EU Legislative Proposals for Country-by-Country Reporting

Country: Europe
Organization: European Commission
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The European Commission adopted these legislative proposals on 25 October 2011, which would require EU-based companies to disclose their payments to governments for oil, gas, minerals and logging on a country-by-country and per project basis. The proposals are amendments to existing EU legislation governing accounting and transparency standards, and amend both in order that both listed companies and large un-listed companies are subject to their requirements.

The European Council and Parliament must review these proposals and agree to a final version before sending legislation on to EU member states for consideration.

These proposals mirror disclosures mandated by the U.S. Dodd-Frank financial reform legislation approved in July 2010, a landmark regulation that requires all companies registered with the U.S. Securities and Exchange Commission to disclose their payments to governments (also at the country and project level) in exchange for oil, gas and minerals.