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About 3.5 billion people live in countries with extensive oil, gas or mineral reserves, but poor governance and corruption mean many of them do not benefit from the wealth created by their extraction.

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Transparency campaigners and a number of Western governments have pushed for greater transparency in the extractive sector so that citizens of resource rich countries can better hold both their governments and extractive companies to account.

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annually publish the payments that they make to Shoes Louboutin Uk governments.

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global standard is critical for this type of disclosure to create a level playing field for companies, Pierre Gratton, president and CEO of MAC, said in a statement.

both of which have recently signed laws which mandate that oil, gas and mining companies be forced to Louboutin Open Toe Heels

is also essential to ensure this data is consistently reported between countries for it to be truly useful to communities who wish to use it to hold their governments accountable for the responsible use of mineral revenues, he added.

LONDON (Thomson Reuters Foundation) A group representing the Canadian mining industry and transparency watchdogs published a set of recommendations to bring greater transparency to the payments that Canada publicly listed mining companies make to the governments of the countries in which they operate.

The working group recommendations explicitly recognise extractive transparency laws passed in the United States and the EU and are intentionally similar.

Almost 60 percent of the world mining companies are listed on Canadian stock exchanges and Alexander Mcqueen Sneakers Sales

watchdogs agree revenue transparency plan

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Prior to the Group of eight (G8) meeting in Northern Ireland last summer, Canada Prime Minister Stephen Harper pledged to push forward mandatory reporting requirements for the country oil, gas and mining companies.

However, while Canadian oil companies were invited to join the working group, they declined to do so and consequently the recommendations refer solely to creating greater revenue transparency within Canada mining industry.

of payments to governments will highlight the financial contributions and benefits that come from resource development, Ross Gallinger, executive director of the Prospectors Developers Association of Canada (PDAC), said in a statement.

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The framework broadly recommends that Canada follows the lead of the United States and the European Union, Louboutin Victorina

now has the opportunity to take this common ground and create a robust payment reporting standard that will see Canada take a much stronger lead on global transparency efforts, Woodside added.

Canada, we have been able to work with industry to find common ground through a unique collaboration, which I hope provides a model for future cooperation, Claire Woodside, director of transparency watchdog PWYP Canada said in a statement.

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mining accounts for about 10 percent of Canada foreign investment, much of it flowing to development work in Latin America, Africa and Asia.

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