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Thursday, December 8, 2016
NGOs welcome transparency pledge from mining investors
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¬†The Publish What You Pay coalition of over 100 NGOs has welcomed the statement from UK and European investors calling for the public disclosure of taxes, royalties and other payments by extractive companies. The statement - signed by seven leading investment groups managing £466 billion - is the first significant public endorsement given by the investment community to improving transparency of extractive companies payments with developing country governments. The statement highlights that revenue transparency is a critical factor for corporate governance, management of reputational risk, and a sustainable investment environment in resource-rich but poor countries. CAFOD Public Policy Analyst Katherine Astill said: "We have always believed that revenue transparency is in the enlightened self-interest of all parties concerned. We warmly welcome this statement as proof of that point." The Publish What You Pay campaign coalition believes that a simple and effective first step to promote revenue transparency is to require companies listed on regulated markets to disclose payments made to all national governments on a country-by-country basis. Transparency of financial flows in the extractive industries will contribute to poverty alleviation and efforts to stamp out corruption in resource-rich countries. Transparency will also provide a basis for democratic debate over the management of revenues and enhance development rather than social divisiveness. "Publish What You Pay is a very simple appeal for transparency of extractive company payments because after all, you cannot manage what you cannot measure," said Publish What You Pay coordinator, Henry Parham. "Disclosure of payments to all national governments can only be achieved with a level playing field for all companies." The Publish What You Pay coalition urges other investors to sign onto the statement and to press for both multinational and state-owned extractive companies to develop an effective system of payments disclosure that is supported by home and host governments, international organisations and financial institutions, and civil society. Publish What You Pay is led by an international coalition of over 100 non-governmental organisations, including: CAFOD, Catholic Relief Services, Christian Aid, Global Witness, NiZA, the Open Society Institute, Oxfam International, Pax Christi Netherlands, Save the Children UK, Secours Catholique and Transparency International UK.
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