Tullow Opens Up in Coup for Transparency Advocates<\/p>\n
TRANSPARENCY<\/strong><\/p>\n There was a groundbreaking moment this week as Tullow Oil, a London-based, Africa-focused company, disclosed the\u00a0payments it makes to foreign governments<\/a>.<\/p>\n In doing so, Tullow, a major player in the\u00a0push for oil in Uganda<\/a>, became a pioneer. It is the first oil or mining company to report such payments at a project-by-project level.<\/p>\n As The Wall Street Journal\u2019s\u00a0Samuel Rubenfeld<\/a>\u00a0explains, Tullow laid out what it paid in taxes, license fees, infrastructure improvements and bonuses, as well as voluntary disclosures it made such as the amounts in value-added and withholding taxes it paid per project.<\/p>\n This is the first fruit of\u00a0a European Union directive<\/a>\u00a0approved in June 2013 that echoed and in some cases went further than the U.S.\u00a0Dodd-Frank<\/a>\u00a0Act. All 28 EU member states are required to have project-level disclosure legislation in place by July 2015, so Tullow\u2019s move puts it ahead of the game.<\/p>\n For activist groups such as\u00a0Global Witness<\/a>, Tullow\u2019s disclosure puts pressure on its peers and \u201cblows a hole in the\u00a0argument made by some oil companies<\/a>\u00a0that project-level reporting will impose a heavy burden on business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Tullow Opens Up in Coup for Transparency Advocates TRANSPARENCY There was a groundbreaking moment this week as Tullow Oil, a London-based, Africa-focused company, disclosed the\u00a0payments it makes to foreign governments. In doing so, Tullow, a major player in the\u00a0push for oil in Uganda, became a pioneer. It is the first oil or mining company to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[30,26],"tags":[45,57],"_links":{"self":[{"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/posts\/2851"}],"collection":[{"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/comments?post=2851"}],"version-history":[{"count":1,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/posts\/2851\/revisions"}],"predecessor-version":[{"id":2852,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/posts\/2851\/revisions\/2852"}],"wp:attachment":[{"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/media?parent=2851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/categories?post=2851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.corporatediplomacy.com\/wp-json\/wp\/v2\/tags?post=2851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}