The Government of Canada is committed to improving transparency and accountability in the extractive sector. To this end, on June 12, 2013, Prime Minister Stephen Harper announced that Canada will be establishing new mandatory reporting standards for Canadian extractive companies with a view to enhancing transparency on the payments they make to governments.
The new reporting regime will be established with a view to: improving transparency; ensuring Canada’s framework is consistent with existing international standards and aligned with other G-8 countries; ensuring a level playing field for companies operating domestically and abroad; enhancing investment certainty; helping reinforce the integrity of Canadian extractive companies; and, helping to ensure that citizens around the world benefit from the natural resources in their country.
Over the coming months, the Government of Canada will consult closely with provincial and territorial counterparts, First Nations and Aboriginal groups, industry and civil society organizations on how to establish the most effective regime. These consultations will help define the scope of any Canadian mandatory reporting regime.
Canada has a well-established financial reporting system, which ensures transparency and good governance of Canada’s substantial natural resource revenues. The new reporting system will complement existing reporting requirements and reinforce Canada’s role as a strong supporter of transparency and accountability.
Canada’s commitment to transparency in the extractives sector is evidenced by: our support to the Extractive Industries Transparency Initiative (EITI); our establishment of the new Canadian International Institute for Extractive Industries and Development, based at the University of British Columbia; our support to the African Mineral Development Centre; our continued implementation of Canada’s Corporate Social Responsibility Strategy; and our numerous initiatives in resource-rich partner countries.