Royal Dutch Shell has taken action in an attempt to neutralize planned anti-corruption transparency rules that would force Shell, and other natural resource companies, to disclose all payments to foreign regimes.
By John Donovan
The Financial Times reports that Royal Dutch Shell has taken action in an attempt to neutralize planned anti-corruption transparency rules that would force Shell, and other natural resource companies, to disclose all payments to foreign regimes.
The new rules are intended to cover EU and US quoted businesses.
Their purpose is to identify corrupt regimes receiving major income from extractive industries, including oil and gas, who siphon off the proceeds.
According to the FT, Shell CFO Simon Henry has written to the UK business minister, Norman Lamb, setting out the oil giants concerns and pushing a series of alternative proposals, which would dilute the anti-corruption rules.
By John Donovan
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