Early day motion tabled by primary sponsor Eric Joyce (Labour), on Thursday, 10 February 2011, in the House of Commons. It is signed by 11 members in total.

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EXTRACTIVE INDUSTRY TRANSPARENCY INITIATIVE PRINCIPLES

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.

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Secondary information

Type

Early day motion

Reference

1444 

Session

2010-12

Other sponsors

Lord Bruce of Bennachie

Tony Lloyd

Jeremy Corbyn

Mike Hancock

Hugh Bayley

Subjects

Africa

Link

View this Early day motion on www.parliament.uk