Revenue Watch Commends Hong Kong Exchange for Disclosure Proposals
The Hong Kong Stock Exchange recently sought formal comments on proposals to improve disclosure requirements for extractive companies. Revenue Watch has submitted its responses to the proposals, which represent a significant step in the exchange's effort to align its rules with international standards.
In its "Consultation Paper on New Listing Rules for Mineral and Exploration Companies," the HKEx proposes changes to the reserve estimate process, along with a range of new disclosure obligations. Commendably, the proposals also seek to increase company disclosures on social and environmental risks, impacts and compliance. With these and other suggested changes, the HKEx has the chance to set a global example for stock exchanges, none of which currently endorses similar disclosures on environmental and social standards.
In our commentary, RWI encourages HKEx to formalize these standards as part of their listing requirements, and also to consider more robust standards for revenue transparency.
LEARN MORE
- RWI Response and Commentary (Hong Kong Exchanges and Clearing Limited)
- RWI Response and Commentary: Cover Letter (pdf)
- Consultation Paper on New Listing Rules for Mineral and Exploration Companies (Hong Kong Exchanges and Clearing Limited)
U.S. Said to Allow Drilling Without Needed Permits - The New York Times
Australia Gas Deal Renews Tension - Financial Times
Charged With Fraud, Nigeria's Ruling Party Leader Resigns - Reuters
Western Senators Propose Ban on Pacific Drilling - The New York Times
To Limit Corruption around Mining in Africa, Follow the Money - The Globe and Mail
Court Backs Oil Project - The New York Times
Transparency Increases, But There Is Still a Long Way to Go - The Phnom Penh Post
IMF Develops Project to Help Africa Deal with Illicit Trade - African Manager
Three-day Conference on Africa's Natural Resources Starts in Tanzania - Standard Times Press
After Oil Rig Blast, BP Refused to Share Underwater Spill Footage - ABC News
Finger-Pointing, but Few Answers at Hearings on Drilling - The New York Times
Complaints Over U.N. Prize Sponsored by Equatorial Guinea's Obiang - Reuters
Guide: Community-Company Grievance Resolution for Australian Mining Industry - Oxfam Australia (pdf)
Cote D'Ivoire: President for Life, and Then Some - The New York Times
In Midst of Massive Spill, Oil Industry Fighting Transparency and Accountability - Oxfam America
Leaked Oil Contracts in DRC Threaten Resource Wars and $10 Billion Rip-Off by British Company - Carbon Web
Contracts Confidential: Ending Secret Deals in the Extractive Industries
Contract transparency is sorely needed to improve the management of natural resource wealth. In a new report from RWI, authors Peter Rosenblum and Susan Maples delve into government and private sector objections to contract disclosure and make conclusions about what information may legitimately and reasonably be kept confidential, and how civil society institutions can better confront the challenge of secret deals.
Learn more about the report ...
NEW TRANSLATION: Revenue Redistribution at the Local Level
Many resource-rich countries are attempting to compensate their producing regions through shares of resource revenues to be spent at the local level. In "Extractive Industries Revenues Distribution at the Sub-National Level," development economics consultant Matteo Morgandi presents a comparative analysis of international legislation for distribution of extractive revenues from across all levels of government. Prepared at the request of the Peruvian National Congress, the report studies the legislative practices of seven resource-rich countries to identify potential and address challenges. Please note that this report is now also available in Vietnamese.
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