Canada will be establishing new mandatory reporting standards for extractive companies, such as miners and energy firms, that aims to enhance the transparency of the payments they make to governments in other countries and in Canada.
Prime minister, Stephen Harper, announced the new reporting regime in London, England Wednesday, indicating that it will aim to enhance transparency of material payments by extractive companies to all levels of governments domestically and internationally, including taxes, license fees and other receipts.
The goal of the new regime will be to improve transparency; bring Canada up to international standards; ensure a level playing field for companies operating domestically and abroad; to enhance investment certainty; and ensure that citizens are better informed about the use of their natural resources; among other things.
The federal government indicates that it will consult with its provincial and territorial counterparts, First Nations and Aboriginal groups, industry and civil society organizations on how to establish the most effective regime.