EU Floats New Transparency Rules For Mining, Oil Cos.

Law360, New York (October 25, 2011, 7:42 PM EDT) -- The European Union on Tuesday proposed new rules that would require oil, gas, mining and logging companies to disclose a range of payments to nonmember governments on a project-by-project basis.

The European Commission is seeking to amend its existing directive on transparency to introduce what it calls “country by country reporting,” which would compel large and unlisted extractive and logging companies to make public their material payments to the countries where they operate.

Under the rules, companies would have to break down all material payments by...
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