Barrick statement on repeal of transparency regulations under US Dodd-Frank Act section 1504
Barrick appreciates the opportunity to respond to the open letter on revenue transparency from the Publish What You Pay Global Coalition. We believe that transparency— whether through disclosing payments to governments, reporting on our energy and water use, voluntarily opening ourselves to third-party scrutiny, or otherwise — is integral to being a true partner. As such, we support consistent global standards for payment transparency, including the Extractive Industries Transparency Initiative (EITI) principles, which promote the open and accountable management of oil, gas and mineral industry resources. Barrick was the first Canadian mining company to be a signatory to the EITI, producing detailed, country-by-country reports that disclose the taxes and royalties that we pay to governments around the world. The company also reports this information in accordance with the Extractive Sector Transparency Measures Act, a Canadian statute that requires extractive entities in Canada to publicly disclose payments to all governments in Canada and abroad on an annual basis. In addition, we report on our programs and performance to the International Council on Mining and Metals, the Dow Jones Sustainability Index, and in our annual, Global Reporting Initiative-compliant Responsibility Report. We also continue to participate in a number of multi-stakeholder groups, including the World Economic Forum’s Partnering Against Corruption Initiative, the Business for Peace Initiative, the UN Global Compact’s Global Supply Chain Working Group, and the Human Rights & Labor Working Group.
In sum, transparency is a core value at Barrick that we strive to achieve in everything we do. For more information, please refer to the Transparency and Reporting section of our 2015 Responsibility Report, which begins on page 20.