"Publish What You Pay" Guidance Finalized

Natural Resources Canada has finalized its implementation tools for the Extractive Sector Transparency Measures Act (ESTMA), which was proclaimed into force in June 2015. Commonly known as the "publish what you pay" standards, ESTMA establishes mandatory reporting standards for payments made by Canadian extractive companies to governments worldwide.

The finalized implementation tools include a Guidance document, Technical Reporting Specifications, a Reporting Template and a Contact Form. The Guidance provides general information and examples with respect to the scope of commercial development of oil, gas and minerals, which entities are subject to ESTMA and therefore must report, what type of payments must be reported and where substitution with another jurisdiction's reporting requirements may be acceptable. For example, the Guidance confirms the following: