A majority of leading oil and gas companies are far from transparent when it comes to the payments they make to resource-rich countries.
It’s leaving the door open to corruption and hampering efforts to fight poverty, according to a report published today by Transparency International (TI).<br><br>What they say<br><br>TI’s report shows that revenue reporting on a country-by-country basis, which is identified as best practice, is possible. As the companies with best results show, transparency and profitability are not mutually exclusive. To the contrary, greater transparency can enhance confidence in the financial markets and with stakeholders. “Revenue transparency is a win-win equation,” said Cobus de Swardt, Managing Director of TI. “The benefits to all, especially the world’s poorest, can be enormous.”<br><br>“We hope that this report helps motivate companies to improve their revenue transparency and that they understand that civil society stands ready as a constructive partner in this process," de Swardt added.
The FT reported:<br><br>http://www.ft.com/cms/s/0/bb16e91e-154b-11dd-996c-0000779fd2ac.html?nclick_check=1
