural Resources Joe Oliver provided an update on the federal government’s commitment to adopt a G8 initiative requiring disclosure of payments by Canadian mining and oil and gas companies to foreign and domestic governments.
In his address, Minister Oliver encouraged the provinces and territories of Canada to implement, through their own securities regulators, transparency and accountability by way of mandatory reporting standards for Canadian extractive companies. He noted that if adequate standards were not implemented by the provinces and territories, the federal government would enact legislation by April 1, 2015 to move the initiative forward.
The address comes just a short time after the publication of the Resource Revenue Transparency Working Group (Working Group) report entitled “Recommendations on Mandatory Disclosure of Payments from Canadian Mining Companies to Governments”, which resulted from more than a year of multi-stakeholder consultations, expert guidance, and a public comment process across Canada. In the report, the Working Group, which is comprised of Canada’s two largest mining industry groups (the Mining Association of Canada and PDAC) and two civil society transparency groups (Revenue Watch Institute and Publish What You Pay (Canada)), had recommended that the most appropriate venue or “home” for Canadian disclosure requirements would be through securities regulation, recognizing the power and experience of the provincial securities regulators and the Canadian Securities Administrators to regulate the disclosures of public entities in Canada and to adopt national instruments.
Click the link below to view a timeline of recent developments: