New Anti-Corruption Provisions in EU Legislation: Increased Accountability for Mining, Oil and Gas Companies

April 11, 2013

Large non-listed companies incorporated in the European Economic Area (“EEA”) which operate in the oil, gas and mining sectors will need to annually disclose any payments made to the national, regional or local authority of a host country on a country and project basis where the payment is above a threshold of EUR 100,000 (c. GBP 85,000 / USD 131,000). Sanctions for failure to comply are likely to be punitive.

The payments to be disclosed will include taxes on profits, royalties, dividends, bonuses, licence fees and other direct benefits to the government concerned, amongst others. There will be no exemption to the disclosure requirements, even if the disclosure is not permitted by the host country’s criminal law.

Read “New Anti-Corruption Provisions in EU Legislation: Increased Accountability for Mining, Oil and Gas Companies“.