Tough times for transparency rules in EU, US

The European Union failed to reach agreement during talks in Brussels in March on a planned law that would require oil, gas and mining companies to declare payments to governments (AE 239/24). A draft was approved by the European Parliament’s Legal Affairs Committee last September and further talks will take place this month with the aim of finalising the law. The last major sticking point is the issue of possible exemptions to the rules, which oil companies say may be necessary to take account of laws in some countries. This argument is disputed by campaigners who say no such laws exist and the rules need to be universal to be effective.