Transparency and disclosure of extractive industry revenue contracts, payments, and receipts by companies, governments, and international financial institutions is crucial in breaking the cycle of corruption, poverty, and human rights and environmental abuses that plagues many resource-rich societies. ERI supports mandatory transparency disclosure requirements in the extractive sector, and works in coalition with organizations and governments to accomplish this important goal.
EarthRights International joined the Publish What You Pay U.S. (PWYP U.S.) coalition in 2008 in recognition of the crucial role that resource-related revenue transparency plays in good governance and the protection and promotion of human rights and the environment. The current focus of PWYP U.S. is the passage of the Energy Security Through Transparency Act (ESTT) / Extractive Industry Transparency Disclosure Act (EITDA) of 2009 in the U.S. Congress. Introduced in the U.S. Senate by Sens. Richard Lugar (R-IN) and Ben Cardin (D-MD), the Act, if passed, would require companies registered with the U.S. Securities and Exchange Commission (SEC) to report how much they pay each government for access to their oil, gas and minerals. This disclosure would apply to all companies that file with the SEC, regardless of where they are based, and would be added to existing SEC requirements. Most of the world’s extractive industries would be covered by this law, and would set a new international standard for corporate and state behavior.