Canadian companies ask regulators to boost mine disclosure requirements
Canadian mining companies, working with international corporate transparency advocates, have asked regulators to increase transparency disclosure standards for the industry.
The move is part of a global push to increase the reporting of company payments to governments, as a means of addressing corruption, particularly in the developing world. The diverse group calling themselves the Resource Revenue Transparency Working Group -- which includes the Mining Association of Canada, PDAC and groups like Publish What You Pay -- called for Canadian federal and provincial regulators to require certain publicly traded mining companies to disclose project-level payments.
If implemented, the proposed regulations could have a significant impact on the mining world because more than half of the world's mining companies are listed on the Canadian exchange. The working group cited efforts in the European Union and the U.S. as justification for Canada taking stronger action. The Dodd-Frank Wall Street reform law required the SEC to develop strong transparency requirements for companies traded in the U.S. However, last year a federal judge’s decision forced the SEC to rewrite the rule. The Interior Department and a host of government, industry and advocacy group leaders are also working to develop standards for U.S. compliance with the international Extractive Industries Transparency Initiative