The ONE Campaign welcomes UK Law on Oil and Gas Transparency

The ONE Campaign welcomed new legislation requiring the extractives industry to disclose what they pay to governments in taxes and other payments for natural resources. This makes the UK the first European country to implement the ground-breaking transparency standard enshrined in the EU’s Accounting Directives.

Diane Sheard, UK Director of The ONE Campaign said: “A third of the world’s poorest people live in resource-rich countries. Greater transparency will help to unlock this wealth and lift millions out of poverty.  Crucially, it will allow citizens, Parliamentarians and journalists to ask legitimate questions about whether these resources are really benefiting those who need it the most.

“The UK government has kept its promise made at last year’s G8 Summit in Lough Erne to make this important economic sector more transparent.  Other governments must follow suit and make this Directive national law.  Doing so will mean that tax revenues from oil, gas and mining are more likely to be spent on schools, doctors and health systems. We don’t have to look very far to the current Ebola crisis to see how vital this is.”

ENDS

Notes to Editors:

1. The legislation implements the EU Accounting Directive which was agreed in Brussels on 26 June 2013
2. The UK is the first European country to transpose the Directive into law.
3. The legislation will require oil, gas and mining firms listed on the London Stock Exchange to disclose payments to governments on a country-by-country and project-by-project basis for each country in which they operate.