PWYP UK members wrote last week to Business Minister Margot James, Treasury Minister Simon Kirby and International Development Secretary Priti Patel, calling on them to ensure that the UK Government continues to champion a strong global extractive industry transparency standard. We are also seeking assurance that UK Government commitment to require country- and project-level reporting of payments to governments by extractive companies remains strong.
The recent vote by US legislators to “disapprove” the rule implementing Section 1504 of the Dodd-Frank Act is retrogressive. The Securities and Exchange Commission must still promulgate a new rule, and members of PWYP USA are committed to ensuring the United States remains on course to implement the global standard.
UK Government leadership has been crucial in establishing a global extractives transparency standard through the Reports on Payments to Governments Regulations 2014 and the Extractive Industries Transparency Initiative (EITI). PWYP has particularly valued the effective collaboration with DfID, which has a track record of working internationally to achieve progress in this field.
The full text of the letter to Margot James can be found here.