BME Spain covers the four regional exchanges is Spain. There are 18 extractive companies listed on BME Spain, 6 of which are also covered by the US Securities and Exchange Commission. The total market cap of extractive companies listed on BME Spain is €329,754,655,000. Among the extractive companies listed on BME Spain is Respol, a Spanish company and the largest energy company in Latin America. Brazil is a key strategic area for Respol, with mining rights to 16 blocks there.
Sources: Revenue Watch Institute; Respol
Responsable de Financiación Innovadora y Sector Privado
Departamento de Campañas y Estudios
Policy Advisor for Innovative Financing and Private Sector
Campaigns and Policy Department
C/Alberto Aguilera 15. 28015 Madrid
Ph + 34 91 204 67 17
M +34 608516074
To encourage the Spanish government to commit to transparency, in the wake of its decision to become an EITI supporting country in 2007, another non-binding resolution was introduced into the Spanish Congress in 2009 (following a previous one in 2005). The resolution urged the Spanish government to analyse the performance of Spanish extractive companies which operate in foreign countries regarding their transparency and their impact on the development and governability of these countries. Unfortunately, the approved text did not include the call to modify Spain’s regulatory framework in order to require extractive companies listed on the Spanish stock exchange to publish all payments to governments in each country in which they operate.
In December 2009 Intermon Oxfam (IO) held a breakfast meeting with journalists an Oxfam’s Briefing Paper “Lifting the Resource Curse”, emphasizing the need for good governance, transparency and fair contracts in the extractive industry. This Briefing Paper came just before the Spanish EU presidency in 2010, for which Intermon Oxfam put out key recommendations. In terms of European regulatory reform, Intermon Oxfam includes within its policy asks government support for IFRS6 and the modification of the Transparency Obligations Directive. These proposals are developed in IO’s Taxation for Development Policy Position paper, and included in the EU MDG Rescue Plan. These messages have been part of all communications, events and lobby meetings with MPs and Spanish government members as part of IO’s Global European Presidency advocacy strategy.
Intermon Oxfam continues to raise the critical issue of transparency in the extractive industries whenever it can, most recently at the workshop organized by the Spanish Observatory of Corporate Responsibility on Transparency, Offshore Centres and development.
In 2010 two new members joined PWYP in Spain : Comisión de Movimientos Sociales, Iglesia de Base de Madrid and Fundación SUR.