Natural Resources and Violent Conflict - WaterWiki.net

who gets the money? 77Box 3.4 Recommendations of Global WitnessRecommendations for oil companies:• Render summary figures of taxes and other payments made tonational governments publicly available for all countries of operation• Provide data locally in the national language of each country ofoperation as well as in the home language of the company• Publish the names and locations of registration of all subsidiarycompanies operating in each country• Embrace a unified stand on full transparency of payments tonational governments• Adopt a policy of independent, transparent auditing of socialprograms.Recommendations for national (home) governments:• Ensure that national oil companies adopt full transparency criteriaon overseas operations• Insist that financial regulators of international stock exchangeslegally oblige companies filing reports with them to disclose paymentsto all national governments in consolidated and subsidiary accounts• Insist that their export financing agencies practice full transparencyas a condition for setting up credit agreements.In summary, the Publish What You Pay campaign has both potentialstrong and weak points:• It is one of the most directly focused initiatives in terms of resourcerevenue transparency.• Its campaign approach has succeeded in raising public awarenessof the issue.• The focus apparently would miss nonlisted companies, whichdisgruntled host governments could increasingly reward for their continuedlack of disclosure. According to its supporters, however, thisis likely to be a relatively minor problem that could be addressed asit arises.• It would capture only part of the picture, that is, payments byforeign companies, leaving out significant revenue flows via hostgovernment–owned oil companies, including, for example, joint ventureswith foreign firms.