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

27 May 2011

Author:
Global Witness

G8 endorses new transparency laws for oil, gas and mining companies

The G8 has…announced its commitment to introduce new transparency laws that would require oil, gas and mining companies to disclose the payments they make to governments. Such measures would help eradicate the corruption that blights many mineral rich states and lift millions of people in the developing world out of poverty…G-8 leaders…committed “…to setting in place transparency laws and regulations…that require or encourage oil, gas, and mining companies to disclose the payments they make to governments.”…[T]ransparency laws would require extractive companies to publish details of the payments they make to governments for the exploitation of minerals around the world. This would allow for greater scrutiny of companies’ payments, thereby helping combat corruption, which…means citizens in resource-rich countries fail to benefit from their country’s natural resource wealth…