Risk-based due diligence is the foundation of how companies prevent corruption. Its logic implies that companies proactively manage their risk exposure, avoiding the most problematic third parties and deals, and mitigating risks associated with others. … Continue Reading
Posts Tagged: Extractive Industries
The Securities and Exchange Commission voted Wednesday to propose another version of its rule to require resource extraction issuers to disclose payments to foreign governments for the commercial development of oil, natural gas, or minerals.… Continue Reading
Global concerns about corruption are on the rise. This year alone, we have seen massive anti-corruption protests in Slovakia, South Korea, Romania and Russia.
This is not surprising as corruption underpins many of the world’s issues and it is against this background that the G20 leaders will meet on July 7-8 in Germany.… Continue Reading
The U.S. Senate voted in February to repeal an SEC rule that would have required oil and gas and mining companies to disclose each year all of their payments to foreign governments for exploration and production rights, permits, taxes, and other things.… Continue Reading
Tom Fox recently wrote a post for the FCPA Blog about allegations that Shell made a £1.1 billion ($1.42 billion) payment for an oil field license in Nigeria, with half the money ending up in a company owned by a Nigerian government official.… Continue Reading
The SEC rule that would have required oil and gas and mining companies to disclose each year their payments to foreign governments was intended to increase transparency and prevent back-handers, bungs, and bribes from reaching those able to influence contractual decisions.… Continue Reading
Dear FCPA Blog,
Thank you for your post yesterday about repeal of the SEC’s extractive industries disclosure rule.
The post really clarified the issue for me and I appreciate your taking the time and trouble to enlighten me and other readers.… Continue Reading
The U.S. Senate voted Friday to repeal an SEC rule that would have required oil and gas and mining companies to disclose each year all of their payments to foreign governments for exploration and production rights, permits, taxes, and other things.… Continue Reading
In the prior post we described the SEC’s new Rule 13q-1 that took effect on Monday (September 26). In this post, we discuss steps covered companies should take to comply with the rule.… Continue Reading
Many have watched and commented on the new Rule 13q-1, and for good reason.… Continue Reading
Oil is hovering around $50 per barrel. For most of the U.S. economy this drop in oil prices has provided a much-needed economic boost. One piece on the NPR website said “economists have suggested the big drop in oil prices is a gift to consumers that will propel the economy.”… Continue Reading
The UK government recently announced the publication of draft legislation entitled “Reports on Payments to Governments Regulations 2014.” The legislation would require UK-registered mining, quarrying, and logging companies to report on payments they make to governments all over the world, when such payments exceed £86,000 ($137,000) in a financial year.… Continue Reading