EXTRACTIVE INDUSTRY TRANSPARENCY INITIATIVE PRINCIPLES

Early day motion 1444, tabled 10 February 2011 by Eric Joyce (Labour). Signed by 11 members.

That this House upholds and applauds the Extractive Industry Transparency Initiative (EITI) principles which state that the prudent use of natural resource wealth should be an important engine for sustainable economic growth that contributes to sustainable development and poverty reduction; notes that if natural resource wealth is not managed properly, negative economic and social impacts will likely follow; expresses concern over the removal of the Kolwezi and Frontier mines from First Quantum Minerals by the government of the Democratic Republic of Congo (DRC), particularly in light of the EITI Principles and DRC's current status as an EITI Candidate country; further notes with concern the involvement of UK-listed companies now in possession of the Kolwezi mine; calls on the UK Government to bring legally-binding measures for UK-listed extractive companies to report their payments to foreign governments to create a new standard of global extractive industry transparency, building upon requirements contained in the US Dodd-Frank Wall Street Reform and Consumer Protection Act (July 2010) which requires companies engaged in oil, gas and mining extraction to report country and project-specific payment data in their annual filing to the US Securities and Exchange Commission; and recognises that this new standard of transparency will not only reduce opportunities for embezzlement, but will help shelter companies from the costs of bribery and corruption creating a more level, stable and transparent playing field in which to operate.

Signatures by party: Labour 6, Liberal Democrat 4, Plaid Cymru 1.