March 31, 2011
A Royal Dutch chief executive has warned that the development in the events recently that led to oil companies and governments being open to revealing to each other the money flows, might be threatened due to the new US legislation regarding transparency requirements.
The US Dodd-Frank Act is a process that is bound to be commanded by one country that breaks national sovereignty, according to Peter Voser. This entails all US listed companies to reveal all payments to governments and other information on a granular and country by country basis.
He further reiterates, Dodd-Frank treats foreign governments not only as irrelevant, but as a problem and not a solution. It may even require companies to violate sovereign laws to disclose information that the laws do not allow.
Mr. Voser gave a strong opinion on the matter on the year when anti corruption initiatives have been set in stone in many of the most powerful countries all over the world.
A similar pro-transparency initiative may be implemented this year in the UK, the UK Bribery Act, that aims to expose corrupt individuals on London listed multinationals.
Not only was the UK the only country who intends to have pro transparency laws. Germany is trying very hard to get the EU Commission to enact legislation that is like Dodd-Frank, according to Gudrun Kopp, secretary of Germanys ministry for economic development.
These laws puts a heavier regulatory burden on oil and mining companies that lean on having their operations in countries without many transparency laws.
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