Memo: Statement by Commissioner Michel Barnier welcoming the agreement reached on disclosure requirements for the extractive industry and loggers of primary forests and on simpler accounting requirements for small companies

On 25 October 2011 the Commission adopted a legislative proposal requiring the disclosure of payments to governments on a country and project basis by listed and large non-listed companies with activities in the extractive industry (oil, gas and mining) and loggers of primary forests (the so-called country by country reporting - CBCR). The European Commission proposal followed guidelines developed by the Extractive Industry Transparency Initiative (EITI) but once adopted by the European Parliament and Council these requirements will be put into European law, thereby making them binding. This puts the EU on a level playing field with the US which also adopted disclosure requirements in July 2010 (Section 1504 of the Dodd-Frank Act).

The agreement of 9 April 2013 is an important step in fulfilling these objectives for more responsible businesses. It follows up on commitments agreed under the Single Market Act I with the aim of fostering a sustainable and inclusive growth model.

ESO: Background Information: More responsible businesses can foster more growth in Europe http://www.europeansources.info/record/press-release-more-responsible-businesses-can-foster-more-growth-in-europe/

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