Bishop of Worcester- Extractives Industry (Written Answer)

On 25th March 2015, the Bishop of Worcester, Rt Revd John Inge, received answers to written questions on regulation of the extractives industry:

WorcesterThe Lord Bishop of Worcester: To ask Her Majesty’s Government what measures they will take against extractives industry companies which seek to subvert the intention behind the Reports on Payments to Governments Regulations 2014.

Baroness Neville Rolfe (Parliamentary Under-Secretary of State for Business, Innovation and Skills): The Government expects companies to comply with the requirements of the Reports on Payments to Government Regulations 2014.

The Regulations, which came into effect on 1 December 2014, set out the enforcement and penalty regime for any company that fails to comply in part or in full. It is a matter for the company to ensure that it is fully complying with the requirements. On a criminal conviction for not doing so the penalty may be a fine or a term of imprisonment for the directors of the company.

Reports made annually by companies under these Regulations will be published on Companies House website where both government and other interested parties will be able to consider the reports and their accuracy.

(via Parliament.uk)

Lord Bishop of Worcester: To ask Her Majesty’s Government what measures they will take to ensure that United Kingdom extractives industry companies do not interpret the requirements of the Reports on Payments to Governments Regulations 2014 in a way that will enable corrupt payments in resource-rich countries to stay hidden.

Baroness Neville-Rolfe: The Government expects companies to comply with the requirements of the Reports on Payments to Government Regulations 2014.

The Regulations, which came into effect on 1 December 2014, set out the enforcement and penalty regime for any company that fails to comply in part or in full. It is a matter for the company to ensure that it is fully complying with the requirements. On a criminal conviction for not doing so the penalty may be a fine or a term of imprisonment for the directors of the company.

Reports made annually by companies under these Regulations will be published on Companies House website where both government and other interested parties will be able to consider the reports and their accuracy.

(via Parliament.uk)

Lord Bishop of Worcester: To ask Her Majesty’s Government whether they will endorse the United Kingdom extractives industry’s guidance on the Reports on Payments to Governments Regulations 2014 if that guidance could in any way enable corrupt payments in resource-rich countries to stay hidden.

Baroness Neville-Rolfe: Any guidance that is produced by industry is for the use of the companies within that sector.

Any company completing a report on payments made to government must be confident that they have met the requirements of the regulations and where appropriate taken independent legal advice.

(via Parliament.uk)