Strong stance on the European Union’s company reporting rules
Publish What You Pay, the global civil society campaign for transparency in the extractive industries, warmly welcomed the strong stance on the European Union’s company reporting rules announced by UK Deputy Prime Minister.
The UK Government announcement came after a meeting between the Deputy Prime Minister, the Business Minister and singer activist Bono, founder of the ONE campaign which is a member of the Publish What You Pay coalition. Among issues discussed at the meeting were new European Union reporting regulations for oil, gas and mining companies, currently being finalised by Member States and MEPs.
Nick Clegg, UK Deputy Prime Minister, said: «For far too long, the world’s poorest people have seen no benefit from the vast natural resources in their own backyards. (…) There need to be strict new rules about how payments to developing countries from the oil, gas and mining industries are recorded. Shining a light on where this money is actually going will help people hold their governments to account over how this money is spent».
Business Minister Jo Swinson said: «Strong EU action to create a new global standard for transparency in the extractive industry can help these citizens hold their governments to account. I’m determined that the UK will play a leading role within the EU to make the most of this opportunity».