European Commission proposes disclosure requirements, “to strengthen the EITI”
EU Commissioner Michel Barnier announced on 25 October proposals for a new set of disclosure requirements for extractive companies that are based in EU countries. Under the new rules, companies in the EU will have to publish all payments to the governments in countries they operate in.
The European Commission stated in a press release following Barnier's announcement that these rules are intended to strengthen the EITI: “An EU mandatory disclosure requirement would complement the EITI efforts by legally requiring companies registered or listed in the EU to disclose payments to governments along the same lines as EITI. In doing so, the EU proposal's ultimate objective is to contribute to the strengthening of the EITI and to extend its scope to all resource-rich countries.”
Clare Short, Chair of the EITI, welcomed Barnier's announcement of the proposed EU disclosure requirements saying: "These EU transparency requirements will strengthen the local accountability that the EITI provides. It further consolidates EITI as the global standard for transparency of payments from natural resources.”