Washington, July 17 (IANS) Publicly traded oil, gas and mining companies, including those from India and other emerging economies, will be required to disclose their payments to foreign governments under the landmark financial reform legislation.
The new law awaiting President Barack Obama’s signature will require companies to report on their filings with the Securities and Exchange Commission (SEC) such payments on a country-by-country and project-by-project basis, according to the Washington Times.
‘We now have the tools to help people in resource-rich countries hold their leaders accountable for the money made from their oil, gas and minerals,’ Benjamin L. Cardin, Maryland Democrat who co-introduced the measure in the senate was quoted as saying.
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The new law awaiting President Barack Obama’s signature will require companies to report on their filings with the Securities and Exchange Commission (SEC) such payments on a country-by-country and project-by-project basis, according to the Washington Times.
‘We now have the tools to help people in resource-rich countries hold their leaders accountable for the money made from their oil, gas and minerals,’ Benjamin L. Cardin, Maryland Democrat who co-introduced the measure in the senate was quoted as saying.
Please click here to read more...
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