Reports and Websites
Publish What You Pay
Publish What You Pay (PWYP) is a global coalition of civil society activists pushing for disclosure of extractive industry project information, including payments to governments, contracts and contractual arrangements, and information on how extractive industries revenues are being spent by governments. Established in 2003, the coalition is responsible for the creation of the EITI (see below) as well as the passage of mandatory payment disclosure laws in the US, European Union, Norway and Canada. PWYP has more than 800 members in over 50 resource-rich countries.
Global Witness is a non-governmental organization that aims to expose the economic basis of conflict, corruption, and environmental destruction. The NGO co-founded Publish What You Pay in 2002 and continues to campaign for transparency in emerging markets such as the Democratic Republic of Congo, Nigeria, and Guinea.
Dodd-Frank Wall Street Reform Act – Section 1504
The US passed the Dodd-Frank Act in 2010. Included in the act is a provision requiring the SEC to issue new rules requiring all oil, gas and mining companies to publicly report their payments to host governments around the world on a project-by-project and company by company basis. The SEC issued strong rules in 2012. These rules were challenged in court by the American Petroleum Institute and sent back to the SEC for rewriting in 2013. The SEC plans to rewrite the rules later in 2015.
European Union Transparency and Accounting Directives
The European Union passed new laws in 2013 requiring all 28 member states to publicly disclose payments to host governments. The laws require public disclosure on a company-by-company and project-by-project basis with no exemptions. The UK - https://www.pwyp.org/pwyp-news/uk-anti-corruption-law-for-oil-gas-and-mining-
companies-enters-into-force/ - and France have already implemented the law with first disclosures in 2016. Other countries have until July 2015 to implement the law.
Canadian Extractive Sector Transparency Measures Act
First ESTMA Reports filed:
Passed in December 2014, the Extractive Sector Transparency Measures Act requires oil, gas, and mining companies to report taxes, royalties, and other payments made to government on an annual basis. Although Canadian officials have indicated an intention to provide project-level reporting, the legislation, unlike comparable laws in other jurisdictions, does not mandate that payments must reported on a country-by-country or project-by-project basis, thus leaving the responsibility of publication up to the companies themselves. The Act is expected to come into effect no later than June 2015 and the reports should begin in mid-2017.
Institutional Investor letter to SEC
Investors worth more than $6 trillion in assets under management have written to the SEC urging them to finish rulemaking for Section 1504. This letter represents investors worth $2.85 trillion.
EITI Fact Sheet
This brief fact sheet outlines the mission and supporters of the Extractive Industries Transparency Initiative (EITI). The EITI is a voluntary initiative governed by a multi-stakeholder board comprising governments, investors, companies and civil society organizations. Benefits of implementing the EITI include strengthened governance, a level-playing field for companies, and reliable and accessible information for citizens.
The 2019 EITI Standard is the “rule book” for what implementing countries have to do and report in order to become EITI “candidates” and subsequently “compliant” countries. The 2019 Standard focuses more on systematic disclosure of extractives data as a default rather than EITI reports. Within the reports themselves there are requirements for project-by-project and company-by-company payment reporting, as well as the disclosure of extractive industry contracts. A “Civil Society Protocol” is also included which includes the requirements for active participation of civil society groups
in the process, free from hindrance or harassment.
Ernst and Young: Disclosing Government Payments
This report compares the requirements of Dodd-Frank Act Section 1504, Amendments to EU Directives, and the Extractive Industries Transparency Initiative (EITI).
Letter to the SEC Regarding Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Written by the Emerging Market Investor Alliance’s board member Jasbeena on behalf of the organization, the letter submits recommendations regarding Section 1504, including the definition of “payment,” disclosure requirements, definition of “project,” and the entities to whom the rule applies.
Rio Tinto: Taxes Paid in 2013
Rio Tinto, a British-Australian metals and mining corporation, demonstrates best practices in the disclosure of taxes. It is committed to leadership in transparency and produces reports on taxes, net earnings, and payments to the governments.
Emerging Market Investor’s Alliance Brief on Fiscal Transparency
This two-page brief, written for the Alliance’s panel event, describes the risks of a lack of fiscal transparency in the oil and mining sectors, including those to corporate investments (risks to tax and regulatory risks, country-specific production obstacles, and reputational risk) and those to sovereign investments (high levels of corruption). The brief then outlines suggested action items for investors, as well as the status of transparency in major extractive industry countries.
Open the Books on Corruption - Publish What You Pay
Publish What You Pay urges for support of the Extractive Industries Transparency Disclosure Act, using Equatorial Guinea as an example of a country that would benefit greatly from it.
Without a bridge, how can you cross the divide?
Publish What You Pay explores bridging the gap between bridging the gap between communities and NGOs and government and extractive companies in the Philippines.
Follow the Money
This video encourages consumers to question where oil comes from and where the money from oil-producing countries go, if not to citizens.
EITI - Seeing results from natural resources 2013
This introductory compilation of videos demonstrates the effects of implementing the EITI Standard in countries like Niger, Mongolia, and Liberia.
SEC Chair, Chris Cox
SEC Chair discusses the adoption and importance of the IFRS at the AICPA International Issues Conference.
Fiscal Transparency in Oil and Mining
Organized by the Emerging Markets Investors Alliance
This October 2010 event featured speaker Ian Gary, senior policy manager for Extractive Industries at Oxfam America. For biographical information, please see “Experts.”
Charmain Gooch co-founded the NGO Global Witness in 1993 with Simon Taylor and Patrick Alley in 1993 in response to increasing concerns about warfare covert financed by illegal trade. Since then, Global Witness has exposed corruption in “blood diamonds” in Uganda, minerals in the Congo, and timber trade between Cambodia and Thailand. In 2014, Ms. Gooch received the TED Prize and Skoll Award for Social Entrepreneurship.
Ian directs Oxfam America’s policy and advocacy work on transparency and accountability issues in the oil and gas industry. He authored Oxfam's report, Ghana's Big Test: Oil's Challenge to Democratic Development (2009) and has co-authored many other reports and papers on the oil and gas sector in the developing world. Prior to joining Oxfam in 2005, Gary was the strategic issues advisor on extractive industries at Catholic Relief Services from 1999 to 2005. He has held positions with the Ford Foundation, as well as with international development organizations in the US and Africa. Gary has testified before Congress in support of legislation that requires payment and contract disclosure in the oil, gas, and mining industry, and he has given presentations at venues including the World Bank, Royal Institute of International Affairs, United Nations, US State Department, and Harvard University. Gary is a frequent commentator in the media including The New York Times, The Washington Post, Financial Times, BBC, and NPR. He holds an MA in the politics of international resources and development from the University of Leeds.
Lisa Sachs is the Director of the Columbia Center on Sustainable Investment. Since joining CCSI in 2008, she established and now oversees CCSI's three areas of focus: investments in extractive industries, investments in land and agriculture, and investment law and policy. She has developed a robust research portfolio in each of these areas, and has overseen advisory work in Mozambique, Guinea, Tanzania, Malawi, Namibia, Paraguay, and Timor-Leste.
Lisa teaches a masters seminar at Columbia Law School and Columbia’s School of International and Public Affairs on Extractive Industries and Sustainable Development, and has helped to build course offerings and executive trainings at Columbia Law School on investment law and policy and sustainable development. She specializes in extractive industries, foreign investment, corporate responsibility, human rights, and integrated economic development. She is a member of the UN Sustainable Development Solutions Network’s thematic group on the Good Governance of Extractive and Land Resources and is Vice-Chair of the World Economic Forum’s Global Agenda Council on the Future of Mining & Metals.
Lisa received a Bachelor of Arts in Economics from Harvard University and earned her Juris Doctor and a master's degree in International Affairs from Columbia University, where she was a James Kent Scholar and recipient of the Parker School Certificate in International and Comparative Law.
Michael is the Global Lead, Extractives Governance within the World Bank Group’s Governance Global Practice. He guides the Extractives Governance Business Incubator Group with a focus on knowledge, learning and innovative approaches to strengthening good governance in the critical oil, gas and mining sectors. This builds on his development of Governance for Extractive Industries programming within the World Bank Institute. Michael has worked over ten years with the World Bank in a variety of roles relating to anti corruption, private sector roles in development, and multi-stakeholder governance. This included a focus on contracting issues through which he helped shepherd development of a new global initiative on Open Contracting to promote better outcomes from the estimated $9.5 trillion in public-private contracts globally. Michael previously worked on industry codes of conduct and as a consultant on corporate responsibility issues. Michael has advanced degrees from the University of Cambridge and Johns Hopkins University. He is a frequent author and blogger and misses his time as a radio DJ.
Paul Bugala leads environmental, social, and governance research and advocacy for the oil, gas, and mining industries. He sits on sustainability advisory committees for Newmont Mining, Suncor Energy, and Sunoco, and has spoken extensively on extractive industries sustainability for the World Bank, U.S. State Department, IASB, and major news sources. Prior to joining Calvert, Mr. Bugala worked in the Extractive Industries Program at Oxfam America.
Simon Taylor established Global Witness’ oil and corruption campaign, which eventually led to the Publish What You Pay Campaign (PWYP), which Simon co-founded with George Soros and other NGOs including Transparency InternationaEl and Save the Children fund UK. The launch of PWYP eventually led to the establishment of the Extractive Industries Transparency Initiative (EITI), a global multi-stakeholder initiative promoting transparency in the extractive industries.