European Commission officials announced legislation Tuesday that would require extractive industry and forestry companies to disclose payments they make to foreign governments.
The legislation, which was telegraphed in a May statement from EC President José Manuel Barroso, would require both listed and non-listed companies to disclose the payments country-by-country, and when sums are allocated to a specific project, said Michel Barnier, commissioner for Internal Market and Services, during a press conference.
“We are going further and being stricter than any country in the world, and I’m watching what’s being done in the U.S. on this subject,” Barnier said, according to an English translation from the video.
To become law in the European Union, the legislation has to be approved by the European Parliament and by member states.
Barnier said the European legislation would cover about 600 companies, about one-third of which list their shares.
