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

asked the Minister for Foreign Affairs upon notice on 25 June 2012:

(1) Given that, in a speech made to the Association of International Life Offices, Daw Aung San Suu Kyi asked countries to prevent their companies from partnering with the Myanmar Oil and Gas Enterprise due to the lack of transparency and accountability, will the Government take steps to stop Australian companies investing in Burma's oil and gas industry.

(2) Will the Government apply internationally recognised standards such as the International Monetary Fund's Code of Good Practices on Fiscal Transparency in its trade with Burma, and require Australian companies to be subject to the code including the publication of accounts.

Bob Carr (NSW, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

The answer to the honourable senator's question is as follows:

(1) The Government takes the view that the private sector has an important role to play in developing Burma's economy, consolidating democratic gains and contributing to sustainable reform, including through strengthening economic and corporate governance.

The Government will encourage Australian companies wanting to do business in Burma, including in the oil and gas sector, to apply the highest standards of corporate, environmental and social responsibility.

(2) The IMF Code of Good Practices on Fiscal Transparency is a set of guidelines that the IMF uses to encourage better transparency standards and performance by governments. It is not a code that another government can apply to companies in its jurisdiction.

Australia is a strong supporter of and major donor to the Extractive Industries Transparency Initiative (EITI) and encourages countries to implement it as a standard. We understand there is interest in the Burmese government about joining the EITI, which would help promote transparency and accountability in the oil and gas sector.