The Standing Committee on Foreign Affairs and Defence is backing extended country-by-country reporting requirements

*A majority of the members of the Standing Committee on Foreign Affairs and Defence, fronted by the Progress Party, the Conservative Party and the Christian Democratic Party, support extended country-by-country reporting requirements.*.


 This implies that a majority of the committee members support the recommendation from the working group appointed by the Ministry of Finance, concerning reporting requirements to supplement the minimum transparency standard applicable within the EU. The working group is of the view that the reporting requirements must, in addition to payments to governments, also encompass, _inter alia_, the reporting of investments, sales income, production volumes, etc., specified by each country in which the reporting entity engages in business activities, and that information needs to be disclosed in respect of the subsidiaries of the reporting entity, together with information on where such subsidiaries are domiciled. The Standing Committee on Foreign Affairs and Defence emphasises that: _"Trust, transparency and respect for human rights in a society are closely interlinked. Trust between people, trust between the two sides of industry, trust in – and between – politicians and trust between buyers and sellers all give rise to better and more sustainable economic growth"_. _"The Standing Committee notes that democracy is at an early stage of development in many countries. It can be difficult for ordinary citizens to hold elected officials accountable for their actions, and ordinary citizens do not have much access to formal or informal power. Moreover, access to resources, welfare, power and human development tends to be different for different groups"._ PWYP Norway finds it gratifying that the Standing Committee on Foreign Affairs and Defence acknowledges the importance of financial transparency within the extractive industries, thus implying that resource-rich countries, whether poor or wealthy, can get access to their own ground rent for purposes of promoting a sustainable future, democracy and human rights. Robust transparency requirements constitute the most important and pragmatic tool for preventing corrupt elites from enriching themselves at the expense of the general public, as well as for ensuring sound and stable markets and societies. This is good news for millions of people living in resource-rich countries. *Needs to be linked to the audited financial statement* PWYP Norway will urge politicians and lawmakers to acknowledge – and demand – that _the information needs to be linked to audited accounting figures._ The information being linked to previously audited accounting figures is the way to _verify whether such information is reliable and correct._ Said information must be included in notes to the financial statement. This is the most logical and least costly measure available to governments. It will simplify reporting, since companies will in such case only have to reproduce previously audited figures from their consolidated financial statements.   *Related matters:* * "Recommendation 420 S (2012-2013) to the Storting from the Standing Committee on Foreign Affairs and Defence": * "Report No. 25. to the Storting (2012-2013): Sharing in Order to Create. Democracy, Fair Distribution and and Growth in Development Policy": _The Standing Committee comprises members from the Labour Party (Laila Gustavsen, Eva Kristin Hansen, Svein Roald Hansen, Sverre Myrli, Tore Nordtun and Helga Pedersen), from the Progress Party (Jan Arild Ellingsen, Siv Jensen, Sylvi Listhaug, Tom Staahle and Torkil Åmland), from the Conservative Party (Janne Fardal Kristoffersen, Ivar Kristiansen and Ine M. Eriksen Søreide, its Chairperson), from the Socialist Left Party (Snorre Serigstad Valen), from the Centre Party (Lars Peder Brekk), and from the Christian Democratic Party (Kjell Arvid Svendsen)._