The Extractive Sector Transparency Measures Act (the
Act) was proclaimed in force by the Government of Canada on June 1,
2015. As a result, Canada has joined the ranks of the EU, UK and US
in promoting transparency and accountability in the extractive
sector. The Act, a surprisingly swift response to promises made by
Prime Minister Stephen Harper at the 2013 G8 Summit, establishes
new mandatory reporting standards for exploration and commercial
companies that develop oil, gas or minerals. The Act is intended to
deter and detect corruption by implementing rigorous and
transparent public reporting obligations. While the Act sets out
the reporting framework, a reporting template and guidance
documents will provide further compliance instructions once they
are made available. Until these details are published, companies
are left with an incomplete understanding of the full requirements
of the Act.
