David Cameron, in the run up to the G-8 industrialised nations summit which he will chair in Northern Ireland in June, has outlined his plans for an international deal to increase the transparency of oil, gas and mining corporations. In the Wall St Journal (13 May 2013 ed.), Mr Cameron wrote that the “veil of secrecy” that protects corrupt corporations must be lifted and that the G-8 must move towards a “global common standard” of reporting for resource-extracting companies.
Mr Cameron stated that the new global standard would mean that corporations would be obliged to report, “without exception”, payments made to governments on a project-by-project basis. The governments would then in turn report on those revenues. Mr Cameron added that these new rules would help to prevent tax evasion and enable governments to collect taxes that they are owed, which would have a beneficial impact on both rich and developing countries alike.
The Prime Minister will tackle these issues with President Obama during his three-day visit to the US which began on 13 May.