Resource Revenue Transparency Working Group Releases Recommendations January 16, 2014
On September 6th, 2012, PWYP-Canada, along with the Revenue Watch Institute, Mining Association of Canada, and Prospectors and Developers Association of Canada, announced the launch of the Resource Revenue Transparency Working Group. The working group has been formalized by the signing of a Memorandum of Understanding (MoU), which clarifies the objectives and procedural elements of the group. On May 15th, the members of the working group extended this MoU until November 30th 2013. To read the MoU extension, click here.
For over a year, the working group held numerous meetings, sought guidance from professionals on key issues, and engaged in outreach with industry, investors, government, and civil society. In June of 2013, these activities facilitated the completion of draft recommendations for a mandatory reporting mechanism that would require Canadian mining companies to disclose their payments to governments, both in Canada and abroad, on a country‐by‐country and project‐by‐project basis. Between June and September the Working Group accepted comments on the draft recommendations. The Working Group reviewed and addressed these comments over a period of several months, at which point each organization of the Working Group endorsed a final set of recommendations that were launched on January 16th 2014. This final framework can be viewed here, and is also available in French.
The Working Group's framework is accompanied by a background document that provides further information on the Working Group’s objectives, the principles that has guided its work, the benefits of improving revenue transparency in Canada, and a synopsis of current disclosure standards.
Vancouver Workshop: Summary Report
Canadian Investor Statement: In a recent statement, 24 Canadian investor institutions with $362 billion in assets under management, voiced their support of the Resource Revenue Transparency Working Group. Read the bilingual statement here.
International Investor Statement: In a recent statement, international investors with over 5.8 trillion in assets under management, sent a letter to the department of natural resources, urging the Canadian government to enact mandatory disclosure laws aligned with those in the EU. Read the statement here.