Enhancing transparency

The American Petroleum Institute is pressing an effort it has led to enhance transparency of oil-company payments to host-country governments without compromising expatriate deal-making. International work and disclosures about it both will benefit if the group succeeds. In July, API and others, including the Independent Petroleum Association of America, won a legal challenge to a US Securities and Exchange Commission requirement that companies in extractive industries disclose payments to foreign-country governments at the project level. The SEC imposed the requirement under Sect. 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Required disclosures API, IPAA, and t...

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