OTTAWA, ONTARIO--(Marketwired - April 4, 2014) - Natural Resources Canada
The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, announced today that the Government of Canada, as part of its consultation process on mandatory reporting standards in the extractives sector, has made available its consultation material for public review.
The standards, meant to enhance transparency in the mining and the oil and gas sectors, will require companies to report payments made to all levels of government at home and abroad.
Minister Rickford highlighted the value of consultations with stakeholders, saying that they are crucial to developing a Canada-wide approach to mandatory reporting that is consistent with existing international standards.
The consultations, which began in March 2014, took place in Ontario, Quebec, British Columbia and Alberta. Similarly, engagement with Aboriginal groups also began in March.
Documents related to the consultations have been posted online. Minister Rickford invites interested stakeholders to review the documents, provide comments and take part in the development of the new standards.
The Government of Canada first committed to establishing mandatory reporting standards for Canadian extractive companies at the 2013 G8 Summit.
- Mandatory reporting standards would:
- ensure equivalency with other jurisdictions (e.g., with provinces and territories, the U.S. and the EU).
- require Canadian extractive companies to publicly report certain payments (e.g., taxes, royalties, fees and production entitlements) of $100,000 or more made to all levels of government, both at home and abroad; and
- apply to publicly listed, medium and large private extractive companies operating in Canada and be pan-Canadian in approach;
"As a leader in the global movement toward enhanced transparency in the extractive sector, Canada is committed to improving accountability through mandatory reporting standards. Consultations with stakeholders have been at the centre of our efforts from the earliest stage of this proposal and remain critical to achieving our goal."
The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
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