ECCR responds to BIS consultation on company transparency

ECCR has submitted a response to the consultation from the UK Department for Business, Innovation and Skills (BIS) on the transparency of company ownership. ECCR’s submission supports the general direction of the BIS discussion paper, but emphasises our belief that registries should be fully open and public, without exemptions, to maximise transparency. ECCR raises a number of other concerns, including the following. Beneficial owners of companies should be required to disclose their ownership. Such ownership should be checked and verified by auditors of owned and owning companies. Nominee directors should disclose on whose behalf they act. Corporate directors should be phased out over a year.

Download the pdf here.

Publish What You Pay Letter on Transparency Standards

ECCR supported the Publish What You Pay (PWYP) letter to the Times of­ 14 June 2013 regarding Global Mandatory Transparency Standards.

The letter, from members of the Publish What You Pay global civil society coalition, “welcome[d] the UK Government’s championing of oil and mining financial transparency as a way to transform the “resource curse” into a blessing for developing countries” and expressed concerns about the actions of  “a few leading international oil companies, including some due to attend the Government’s “Open for Growth: G8 Trade, Tax and Transparency” event.”

“Several such companies,” it noted, “among them Shell and BP, are supporting the American Petroleum Institute’s lawsuit to try to reverse the extractive sector reporting provisions of the US Dodd-Frank Act, Section 1504. Others, while perhaps not actively supporting the lawsuit, have not yet done enough to distance themselves from it.”

The letter called on all oil companies to “make clear that they do not support the unnecessary US lawsuit against Dodd-Frank and instead commit to support the new global mandatory extractive transparency standard once and for all.”

You can view a pdf of the letter here