Focusing on corruption

03/05/2012
The oil and gas industry should remain on guard as it works to keep an anticorruption section of the Dodd-Frank financial reform law focused on corruption. The industry must never allow itself to be seen as accommodating bribery in its dealings with foreign governments. Because that image would advance political agendas hostile to oil, however, extremist groups will promote it if given the chance. Section 1504 of the Dodd-Frank bill, requiring disclosure of payments by expatriate oil and gas companies to host-country governments, has bred disagreement over the level of detail. At every opportunity, the industry must point out that the disagreement is about reporting scope, not the need fo...
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