Obama Highlights Anti-Corruption Measure for Mining and Energy

Posted by Michael Connor • September 25, 2010 • Printer-friendly

by Michael Connor

A new U.S. measure designed to combat corruption in resource-rich countries by requiring mining and energy companies to disclose payments to foreign governments was highlighted this week by U.S. President Barack Obama in a speech at the United Nations Millennium Development Goals Summit in New York.

The requirement is a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by Mr. Obama in July.

Section 1504 of the Act mandates that publicly -held “resource extraction” companies disclose, in their annual reports to the U.S. Securities and Exchange Commission, information regarding payments made to any foreign government or the U.S. federal government for the purpose of the commercial development of oil, natural gas or minerals.

Find out more at: http://business-ethics.com/2010/09/25/4978-obama-highlights-anti-corruption-measure-on-mining-and-energy/