On December 9-10, 2021, the first of two Summits for Democracy will take place in the United States with the aim of setting forth an affirmative agenda for democratic renewal and to tackle the greatest threats faced by democracies today, including corruption, through collective action. Corruption in the oil, gas and mineral sector undermines the efforts…Read Download
Tax and Transparency – How the Global Reporting Initiative Tax Disclosure Standard compares with global extractives transparency standards
The Global Reporting Initiative (GRI) develops and supports implementation of global best practice through voluntary reporting by businesses and other organisations on their economic, environmental and social impacts though its Sustainability Reporting Standards. By doing this, it helps companies and others better assess, and address, their socio-environmental impact and promotes sustainable business practices.
In December 2019, the GRI launched a new public reporting standard on tax and related information, to make such data and information more widely available and accessible. Given the vital role that taxes can play in ensuring that natural resource revenues are used for the lasting benefit of citizens and communities in resource-producing countries, this new Standard has the potential to be a useful source of additional information on extractive (oil, gas and solid minerals) companies for PWYP members. Our aim with the new brief is to unpack this new Standard and compare it with existing global extractive industry transparency standards implemented through mandatory reporting of payments to governments under Canadian and European laws and through the Extractive Industries Transparency Initiative (EITI).