Extractive Industries: Transparency

House of Lords written statement – made on 1st February 2013.

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Photo of Viscount Younger of Leckie Viscount Younger of Leckie The Parliamentary Under-Secretary of State for Business, Innovation and Skills

My right honourable friend the Secretary of State for Business, Innovation and Skills (Dr Vince Cable) has today made the following Statement.

The Government today set out their continuing commitment to transparency within the extractive industries. The Government continue to push for agreement at European level on new rules to require large and listed companies to report payment made to all levels of government within the countries they operate. Strong EU action to create a new global standard for transparency in the extractive industry can help these citizens hold their Governments to account.

That is why we are giving careful consideration to whether the UK will sign up to the extractive industries transparency initiative and an announcement on the outcome of this review will be made in due course.