Title

Title

Canada Considers Next Steps in Extractive Industry Transparency; Roundtable in Toronto is Forum for Discussion on Harmonization of Canadian and U.S. Reporting Requirements
Friday, February 04, 2011

By Shelly Han
Policy Advisor

The oil, gas and mining sector play an important part of Canada’s economy, not only in terms of its domestic industry, but also the global reach of Canada’s extractive companies and the importance of its capital markets for international mining companies. According to recent reports, Toronto is the mining finance capital of the world, raising 30 to 40 per cent of the world’s mining equity almost every year, and Canadian mining companies account for a world-leading 40 percent of global exploration expenditure.

With passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, a new law was created that requires greater transparency by oil, gas and mining companies in all markets, both domestic and international. The law, sponsored by Senators Ben Cardin and Richard Lugar, requires all companies listed on U.S. stock exchanges to report to the Securities and Exchange Commission (SEC) the payments they make to U.S. and foreign governments for natural resource exploration and extraction. The SEC rule to implement this law is currently being drafted and will become final in early April of 2011.

In order to make this transparency initiative even more effective, supporters of the measure are working to enact similar initiatives in other major capital markets such as the EU, Canada, Hong Kong and elsewhere. On January 18, 2011, the Publish What You Pay Coalition of Canada convened a roundtable discussion to consider ways that Canada might harmonize its exchange reporting regulations with the new requirements enacted in the United States. At the event were key players in the Canadian extractives industry sector, the regulatory agencies, academics and non-governmental organizations. Strong support was expressed by some participants for harmonization with the U.S. because of Canada’s pivotal role in providing mining capital. And even though Canadian companies and the Canadian Government have made a tremendous push toward increasing corporate social responsibility in the mining sector, it was noted by one of the participants that Canada is about to be severely criticized by the Organization for Economic Cooperation and Development (OECD) following completion of an assessment of their enforcement of anti-bribery laws.

During the discussion, the participants noted that a complicating factor in harmonization was the fact that Canadian capital markets are administered at the provincial and territory-level, meaning that unlike the practice in the United States where this is just one federal regulator, Canada has 13 separate securities regulators. Currently pending legislation in the form of a draft Securities Act, however, may create an overarching federal securities body, but some participants expressed doubt about the passage of this bill. Even absent creation of a federal agency, some participants noted that if the major exchanges in Toronto and Ontario moved to harmonize first, then other provinces were likely to follow suit.

Regardless, Canadian regulators are unlikely to move forward until a final SEC rule is issued in April. At that time groups such as the Publish What You Pay Coalition and others will likely move forward with a renewed push for harmonization with new global standard on transparency for the extractive industries.

Relevant countries: 
  • Related content
  • Related content
Filter Topics Open Close
  • Turkey-U.S. Relations: Potential and Perils

    The hearing examined both the potential mutual benefits of closer relations with Turkey, and the peril of unconditional support for a government unable to resolve crises that threaten the existing political order and regional stability. Turkey, a NATO ally and OSCE participating State is poised as a unique strategic and economic partner astride the Middle East, Central Asia, the Caucasus, and the Balkans. Turkey stood by the United States in Korea, against Saddam Hussein during the Gulf War, and in its aftermath in Operation Provide Comfort. Turkey also supported our efforts to bring peace to Bosnia.  The potential benefits of closer cooperation are obvious. At the same time, however, a complex and profound crisis increasingly divides Turkey's citizens along national, ethnic, and religious lines, threatening the existing social and political order. Extremist violence and terrorism is polarizing Turks and Kurds, Islamic groups, both secular and anti-secular proponents. While the rights of all Turkish citizens under the mantle of combating terrorism, Kurds bear the brunt of such repression.

  • Trade and Investment in Central Europe and the NIS

    This briefing was the tenth in a series of briefings covering topics such as U.S. assistance to Central and East Europe and the NIS, and free trade unions. Topics of discussion included the economic aspects of efforts to develop institutional networks between the Central and Eastern European countries and the OSCE and the Western European multilateral structures and the progress that has been made by countries in developing association agreements with the European Union. Witnesses testifying at this briefing – including Harriet Craig Peterson, President of Cornerstone International Group and Thomas Price, Coordinator for OSCE Affairs for the State Department – evaluated regional issues associated with infrastructure, environment, energy, and border procedures that needed to be addressed to produce a smoother flow of goods from an economic perspective.

  • U.S. Assistance to Central and Eastern Europe and the NIS: An Assessment

    This briefing discussed the successes achieved and the difficulties encountered on the road to democratic reform and stabilization are reflected throughout Central and Eastern Europe, and evaluated the impact of these factors in the scope and tenor of U.S. assistance programs. Such programs involve assistance to countries throughout the region in democratic institution building, market reform and restructuring, health care improvement, energy efficiency, environmental policy, and housing sector reform. Witnesses testifying at this briefing addressed the relevance of the crisis in Chechnya, continued conflict in the Balkans, and tensions in various parts of East-Central Europe to United States Interests in the region. They focused on the goals of U.S. assistance to the NIS and East-Central Europe and the effectiveness of current programs in furthering those goals.

  • Doing Business in Russia and the NIS: Opportunities and Obstacles

    Jane Fisher, Deputy Staff Director of the Helsinki Commission, presided this briefing focused on trade and doing business in the Newly Indipendent States of the former Soviet Union. It was the third in a series of briefings by the Commission on NIS. The Helsinki Accords cover human rights, security, and economic cooperation, and when the countries of the former Soviet Union were making the transition to democracy, the Commission put a greater emphasis on trade and economic cooperation. Russia and the Newly Independent States had a great potential market. They had enormous natural resources, large consumer markets, and a huge potential for trade and investments. Ms. Fisher was joined by a distinguished panel of experts who have been directly involved in business development in the formet Soviet Union: Dr. Richard Rahn, President and Chief executive officer of Novecon; Edward Chow, Director of International Affairs for Chevron Overseas Petroleum; and Joseph Barker, Vice Presidentof Ryland Trading. They described their experiences and shared their views on the opportunities and hazards of doing business in Russia and the NIS.  

  • Russia and its Neighbors

    Dennis Deconcini (D-AZ) and other legislators discussed Russia’s relations with its neighboring countries. More specifically, concerning democratic reform, the hearing contrasted the economic criteria of privatization, the rate of inflation, currency emission, and subsidies to enterprises with Moscow’s policies vis-à-vis its neighbors. Of course, Russia’s neighbors are referred to as the New Independent States, and, as Deconcini argues, it is problematic when Russia militarily or economically coerces its neighbors to enter into unwanted, yet inevitable, political, security, or economic relationships.

  • Human Rights Policy Under the New Administration

    The purpose of this hearing was to examine the euphoria of the post-Cold War age in regards to the lack of confidence and political drive on how to promote commitments made in the Charter of Paris agreement. The hearing reviewed the actions made in the Balkans and Serbia’s continual territorial aggression and also developed democratic countries selectively applying human right policies. The Commissioners stressed the need for continual assistance to democratically developing countries, but to those countries that disrespect universal human rights should have additional pressures applied to change this behavior. The distinguished witnesses and Commissioners discussed ways in which the U.S. can help play a role in strengthening the United Nation’s ability to promote and protect human rights, as well as how the U.S. could use greater use of regional bodies similar the CSCE in conflict resolution.

  • U.S. Human Rights Policy: Joint Hearing with House Foreign Affairs Subcommitee on International Security, international Organizations and Human Rights

    This hearing examined the best ways to promote commitments made in the Charter of Paris agreement. The Commissioners and witnesses reviewed developments in the Balkans and Serbia’s continued territorial aggression.  They also discussed the practice of developed democratic countries selectively applying human right policies. The Commissioners stressed the need for continual assistance to democratically developing countries.  They also highlighted the need for additional pressures on  those countries that disrespect universal human rights to encourage them to change their behaviors.   The distinguished witnesses and Commissioners discussed ways in which the U.S. can strength the United Nation’s ability to promote and protect human rights, as well as how the U.S. can make greater use of regional bodies, like the CSCE, in conflict resolution.

  • Report: Migrant Farmworkers in the United States (Part 2)

    Since the 1960s, the federal government has established numerous service programs to help meet the needs of migrant farmworkers. From the early days, migrants have been considered a uniquely federal responsibility, primarily because of their interstate movement, which makes it hard for the workers and their families to qualify for local assistance and disrupts other services like schooling for the children. As these programs have evolved, many have come to serve nonmigrant seasonal farmworkers as well.  The programs to meet health, education, housing, job training, and other needs of migrant and seasonal farmworkers (MSFWs) have developed seperately. There are approximately 10 MSFW-specific service programs, and farmworkers also draw upon the assistance of numerous other general programs such as food stamps or Medicaid. The four largest federal programs are Migrant Education, administered by the Department of Education; Migrant Health and Migrant Head Start, both administered by the Department of Health and Human Services; and the Department of Labor's special job training programs for MSFWs under section 402 of the Job Training Partnership Act.

  • Report: Migrant Farmworkers in the United States (Part 4)

    The Environmental Protection Agency has revised its Worker Protection Standard (WPS) dealing with the protection of agricultural workers  from pesticide exposure (40 CFR Part 170). The new Worker Protection Standard contains requirements designed to reduce the risks of illness or injury resulting from pesticide handlers' and agricultural workers' occupational exposures and agricultural workers' and other persons' accidental exposures to pesticides used in the production of agricultural plants on farms, nurseries, greenhouses, and forests.

  • Report: Migrant Farmworkers in the United States (Part 3)

    Agriculture consistently ranks as one of the three most dangerous occupations in the United States, along with mining and construction. The hired farmworker men, women, and children who tend and harvest our nation's crops face a number of hazards in the workplace. For example, transportation of farmworkers to and from the fields in overcrowded trucks and vans which have had all seats and seat belts removed in order to pack in as many workers as possible, and which are driven by unlicensed, uninsured, and intoxicated drivers has resulted in vehicle overturns and crashes in which dozens of workers have been killed or maimed. Pesticide poisoning, falls from ladders, back strain from heavy lifting and prolonged bending, and farm machinery-related injuries and deaths are other hazards. Where workers lack drinking water, toilets, and wash water in the fields -- and evidence shows that only a small percentage of farm employers fully comply with the federal field sanitation regulations -- workers face an increased risk of contracting parasitic infections and other communicable diseases as well as of developing urinary tract infections, and suffering heat stroke or pesticide poisoning. Overcrowded, unsanitary living and working conditions make tuberculosis a growing occupational risk for farmworkers.

  • Migrant Farmworkers in the United States

    Sam Wise, staff director at the Commission, was joined by Maria Echaveste, Mike Hancock, and Linda Diane Mull in discussing the issue of migrant workers in the United States. They compared the treatment of migrant workers in Europe to the laws in the United States and mentioned that the United States focused greatly on illegal workers, as opposed to Europe. The briefing drew from the recent seminar in Warsaw on migrant workers and included members of the United States Delegation to the meeting, such as Maria Echavestee, who spoke of their observations.

  • Business Roundtable: The Helsinki Process

    In this briefing, Samuel Wise, staff director at the Commission, introduces the Helsinki Process and the countries it involves, focusing on the section of economic cooperation in The Helsinki Final Act. The briefing assesses the usefulness of the Helsinki Final Act and of the Commission in American business with Eastern Europe and the Soviet Union. Wise was joined by Jane Fisher, deputy staff director at the Commission, who called upon the participation of the audience in assessing the compliance of the countries of Eastern and Central Europe and the Republics of the Soviet Union. The conversation includes Commissioners and members of the audience with diverse experience.   

  • Trip Report on South Africa, Namibia, Kenya, and Nigeria, August 4-19

    The dramatic realignment of relations between the Soviet Union and the United States has impacted significantly on developments in African states. A fundamental restructuring of internal and external political and economic systems has started to take shape and aspirations for more open and just societies based upon democratic principles are evident across the continent. While some changes have been made possible by the dramatic relaxation of superpower tensions, indigenous democratic movements toward democracy still face enormous barriers. African nations, with few exceptions, are in the midst of a very profound and prolonged economic depression. Other problems confronting Africa are of equally catastrophic proportions: exploding population growth; civil wars sometimes involving ethnic genocide; large displaced populations fleeing violence, persecution and starvation; a burgeoning debt crisis; ravaging famine and spreading diseases. Senator DeConcini visited Africa to study recent developments and examine how Africans are dealing with present demands, aspirations and problems. A corresponding objective of Codel DeConcini's visit to Africa was to examine the present economic, political and human rights developments and how the newly emerging political process known as the Conference on Security, Stability, Development and Cooperation in Africa (CSSDCA) intends to address and meet the unique challenges confronting Africa today.

  • Chernobyl: Five Years Later

    Held as a fifth anniversary commemoration of the disaster at Chernobyl, the briefing featured a short film that was produced by an Australian film company on Chernobyl’s progress in the five years after the crisis. Afterward, Samuel Wise, staff director at the Commission, led the discussion on the damage Chernobyl continued to have on surrounding regions in 1991. Witnesses Dr. David Marples and Dr. Natalia Preobrazhensk addressed the environmental concerns and political authority over Chernobyl, along with how Ukraine’s judicial system had dealt with the situation. They also acknowledged the situation of Soviet nuclear power at the time.

  • Report on the U.S. Helsinki Commission Delegation Visit to Hungary, Yugoslavia, and Albania

    The main purpose of the Commission's visit to Budapest was to participate in the Seminar on Parliamentary Responsibility for Economic Development being co-sponsored by the Helsinki Commission, the Hungarian Parliament, the International Foundation for the Survival and Development of Humanity, and the Library of Congress. Additionally, members of the delegation discussed Hungary's current political and economic situation with members of the Alliance of Young Democrats (FIDESZ), leaders of the Gypsy community, and U.S. business representatives.

  • Homelessness in the United States

    In November 1979, the Commission published a comprehensive domestic compliance report entitled "Fulfilling Our Promises: The United States and the Helsinki Final Act." The Commission undertook the project for numerous reasons. First, it believed that the United States should work with the other signatory nations to identify and acknowledge problems within our respective societies and attempt to find solutions to those problems. Second, as the Final Act encourages multilateral scrutiny of signatory compliance, self-examination enables the Commission to more credibly raise concerns regarding non-compliance by other signatory nations. Finally, the Commission is often called to respond to changes of U.S. non-compliance and the 1979 domestic compliance report has served as a useful data base. The report examines the issue of homelessness in America, its origins, dimensions and the responses to the growing problem, ultimately seeking to determine whether the United States is moving effectively towards fulfilling its stated international commitments under the Helsinki Accords. It was subsequently updated in 1981, and was the subject of Commission hearings. The examination of homelessness in the United States since 1979 is part of the Commission's ongoing review of domestic compliance issues.

  • Sofia CSCE Meeting on the Protection of the Environment

    The purpose of this hearing, which Sen. Dennis DeConcini and Rep. Steny H. Hoyer chaired, was to examine the first meeting in CSCE history devoted exclusively to the environment. The hearing predated the Sofia Meeting itself, whose purpose was to address environmental problems that recognize no borders and threaten every individual’s right to a peaceful and secure life. Unfortunately, the Sofia Meeting had been marred by the Bulgarian government’s lack of tolerance in its treatment of its Turkish and Muslim minorities, specifically the Bulgarian government’s campaign to assimilate Turkish minorities, which constituted a serious violation of human rights. Needless to say, then, intersectionality existed and continues to exist among environmental issues and the Helsinki process’s other top priorities.

  • Paris Human Dimension Meeting: Human Rights in the Helsinki Process

    This hearing, chaired by Commissioner Steny Hoyer, took place after the first meeting of three 4-week meetings of the Conference of the Human Dimension. These meetings were a function of the Conference on the Security and Cooperation in Europe the first of which took place on June 23, with the 35 member states of the OSCE in attendance. On the U.S.’s part, the goal was to seek greater implementation of the human rights and human contacts provisions of the Helsinki Accords. The atendees discussed the Vienna Concluding Document of January 1989, continued Soviet and East European violations of the rights of national minorities and religious believers and restrictions on the rights of free assembly, association, expression, and noncompliance with human contacts provisions, and fostering greater respect for human rights and fundamental freedoms.

  • The State of Human Rights in Romania: An Update

    One year after worker-led disturbances erupted in Brasov and other Romanian cities, Romanian society remains tense, divided and increasingly impatient with a regime that exhibits little regard for the well-being of its citizenry. While the Romanian Party and Government have succeeded in quashing most open expressions of dissent, they have failed abysmally in garnering popular support for their programs -- if such support was ever solicited or even de­sired. Systematically depriving its citizens of the possibility to exer­cise the most fundamental human rights, and robbing them of the social and economic rights it supports so heartily in words, the Ro­manian regime has lost any legitimacy it might once have enjoyed among its citizens. Romanian citizens and recent emigrants from that country testi­fy that repression has grown in the year after Brasov. While most prisoners of conscience were released under a January 1988 amnes­ ty, dissidents continue to be surveilled, followed, called in repeatedly for questioning by the Securitate, and placed under house arrest. Telephone lines are cut and mail intercepted to increase the dissidents' sense of isolation not only from the world outside Romania, but also from contacts within the country. Censorship has become more severe, and the security apparatus maintains an even more visible presence than before. The notorious but still unpublished Decree 408, which requires Romanian citizens to report to police all meetings with foreign citizens within 24 hours, is stringently enforced. Romania's economy continues to deteriorate. Fuel and electricity have been rationed for years. Staple foods, including milk, bread and flour, are rationed, and in many localities even these are unavailable. Meat is a rarity; soup bones only occasionally appear in stores. Decades of financial misplanning and inefficient industrial devel­opment have led to the dire condition of the Romanian economy, making it the poorest in Europe after Albania. The Government continues to repay its foreign debts at a swift rate and modernizeat the expense of the Romanian people's well-being.  

  • Status of Conventional Stability Talks in Europe

    This hearing, which Commissioner Steny H. Hoyer presided over, was part and parcel of an anticipated series of Conventional Stability Talks within the framework of the Commission on Security and Cooperation in Europe. The hearing also was a joint hearing of the Foreign Affairs Committee and the Helsinki Commission. At the hearing, Commissioner Hoyer expressed the sentiment of a heightened political awareness of the conventional force issue, particularly in the wake of the recently ratified INF Treaty, tempered with the desire to not have these sorts of issues (i.e. the CSCE’s expansion to encompass conventional force negotiations and the developing overlap of the conventional stability and CSBM talks) overshadow human rights. Balancing of the different East-West relations is an explicit objective, the Commissioner said. Not only did attendees at this hearing discuss Conventional Stability, but they also discussed the status of the agenda in Vienna and the developing relationship among all these talks within the CSCE process.  

Pages