EU Parliamentary Committee backs tough disclosure rules for extractive companies
On 18 September, 2012, the European Parliament’s Committee on Legal Affairs voted in favour of proposed EU legislation to impose disclosure obligations aimed at deterring corruption by large companies involved in extracting oil, gas and minerals and logging. The draft legislation, proposed by the European Commission in October 2011 as a new accounting directive and amendments to existing transparency legislation,2 would require companies active in the exploration, discovery, development and extraction of oil, natural gas and minerals and in the logging of primary forests to publish on an annual basis full information on their payments to national governments on both a project-by project and country-by-country basis.
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