From Desert to Deluge? Preparing for Increasing Financial Openness in the Energy and Mining Sectors

In the EU, US, Canada, and Norway, new laws requiring stricter mandatory disclosures about financial flows between natural resource companies and governments could reduce the risk of Petrobras style scandals. In the UK, for example, all LSE listed oil, gas, and mining companies must as of 2016 disclose tax, royalty, and other payments on a country-by-country and project-by-project basis. In the US, Dodd-Frank (Section 1504) requires similar disclosures but has yet to be implemented.
 
This event explored approaches to increasing transparency in the oil/gas and metals/mining industries from government, corporate, and civil society perspectives. The discussion aimed to educate investors as to the value of transparency in the extractive industries and how they can support increased openness to improve investment returns. We addressed such key questions as the role of global standards and national regulations in improving transparency and the means through which investors can evaluate and lobby for increased transparency. How effective are voluntary solutions such as the Extractive Industries Transparency Initiative and good governance practices? What role can investors play in supporting mandatory disclosure requirements? How can analysts best use new data available in 2016?

Participants: 

H.E. Luis Miguel Castilla, Ambassador of Peru to the United States
Ian Gary, Oxfam America
Michael Jarvis, World Bank
Reg Manhas, Kosmos Energy
Bryan Luther Carter, BNP Paribas Asset Mgmt

Co chairs: 

Bryan Luther Carter, BNP Paribas Asset Mgmt
Anjali Doshi, TIAA CREF

Host Commitee Members: 

Roger Aquino, Morgan Stanley
Carla Buffulin, AIG Investments
Alfred Castaneda, Ladenburg Thalmann
Amelie Derosne, Societe Generale
Alison Graham, Voltan Capital Management
Matthew Hildebrandt, Eaton Vance
Jasbeena -, Syena Capital
Frank Laurents, Fitch Ratings
Eric Lindenbaum, Fidelity Investments
Simon Mandel, Auerbach Grayson
Eleanor Mapa, CIBC World Markets
Asha Mehta, Acadian Asset Management
Patricia Medina, ING Investment Management
Manica Piputbundit, TIAA CREF
Edgardo Sternberg, Loomis Sayles
Marcy Swank, Unicredit Bank AG
Albert Yuen, Kariba Capital