Mandatory reporting standards for payments by extractive industry companies
The government of Canada recently issued a consultation paper regarding proposed mandatory reporting standards for payments by extractive industry companies to governments, both domestic and foreign and including Aboriginal entities. The proposed standards are Canada’s implementation of a commitment made at the 2013 G8 Summit and reflect similar initiatives in several other countries, including the US through the Dodd-Frank Act and the European Union (EU) through its Transparency and Accounting Directives.
The proposed standards will apply to companies operating or headquartered in Canada that are involved in the commercial development of oil, natural gas and minerals, whether in Canada or abroad. Companies involved in transportation within Canada are, apparently, not subject to the proposed standards, although the consultation paper is unclear as to how cross-border transportation undertakings are to be dealt with.
The proposed standards will apply not only to publicly listed companies, but also to medium and large private extractive companies operating in Canada. Medium and large private companies are determined as those that meet two of the three following criteria: (1) CAD20m (£11m) in assets; (2) CAD40m in net turnover; and (3) 250 employees…
Click on the link below to read the rest of the Dentons briefing.
News from Dentons
News from The Lawyer
Briefings from Dentons
Conclusion of new agreements between shareholders of Ukrainian joint-stock companies and depository institutions
On 12 October 2014, a year will have passed since the Law of Ukraine ‘On the Depository System of Ukraine’ No. 5178-VI entered into force.
Earlier this year, McKesson Canada Corporation appealed the decision of the Tax Court of Canada in McKesson Canada Corporation v The Queen.
Analysis from The Lawyer
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.