2. The legislation
• The Extractive
Industries
Transparency
Disclosure Act
and
• The Energy
Security through
Transparency
Act
3. The EITD and ESTT Acts
• Both would require all companies registered
with the Securities and Exchange Commission
to publish their natural resource revenue
payments as part of their annual filing.
• Both would apply to EVERY country in the
world
• Both would apply to ALL companies listed in
the United States
4. Differences between the two bills
The EITD The ESTT
•The EITD Act requires •The ESTT Act requires
country by country project-by-project
reporting reporting
•The EITD Act breaks •The ESTT Act includes
down the payments into DOMESTIC transparency
eight categories requirements
(royalties, taxes, license
fees, bonuses, etc.) •The ESTT Act includes a
recommendation that
the U.S. implement EITI
5. Relevance of US legislation
• Coverage: most of the world’s major
extractive companies are registered with
the SEC, including the major Chinese
companies
• Other exchanges: many of the world’s
disclosure regulations originate in the US
(such as the Foreign Corrupt Practices
Act) – we hope that other jurisdictions
will follow US’s lead
6. Who would be covered?
•EVERY country in the world
•90% of the world’s major oil companies, like:
•Exxon •PetroChina •ENI
•Chevron •ConocoPhillips •Repsol
•Marathon •Petrobras •Talisman
•Hess •CNOOC •BHP Billiton
•Total •CNPC •PetroCanada
•BP •Statoil •Nexen
•Shell •Petrobras •Anadarko
7. Why does this information matter?
• We will get this information EVERY YEAR no
matter what the country’s EITI status
• It is independently audited and therefore
accurate
• It will likely be more detailed information that
ever before - company by company, country by
country, payment categories
• Can hold companies and governments
accountable
8. We Need Your Help!!
• One of the reasons Lugar introduced the bill
was because his staff traveled to resource-rich
countries, talked to PWYP activists, and heard
of the need for this kind of information
• Need statements of support from civil society
members in resource-rich countries that they
need this information
• Need statements of support from resource-rich
governments that they don’t oppose legislation