Chris Evans (WA, Australian Labor Party) Share this | Hansard source

The Minister for Resources and Energy has provided the following answer to the honourable senator's question:

(1) The Government is aware of the efforts by some countries to implement new rules for the mandatory disclosure of payments, including efforts by the US and consideration by the European Parliament.

(2) No. While the Department is aware of these laws or proposals it's research has been limited to a review of internet articles. The Department's focus is on undertaking a domestic pilot of the Extractive Industries Transparency Initiative (EITI).

(3) The Department has provided information to the Minister that the US is implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act as part of its broader update on the EITI. Regarding what steps the Department is taking, refer to response to Question 2.

(4) The Department has not discussed with ASX-listed companies any alignment of Australia's legislation.

(5) Following the Government's announcement of the EITI pilot in the lead up to CHOGM 2011, a 21 member Multi-Stakeholder Group was formed in early 2012 to oversee the pilot process. Its members were drawn from state and federal governments, industry and civil society and the MSG is chaired and supported by the Department. Since its establishment, the MSG has: developed a communications plan; identified and agreed on material revenues and payments that will be reported in the pilot; agreed on the sample of companies and governments that will report; commenced the design of the reporting template; engaged an Administrator to collect and assess the financial data; and is engaging an Evaluator to assess the process and outcomes of the pilot. The MSG will report to Government at the completion of the pilot, outlining the findings of the pilot.

(6) The Government is aware of the statement by Ms Short in August 2012, and is applying various approaches to transparency in the extractive industries sector, including through Australia's broader transparency framework.

(7) Initiatives such as Australia's and the US' approach to the EITI was discussed at a meeting with US Secretary of State, the Hon Hilary Clinton last month as part of their focus on open and transparent markets. Its decision to implement legislation in addition to the EITI is a matter for the US Government.