Federal Government Passes Disclosure Law for Oil, Gas and Mining Companies
On December 16, 2014, the Extractive Sector Transparency Measures Act, contained with the omnibus budget Bill C-43, received Royal Assent. The Act is intended to deter and detect corruption by requiring companies to report payments they make to governments in Canada and abroad. The federal government is implementing the measures as part of international efforts to improve transparency surrounding payments made by companies in the oil and gas and mining sectors to governments. This Bill has only one remaining step for it to become law, which is the Governor in Council making an Order in Council bringing the law into force. There is no timeline for the publication of such an Order in Council—although, based on previous statements by government representatives, we expect that the Act will be brought into force around June 2015.