Scott Ludlam (WA, Australian Greens) Share this | Link to 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.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

(1) The Government is aware of such efforts by some countries.

(2) No. The Government is undertaking a domestic pilot of the Extractive Industries Transparency Initiative. Consideration of alternative rules will be considered after the completion of the pilot.

(3) Refer to response to Question 2.

(4) No.

(5) A Multi Stakeholder Group has been formed to oversee the pilot process, which is chaired and supported by the Department of Resources, Energy and Tourism. The MSG will deliver a report to the Government outlining the outcomes of the pilot upon completion.

(6) The Government will consider the various approaches to transparency in the extractives sector upon completion of the domestic pilot of the EITI.

(7) The Australian Government is not in a position to comment on legislative approaches taken in the US, as it is a matter for their Government.