European Parliament backs ArleneMcCarthy’s report on strong transparency rules for oil, gas, mining and logging companies - 2012-09-19

''I'm pleased the committee has overwhelmingly backed my compromises for a strong law on transparency and disclosure for the extractive industries," said Arlene McCarthy, the European Parliament's rapporteur (lead legislator) on the Transparency law, after today's (September 18th 2012) vote in the  legal affairs committee. 

 "We haven't given in to the pressure of industry and government lobbying for a weak transparency regime.  We're insisting on project by project reporting with a low threshold of €80,000 for payment disclosure.  We refused to accept exemptions which would create large loopholes in the law," added Arlene McCarthy.

 "The vote was a clear rejection of the 27 EU Member States' weak proposals for disclosure of country by country payments and reporting in the extractive industries.

 "Project-level disclosure is the only way in which local communities in resource-rich countries are able to expose corruption and hold their governments accountable for using revenues towards development.  More importantly, these rules will enable citizens to expose corruption.

 “In 2008, exports of oil, gas and minerals fromAfricawere worth  almost  9 times the value of international aid to the continent ($393 billion as against $44 billion), yet many of these countries remain trapped in poverty. Developing countries around the world are being robbed of the chance to earn vital revenue from oil, gas and other mining resources.

Arlene McCarthy continued: “With today's  vote we now have a strong negotiating mandate to force theMemberStatesand Commission to accept the Parliament's amendments, putting us on track to create strong global transparency standards, with equivalent rules in the EU and theUS."

 “It was disappointing that Conservative Euro MPs in the Committee failed to back the compromise.  This is another u-turn by Conservatives reneging on Prime Minister David Cameron’s call onEuropeto bring forth country and project reporting,” she concluded.

ENDS

Notes for Editors:

The groundbreaking legislation would require all European listed as well as large private oil, gas, mining and logging companies to disclose the payments they make to governments around the world on a project by project basis.

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