Invitation goes out to: regulators, legislators, standard/guidance setters, auditors/professional bodies, preparers, industry representatives, investors, media organisations, unions, journalists, NGOs and other interested users of financial information.
Oil platforms Stafjord A and Statfjord C in the North Sea. (Foto: Jo Christian Oterhals (CC BY-NC-ND 2.0)/Flickr.jpg
When: 6th December, 14:15 - 16: 30
Where: OsloMet, Pilestredet 46. Room PA 301.
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Background and rationale for the roundtable
Recently, the European Parliament held an event, “Beating the Resource Curse: Is the EU Oil, Gas and Mining Transparency Legislation Fit for Purpose”, together with Transparency International and PWYP.
The event focused on the current state and review of the EU Accounting Directive with regard to the transparency and accountability requirements for the extractive sector. The event was co-hosted by MEPs Sergio Cofferati (S&D), Pascal Durand (Greens/EFA) and Evelyn Regner (S&D), and brought together representatives of the European Parliament and the European Commission as well as industry representatives and civil society from resource rich countries to exchange views on the implementation of the legislation and possible improvements.
The legislation was adopted in 2013 and requires large oil, gas, mining and logging companies listed and registered in the EU to disclose their revenue payments to the governments of the countries they are active in on a country– by – country basis.
The European Commission is currently carrying out a review of the legislation and should publish its findings and recommendations in the first half of 2019.
Louise Crawford, professor of Accounting at Newcastle University and Jim Haslam, professor of Accounting at Sheffield University Management School are parts of independent academics in the EU, the STAR collective, who has made the EU wide assessment of the EU CBCR legislation.
In Norway, PWYP Norway has analysed the effectiveness of the Norwegian CBCR regulation by analysing Norway’s largest oil company over four accounting years, Equinor, previously known as Statoil. The 2018 analysis is the fourth analysis by PWYP Norway.
A new EU –commission will be elected in the spring of 2019, and its priorities and how it will follow up the work after the evaluation, is yet unknown.
Purpose of the roundtable
- We would like to gather relevant stakeholders in the field around the same table so that everyone can access the same up to date information and evaluate whether or not the legislation in the EU and in Norway is “fit for purpose”.
- We would like to present the technical sides of the legislation in order to clarify, which weaknesses exist in the current CBCR legislation in the EU, and if the Norwegian extended CBCR is able to remove such weaknesses, if implemented in the EU.
- Share knowledge, experiences, and relevant and necessary comments.
Agenda for the roundtable
|14:15 – 14:30||Welcome and Introductions|
|14:30 – 15:00||Professor Louise Crawford and Professor Jim Haslam: |
The EU's extractives' transparency legislation five years later: Use of data and first findings: “Exploring the effectiveness of EU law concerning payments to governments reports (10/10/18)
|15:00 – 15:30|
Mona Thowsen, secretary general PWYP Norway:
What is the extended CBCR? What is the status of the Norwegian legislation in Norway? What is missing for it to be fit for purpose?
|15:30 – 15:50||Frian Aarsnes, state authorized accountant, director ECON |
The Norwegian extractives' transparency legislation four years later: PWYP Norway's use of data and findings over four accounting years:
|15:50 – 16:00|
Johan Hermstad, director, Norwegian Council for Africa
Why do we need an extended contry by country reporting?
|16:00 – 16:30|
The full recording of the event is uploaded on the You Tube challel of TI International: https://www.youtube.com/watch?v=VJgVdh9WJV8
The legislation was adopted in the EU 2013 and requires large oil, gas, mining and logging companies listed and registered in the EU to disclose their revenue payments to the governments of the countries they are active in on a project-by-project basis. In Norway, the Ministry of Finance adopted the legislationon 20 December 2013.