The case for revenue transparency in the oil and gas ... - La'o Hamutuk

Instrument Mission statement Voluntary or binding?
Global Reporting Initiative
Guidelines (GRI) 118
Equator Principles (EP) 119
The GRI is a multi-stakeholder
process and independent
institution whose mission is to
develop and disseminate globally
applicable Sustainability Reporting
Guidelines
The Equator Principles (EPs)
are a voluntary set of standards
for determining, assessing and
managing social and environmental
risks in project financing.
The GRI Guidelines are voluntary
guidelines
Voluntary Principles
Voluntary Principles on
Security and Human Rights 120
IMF Code of Good Practices
on Transparency in
Monetary and Financial
Policies 121
Hong Kong Stock
Exchange (HKEx) Revenue
Transparency Rules 122
Dodd-Frank Wall Street
Reform Bill: US Congress
Transparency Legislation 123
(Will take effect in 2012)
The Principles provide guidance
to extractives companies on
maintaining the safety and security
of their operations within an
operating framework that ensures
respect for human rights and
fundamental freedoms.
The Code identifies desirable
transparency practices for central
banks in their conduct of monetary
policy and for central banks and
other financial agencies in their
conduct of financial policies
The revised rules require
companies listed on the HKEx to
include in their listing request
information that should result in
significantly more detail on tax,
royalty and other payments to
host governments. Companies
are also required to provide
material information on social and
environmental issues, liabilities,
and mitigation practices.
The resource transparency
provision requires companies
registered with the Securities and
Exchange Commission (SEC) to
publicly report how much they pay
the U.S. and foreign governments
for access to oil, gas, and minerals
The Principles are voluntary
The Code should be implemented in
national legislation
Binding rules for those companies listed
on the HKEx
Binding for US and foreign oil, gas and
mining companies registered with the
Securities and Exchange Commission
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