Mining
(asked on 9th June 2014) - View Source
Question
To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to raise awareness of the importance of transparency in the extractive industries.
The Coalition Government believes strongly that transparency in the extractives sector is essential to ensure that citizens in resource-rich countries can benefit from the wealth generated from the extraction of their natural resources. This is why we supported the EU's proposal to require large and listed extractive industries companies to report on the payments they make to governments; and why the UK has signed up to the Extractive Industries Transparency Initiative (EITI).
The Government continues to raise awareness of the importance of transparency in the extractive industries. Over the past year key steps have been taken to raise awareness of the UK's commitment to become EITI-compliant. This includes the launch event in July 2013 held at BIS with 130 attendees from industry, civil society and government. The Multi Stakeholder Group (MSG) has been formed which plays a key part in making the decisions on UK implementation. A website for the UK's EITI has been developed, a link can be found here:
My hon Friend the Member for Dunbartonshire East (Jo Swinson) published an article in the EITI Telegraph supplement on Sunday 6th October 2013, explaining the UK's rationale for committing to EITI. Most recently, the Prime Minister in an article dated 4 June and published in the Wall Street Journal, called on government leaders to work towards a global standard in transparency reporting.
I spoke at the EITI mining event which tookplace at the Institute for Materials, Minerals & Mining (IMMM) on the 12 June. This event was directed at key mining stakeholders who we need to engage in EITI.
During the consultation period of Chapter 10 of the Accounting Directive my department held familiarisation sessions with stakeholders which provided an opportunity to learn more about the reporting requirements of the Directive and explain the UK's proposed approach to implementation. The consultation closed on Friday 16 May and officials are currently analysing the responses received.
The Government will take every opportunity to drive forward this important agenda.