abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Article

21 Oct 2014

Author:
UK Business, Innovation and Skills Committee

Full report: "The Extractive Industries"

See all tags

Extractive companies contribute directly to the UK in a number of ways....However, the extractive sector is not without controversy, particularly when one considers reports of poor practice around the world. We heard that the UK is at risk of being associated with some of the negative practices often reported alongside the sector. To counter this, more needs to be done to improve to social and environmental performance, transparency and reputations of the companies it hosts. We recommend that the Government assesses and strengthens the level of information which is collected and published on the FTSE and the level of information companies are required to disclose. Furthermore, where the requirements in the UK fall short of international comparisons (specifically those in Johannesburg), they should be strengthened so that investors in the UK have the same opportunities and information about the environmental and social corporate governance practices of companies listed in the UK as they do on companies listed elsewhere. We strongly welcome the fact that the UK is embracing the EITI and forthcoming EU Directives on Transparency and Accounting. We have recommended that the UK becomes a beacon of best practice.

Timeline