Scott Ludlam (WA, Australian Greens) Share this | Hansard source

asked the Minister representing the Treasurer, upon notice, on 19 October 2012 -

With reference to the mandatory disclosure of payments for listed extractive companies and the Publish What You Pay initiative:

(1) Is the Government aware of the efforts to stop corruption across the world through new rules for the mandatory disclosure of payments made by extractive industry companies to governments.

(2) Has the department conducted any research or provided any advice on these laws; if so, can copies be provided.

(3) Has the Minister been briefed on these developments and what steps is the department taking to determine whether Australia should follow suit.

(4) Given that BHP Billiton, Rio Tinto and other ASX listed companies will be covered by the new regulations as they are also listed in the United States (US), has the department discussed with these companies the possibility of aligning Australia's legislation with rules in other nations.

(5) What progress has been made in regard to the pilot Extractive Industries Transparency Initiative (EITI) program being undertaken in Australia.

(6) What is the Minister's view on the statement by the Chair of EITI, former United Kingdom Secretary of State for International Development, Ms Clare Short, that the 'SEC and EU transparency requirements are complementary to, and not in conflict with, the EITI transparency requirements. Let us be clear, the extraction of oil, gas, and minerals is still failing to bring the benefits to ordinary citizens that it should, particularly in the poorer countries. Implementation of the EITI standard does not achieve enough in isolation. We need a range of different transparency, accountability and governance reforms'.

(7) Has the US Government, which is undertaking the EITI in addition to implementing legislation, got it wrong.