Last night the U.S. Congress voted in favour of sweeping financial reforms which include a landmark provision requiring oil, gas and mining companies registered with the U.S. Securities and Exchange Commission to publish how much they pay to foreign countries and the U.S. government.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is expected to be signed into law by President Obama next week and will give citizens of resource-rich countries essential information to hold their governments to account and ensure that natural resources generate benefits for everyone, rather than a select few.

Pushing for a new International Financial Reporting Standard for the oil, gas and mining industries

A new global standard for extractive company reporting is under development right now. It has the potential to make companies publish what they pay for oil, gas and minerals and provide information which is essential to fighting tax evasion and corruption.

ACT NOW!

La coalition d’Organisations Non-Gouvernementales de l’Azerbaïdjan pour « l’Amélioration de la Transparence dans l’Industrie Extractive », coalition nationale azérie associée à PCQVP.

Le secteur extractif en Azerbaïdjan, principalement le gaz et le pétrole, génère 54% du PIB et a offert au pays un taux de croissance économique stable ces dernières années. Il ne semble donc pas surprenant que l’Azerbaïdjan ait été un des pays pionniers de l’Initiative pour la Transparence dans les Industries Extractives (ITIE). Grâce à la production régulière de rapports de conciliation, l’Azerbaïdjan est rapidement devenu un « élève modèle » de l’ITIE, reconnu « conforme » lors de la conférence internationale de l’ITIE tenue à Doha en février 2009. Toutefois, ce succès a été quelque peu ternis par le retard que le pays a accusé dans la réalisation des demandes formulées par le Conseil international de l’ITIE, au moment où il lui a accordé sa conformité. L’une des exigences exprimées était la mise en place, dans un délai précis, d’un groupe multi-partite (GMA) qui devait formaliser la participation de la société civile dans le processus ITIE en Azerbaïdjan, élément fondamental de l’Initiative.

The Coalition of Azerbaijan Non-Government Organizations “For Improving Transparency in Extractive Industries,” the PWYP-affiliated national coalition in Azerbaijan

In Azerbaijan, the extractive sector, mainly oil and gas, accounts for 54% of GDP, and has provided the country with stable GDP growth in recent years. Perhaps it is no surprise then that Azerbaijan was among the pioneering countries to implement the Extractive Industries Transparency Initiative (EITI). Azerbaijan soon became an EITI “poster child,” producing regular EITI reconciliation reports and being granted compliant status at the EITI international conference held in Doha in February 2009. However, these successes were somewhat overshadowed by the delays it faced in fulfilling important conditions set by the EITI Board in granting Azerbaijan its compliant status. One of these conditions was the timely establishment of a multi-stakeholder group (MSG) to formalise civil society participation in Azerbaijan’s EITI process, a crucial element of the EITI framework.