Transparency advocates hailed the adoption today of a rule by the United States Securities and Exchange Commission requiring oil, gas and mining companies listed on U.S. stock exchanges to publicly disclose the billions of dollars in payments that they make to governments around the world in exchange for natural resources.
To comply with new U.K. reporting regulations, global commodities giant Glencore published a report today that summarizes the payments it made to governments in 2015. The figures shed light on the company’s extensive exploration and production activities. Glencore’s even larger trading business, however, remains in the dark.
As prices of various commodities fall, many resource-rich countries are facing increasingly difficult choices. This series of articles, by NRGI experts and the organization’s partners, explores specific challenges in different contexts, as well as the solutions open to countries facing lowered investment, reduced government revenues, and increasing deficits.