Yesterday the Government of Canada proclaimed into force the Extractive Sector Transparency Measures Act (the
Act). The proclamation comes in advance of the G7 Summit on June 7,
2015, and is a follow-through on the 2013 G8 Summit commitment made
by Prime Minister Stephen Harper to establish new reporting
standards for Canadian oil, gas and mining companies. The stated
purpose is to foster better transparency to ensure that the
resource extractive industries support proper development in the
countries where they operate, while at the same time making it
harder to conceal illicit payments.
As discussed in our
post last October, the Act will require affected entities to
report any payments made in relation to the commercial development
of oil, gas or minerals during a financial year that exceed either
the amount prescribed by regulation or, if no amount is prescribed,
$100,000 of the following nature and whether monetary or "in
kind":
