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Wednesday, 02 November 2011

More transparency of EU forestry activities in Africa

The European Commission has proposed a legislation to improve the transparency of European forestry and extractive industries in Africa. The legislation requires the disclosure of payments to governments on a country and project by listed and large non-listed companies with activities in these sectors.

Commenting, Internal Market Commissioner Michel Barnier and Development Commissioner Andris Piebalgs said: “These new measures will improve sustainable business among multinationals active in the oil, gas, mining or logging sectors. It will play a groundbreaking role in the better management of natural resources and in the increase of domestic fiscal resources available to provide basic social services to the citizens. This new legislation will be a strong contribution to the Agenda for Change of European Development policy which aims at equipping developing countries with the tools to foster sustainable and inclusive growth. The Commission establishes itself as an avant-garde in promoting transparency and goes well beyond the US Dodd-Frank act, putting the interests of developing countries at the forefront of this European domestic legislation. This will help to achieve a new step in the quality of our relations with Africa, based on mutual accountability and transparency. We will now continue to take the lead on the international agenda and promote country-by-country reporting in global forum to ensure a coherent level playing field."

Source: European Commission