The EU has agreed ground-breaking new rules forcing oil, gas, mining and logging companies to publish details of the payments they make to governments for access to natural resources around the world. By providing millions of citizens in resource-rich countries with detailed information about the money generated by their natural resource sectors, the directive represents a watershed moment in the fight against corruption, and is a major victory for Publish What You Pay and Global Witness after 15 years of fighting for these measures.
See http://londonminingnetwork.org/2013/04/eu-agrees-landmark-anti-corruption-law-for-global-resource-companies/.
EU Corporate Reporting proposal not strong enough to improve company behaviour
A proposal released by the European Commission to require large European companies to report on environmental and social issues will not guarantee ethical corporate behaviour according to the European Coalition for Corporate Justice (ECCJ). The group, representing 250 organisations in 15 countries, has been saying for years that new rules to improve corporate transparency are needed. It says that whilst the proposal is a welcome initial step because it requires companies to be more transparent on the impacts of their activities, the current wording leaves companies too much flexibility. As it stands the proposal is a missed opportunity to ensure the needed transparency of European companies.
See http://www.corporatejustice.org/EU-Corporate-Reporting-proposal.html?lang=en.
See also a report on allegations that London-listed Rio Tinto tried to ensure the law was watered down: http://londonminingnetwork.org/2013/04/rio-tinto-pushed-uk-government-to-scupper-eu-law-on-transparency-says-mep/.