Download the full outcome
Detail of outcome
The government response sets out how the government will implement chapter 10 of the Accounting Directive (2013/34/EU) requirements in the UK. The government has decided that:
- in line with the Prime Minister’s G8 commitment we will introduce regulations later in 2014
- companies will be required to report payments to governments for financial years from 1 January 2015
- the regulations will detail the penalty regime, which is based on existing offences in the Companies Act 2006
The regulations remain subject to drafting and technical changes. We are publishing them for information and to support the Financial Conduct Authority’s upcoming consultation on rule changes to implement Directive 2013/50/EU on transparency.
Detail of feedback received
We received 31 responses including 8 letters of support for the response from Publish What You Pay UK.
This consultation is relevant to:
- large UK registered extractives companies active in the mining, gas, oil and logging of primary forest sectors
- UK listed extractives companies
- civil society organisations with an interest in extractives transparency
The European Union recently introduced new reporting requirements for large companies operating in the extractive industries - that is those engaged in the mining, oil, gas and forestry sectors and logging of primary forests. The requirements are set out in chapter 10 of the new Accounting Directive (2013/34/EU). These requirements support the government’s ambition for strong extractives reporting.
This consultation seeks views on the proposed options for implementation of extractives reporting requirements. Comments on the obligation imposed on listed extractives companies by the Transparency Directive and on the interaction between the Accounting and Transparency Directives are also welcomed.
The European Commission has published its consultation on equivalency. The consultation closes on 10 October 2014 and responses may be sent directly to the Commission and copied to firstname.lastname@example.org.