Leader of the Standing Committee on Finance and Economic Affairs, Hans Olav Syversen (Christian Democratic Party), submitted a proposal from a united Parliament today, making sure companies have to report from tax havens. Photo: Christian Democratic Party
Thursday evening, all the parties in Parliament agreed to strengthen the work on financial transparency. A great victory for transparency, and an important step in the right direction, PWYP Norway says.
Statoil has polluted the numbers in their first country-by-country report.
The Norwegian regulation is clear: It is the production activities that should be reported on for each country. PWYP Norway’s analysis show that Statoil in its reporting has allowed numbers from downstream operations to be mixed with the numbers from upstream operations.
Statoils head office in Oslo. Photo: Eline Helledal
The law of country-by-country reporting was implemented in Norway January 1st 2014. For the first time the companies reports for the account year of 2014. Statoil is the first company. This is an important result of ten years of work for transparency, and it is not yet over.
On the evening of the 5th of December, the Norwegian Parliament passed a new legislation that can ensure more transparency on the operations of Norwegian companies’ enterprises abroad. The new regulation on country-by-country reporting requires Norwegian companies in the extractive and forestry industries to report some essential accounting figures.
-The Norwegian State’s own oil company tries to strangle new regulation that can hinder corruption and tax evasion, writes Norwegian newspaper Klassekampen.
-Statoil has gone from being an advocate for transparency to be saboteurs of the openness we want, says Norwegian Minister of Development, Heikki Holmås, to the newspaper.
Last night the U.S. Congress voted in favour of sweeping financial reforms which include a landmark provision requiring oil, gas and mining companies registered with the U.S. Securities and Exchange Commission to publish how much they pay to foreign countries and the U.S. government.