Denmark has 3 extractive companies - P/f Atlantic Petroleum, ATLA DC Equity, Nordic Tankers A/s - listed on its Copenhagen Stock Exchange, with a total market cap of €91,791,000. They will be covered by any EU level legislation. In the first half of 2012 Denmark held the EU presidency and made the passing of the EU extractive transparency rules (contained as amendments within the Transparency and Accountability Directives) a key part of their presidency.
Sources: Revenue Watch Institute
In October 2009, Ibis and other PWYP members organised a conference entitled “Extractive Industries: Unleashing Economic Potentials – Respecting People and Environment”. The conference focused on what Danish and international actors from governments, private sector and civil society can do to unleash the economic potentials of extractive industries through mobilising revenues and combating tax evasion while respecting human rights and promoting CSR.
The on-going discussions and the recommendations they lead to were then summarized in a report published in December 2009. The organizers called on all stakeholders to support country-by-country reporting, the avoidance of tax evasion, a better coordination of development policy and EITI implementation among many other things. The full report can be found on Ibis website.
As the extractive sector is not very significant in Denmark, PWYP members link their work on extractives to developing countries with issues on capital flight and tax payments of multinational companies. As a result of maintaining dialogue with officers from Danida since the conference on Extractive Industries in October 2009, the new development strategy of the Danish Government, which covers the next ten years, now contains more enlightened statements on extractive industries and capital flight. Thanks to the work on country by country reporting and a progressive statement made by the Danish Minister of Taxation about multinational companies’ tax evasion in Denmark, awareness about these issues is rising in Denmark.