NEW YORK Canadas Resource Revenue Transparency Working Group, whose members include the Mining Association of Canada, the Prospectors and Developers Association of Canada and the Revenue Watch Institute, has released draft recommendations on implementing mandatory reporting standards for Canadian mining companies.
The recommendations came after Canadian prime minister Stephen Harper announced last week that his government would establish mandatory reporting standards requiring operating companies to publish the amounts they pay to foreign and domestic governments.
The Ottawa, Ontario-based group said that the draft recommendations have been developed through consultation with industry experts, civil society and government officials.
"The Canadian mining industry is fully committed to improving transparency in a way that aligns with global standards," Mining Association of Canada president and chief executive officer Pierre Gratton said.
In the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act compels publicly listed companies to report that information on a country-by-country and project-per-project basis.