Our vision is that by 2020 at the latest all the world’s extractive companies will be required by home country regulations and stock market listing rules, and by host country membership of the EITI [Extractive Industries Transparency Initiative], to report their payments to governments by country and by project. The UK aims to ensure that extractives companies’ transparency reports are openly available and accessible and will explore the most suitable formats and mechanisms for this, including consideration of standard reporting templates. Context […] The UK committed to become an EITI implementing country in May 2013 and welcomed the stronger and more detailed EITI reporting standard agreed at the 2013 EITI Global Conference, which requires project-level reporting of payments and information about enterprises, recommends publicly available registers of beneficial ownership of extractive companies, and encourages public disclosure of contracts and licences. The UK is also proactively engaged in discussions with other European Union member states to deliver effective transparency legislation through the EU Transparency and Accounting Directives, requiring extractive companies to report payments to governments at country and project level. A key outcome of the June 2013 G8 Summit under the UK’s Presidency was the Open Data Charter, with commitments to a set of principles that will be the foundation for access to, and the release and reuse of, data made available by G8 governments. […] The UK committed to principles of open data through the G8 Open Data Charter, will be applied to extractives’ data. Timescales The key milestones for this commitment are: 2013 The UK establishes an EITI multi-stakeholder group The UK government consults on draft transposition legislation for the Accounting Directive 2014 The UK is formally recognised as an EITI candidate country The UK completes transposition of the Accounting Directive and accompanying guidance recommends that UK-registered extractive companies publish data in an open and accessible format 2015 The UK publishes its first EITI report and the multi-stakeholder group will have considered options to publish it in an open and accessible format UK legislation comes into force requiring UK-listed and UK registered extractive companies to publish data under the EU Accounting and Transparency Directives
Our vision is that by 2020 at the latest all the world’s extractive companies will be required by home country regulations and stock market listing rules, and by host country membership of the EITI [Extractive Industries Transparency Initiative], to report their payments to governments by country and by project. The UK aims to ensure that extractives companies’ transparency reports are openly available and accessible and will explore the most suitable formats and mechanisms for this, including consideration of standard reporting templates. Context […] The UK committed to become an EITI implementing country in May 2013 and welcomed the stronger and more detailed EITI reporting standard agreed at the 2013 EITI Global Conference, which requires project-level reporting of payments and information about enterprises, recommends publicly available registers of beneficial ownership of extractive companies, and encourages public disclosure of contracts and licences. The UK is also proactively engaged in discussions with other European Union member states to deliver effective transparency legislation through the EU Transparency and Accounting Directives, requiring extractive companies to report payments to governments at country and project level. A key outcome of the June 2013 G8 Summit under the UK’s Presidency was the Open Data Charter, with commitments to a set of principles that will be the foundation for access to, and the release and reuse of, data made available by G8 governments. […] The UK committed to principles of open data through the G8 Open Data Charter, will be applied to extractives’ data. Timescales The key milestones for this commitment are: 2013 The UK establishes an EITI multi-stakeholder group The UK government consults on draft transposition legislation for the Accounting Directive 2014 The UK is formally recognised as an EITI candidate country The UK completes transposition of the Accounting Directive and accompanying guidance recommends that UK-registered extractive companies publish data in an open and accessible format 2015 The UK publishes its first EITI report and the multi-stakeholder group will have considered options to publish it in an open and accessible format UK legislation comes into force requiring UK-listed and UK registered extractive companies to publish data under the EU Accounting and Transparency Directives