22 Aug '12, 9pm

Securities and Exchange Commission will require oil companies to disclose payments to foreign governments:

Securities and Exchange Commission will require oil companies to disclose payments to foreign governments:

This morning the Securities and Exchange Commission voted to put into effect regulations requiring that oil and mining companies report payments to foreign governments. From The Hill (which figured its headline might garner a few extra clicks): The rules, which were required under the 2010 Dodd-Frank financial reform law, do not appear to contain several provisions that the oil industry sought, including exemptions from the SEC filing mandate if foreign governments prohibit the disclosure. The law forces SEC-listed oil, natural gas and mining companies to reveal payments to governments [of $100,000 or more] related to projects in their countries, such as money for production licenses, taxes, royalties and other aspects of energy and mineral projects. It’s aimed at increasing transparency to help undo the “resource curse,” in which some impoverished countries in Africa and ...

Full article: http://grist.org/news/sec-will-require-oil-companies-to-d...

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