GES Newsletter
January 9, 2013

Currently, the EU is deciding on the European Accounting and Transparency Directives, which are European transparency laws for oil, gas, mining and logging companies. Possibly, the directive would require these companies to publish the payments they make to each government around the world and for every project. It is therefore an opportune time to discuss the legislation and its implications for companies as well as investors.

To this end, GES has invited Standard Life Investment, Statoil and the EITI (Extractive Industries Transparency Initiative) to present their perspectives and answer any questions at a webinar held on January 17, 2013 4:00 PM CET.

Through their support of the EITI, investors have supported transparency on extractive industry revenues as a means of promoting accountability and enhancing the investment environment for companies they invest in. The Dodd Frank regulation in the US expands the disclosure required and the European Commission is considering parallel legislation. Julie McDowell, Head of Sustainable and Responsible Investment at Standard Life Investments, will discuss whether these requirements serve investors’ interests and their implications for the EITI.

Statoil was one of the first major oil companies to disclose all revenues and payments in the countries in which it operates and believes transparency is a cornerstone of good governance and a productive business environment. Baiba Rubesa, Statoil’s Vice-President for Corporate Social Responsibility, will present Statoil’s view on transparency in payments to governments and the implications of the upcoming EU legislation on this issue.

Wouter Biesterbos, from the EITI secretariat, will explain how the EITI sees the EU and US proposals as they currently stand as complementary to the EITI. He will also present some steps that are needed to ensure that these instruments contribute to improved governance as effectively as possible.

Nathalie Rasmussen, Senior Engagement Manager at GES, will moderate the panel.

Please sign up before 11th of January 2013 by clicking here

After registering, a confirmation will be sent via email, containing information about joining the webinar.