UK Parliamentary Committee announces inquiry into extractives sector

On 3 July, the UK Parliament’s Select Committee on Business Innovation and Skills, which monitors the work of the Department for Business Innovation and Skills, officially announced the inquiry into the extractives sector which had been trailed by Committee Chair Adrian Bailey MP in May and welcomed by London Mining Network (see http://londonminingnetwork.org/2013/05/london-mining-network-welcomes-announcement-of-parliamentary-enquiry-into-extractives-companies/).

Written submissions of evidence are invited in answer to the following questions:

  • What is the contribution to the UK economy of extractive industries in the UK?
  • How does the UK based extractive industries support employment a) in the UK and b) for UK citizens overseas?
  • Does UK industry benefit more widely from the UK’s position as a centre for extractive industries e.g. in sales of machinery and services to international businesses in the sector?
  • Has the boom in London-listed extractive companies with businesses overseas over the last two decades resulted in a strengthening in the UK’s competitive position in this sector?
  • What are the corporate governance concerns raised by the number of extractive industries companies listed in the UK?
  • Are there reputational risks for the UK and UK financial institutions in being a centre for such businesses?
  • Is there sufficient engagement between UK extractive industries and the NGO sector?
  • Are there examples of best practice in engagement between the extractive industries and NGOs?
  • Does the UK have the skills base to remain a centre for the extractive industries and to ensure that UK based businesses benefit from potential future opportunities such as shale gas?
  • What is the impact of the industry of the UK signing up to the EITI?
  • Would increased regulation for London listed extractives companies result in competition from elsewhere or can it be used to make the UK a centre of excellence for best practice and corporate governance?
  • What is the competitive landscape for the extractive industries in the 21st Century and is it in the UK’s interest to remain a global centre for them?

LMN strongly believes that the UK government must hold UK extractive sector companies to account for adverse human rights and environmental impacts abroad and provide channels for access to remedy in the UK for adversely affected communities.

The Committee’s announcement can be read in full at http://www.parliament.uk/business/committees/committees-a-z/commons-select/business-innovation-and-skills/inquiries/parliament-2010/extractive-industries-sector/.

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