Extractive Transparency (UK0062)
Overview
At-a-Glance
Action Plan: United Kingdom – Second National Action Plan 2013-2015
Action Plan Cycle: 2013
Status:
Institutions
Lead Institution: Department for Business, Innovation and Skills, Department for International Development, Foreign and Commonwealth Office, HM Treasury
Support Institution(s): CSOs: CAFOD, Christian Aid, Global Witness, ONE, Open Knowledge Foundation, OpenCorporates, Publish What You Pay, Tearfund
Policy Areas
Access to Information, Energy, Extractive Industries, Fiscal Openness, Legislation, Open Data, Public Participation, Publication of Budget/Fiscal InformationIRM Review
IRM Report: United Kingdom End-of-Term Report 2013-2015, United Kingdom Progress Report 2013-2015
Early Results:
Major
Design i
Verifiable: Yes
Relevant to OGP Values: Yes
Ambition (see definition): High
Implementation i
Description
Mandatory requirements for extractive (oil, gas and mining) companies to report their payments to governments country-by-country and project-by-project, especially when complemented by
governments’ disclosure of the revenues received from each company and for each project, will help make the extractive industries far more transparent and accountable worldwide. 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, to report their payments to governments by country and by project for every country where they do business and, where applicable, to hold information on their beneficial ownership and consider making it publicly available. 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. 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
2016
UK listed and UK registered extractive companies will start to publish data under the EU
Directives in an open and accessible format
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