Oil, Mining Companies Must Disclose Payments To Foreign Govts
From NY Times
Despite stiff industry lobbying against it, the Securities and Exchange Commission voted 2 to 1 on Wednesday to require American oil and mining companies to disclose taxes and other fees they pay to foreign governments. The disclosures are aimed at curbing corruption, which is common in some major oil-producing nations.
Human rights and business transparency groups supported the rule, which fulfills a section of the Dodd-Frank financial reform law. It will apply to about 1,100 companies and cover any payment they make that is over $100,000, including dividends and construction improvements, beginning in fiscal year 2014.