The members of the EITI Association (Article 7.2) are organised in three constituencies (Article 5.2): governments, companies and civil society. Constituencies decide on their rules governing appointment of Members (Article 5.3) and nominate Board members and their alternates for the Members’ Meeting to elect (Article 8.1(ii)). The EITI Board agreed on the guidance and principles…Read Download
‘Towards Transparency’ looks at what the industry and geographical scope of the ALP policy the impacts the introduction of this legislation would have for transparency and accountability in Australia and globally.
The report finds that of the 802 companies listed on the ASX who are involved in commercial production in the mining, oil, and gas sectors, 67 companies would be required to report under the proposed ALP mandatory disclosure law. Six of those 67 companies already report under a mandatory disclosure law, as they are listed on either the London Stock Exchange (LSX) or the Toronto Stock Exchange (TSX) leading to new disclosures from 61 companies; includes Australian incorporated companies such as Iluka Resources, Woodside Petroleum and Santos Limited, and overseas incorporated but ASX listed companies from major global extractive companies not currently reporting under any other jurisdictions mandatory disclosure law, including AngloGold Ashanti and MMG Limited.
The 67 publicly listed companies had a combined market capitalisation of approximately $320 Billion AUD as of May 2018. The companies captured operate in 43 countries and would cover payment information from approximately 150 separate projects. Australia is the most represented country with 49 companies reporting operations with new disclosure coming from 18 countries who currently have no EITI or mandatory disclosure laws where this level of disclosure would be the first of their kind by extractive industry companies.
Access the data set used here.
Read the media release here.