Dear Transparency International Canada Colleagues:
Today, the Resource Revenue Transparency Working Group (RRTWG) released its recommendations for the development of mandatory payment transparency standard for all publicly-traded mining companies in Canada. The RRTWG is composed of the Mining Association of Canada, the Prospectors and Developers Association of Canada, Publish What You Pay (PWYP) - Canada and the Revenue Watch Institute.These recommendations create a road map for a payment reporting framework to Canada's federal and provincial governments, as well as provincial securities commissions, which will support end-users, such as citizens, governments, investors and the reporting companies themselves.A culmination of over a year of multi-stakeholder consultations across Canada, these recommendations provide the Canadian government with a blueprint to fulfill its commitment, made by Prime Minister Harper at the lead-up to the G8 meetings in June 2013, to implement mandatory payment reporting standards for Canada's mining sector.TI-Canada is a member of PWYP-Canada and has been actively involved in the RRTWG consultations and in creating the resulting framework."TI-Canada recognizes the hard work that went in to producing the mandatory payment transparency standard," said Peter Dent, Chair and President of TI-Canada. "We are pleased that Canada is well on the road to establishing laws consistent with those of the European Union and the US. TI-Canada has developed, and is continuing to develop, materials and resources that will assist Canadian extractive industry companies in complying with these changes and establishing overall anti-corruption compliance programs. It is critical that extractive industry companies review their anti-corruption compliance frameworks as part of complying with these recommendations and the ensuing legislation."
To view RRTWG press releases in English and French, please visit: RRTWG Press Release Jan (English)RRTWG Press Release Jan (French)
For further information, please contact Bronwyn Best, Senior Advisor, TI-Canada:
ti-can@transparencycanada.ca; 416-488-3939