Transparency Reporting Legislation for the Extractive and Logging Industries
This research project is led by Professor Louise Crawford, Aberdeen Business School, Robert Gordon University and Professor Jim Haslam at Sheffield University.
Together with Dr Eleni Chatzigevri from University of Westminster, Lynsie Chew from UCL, and Martyn Gordon from Robert Gordon University, the team have been investigating the challenges of developing, interpreting and implementing new transparency reporting legislation for the extractive and logging industries. The ‘UK Reports on Payments to Governments Regulations’ implements one year early the EU Accounting and Transparency Directives, which have introduced a new obligation for large extractive and logging companies to report the payments they make to governments on a country-by-country basis. The European Commission predicts that these new transparency disclosures “will provide civil society in resource-rich countries with the information needed to hold governments to account for any income made through the exploitation of natural resources”.
The research team will formally report policy recommendations emerging from their analysis of the county-by-country disclosures of over 50 UK listed extractive companies and interviews undertaken with users, preparers, auditors, industry representatives, civil servants, politicians and the legal profession. This research will inform responses to the scheduled Department for Business, Energy and Industrial Strategy (BEIS) review to be completed by 1 December 2017 and the subsequent EU review scheduled for completion by 21 July 2018.