Corruption
This article is republished from the Mail & Guardian with permission from the author. This is part of a larger blog series on transparency in the extractives industry. Stay tuned for more updates on this topic.
Twelve years ago, Equatorial Guinea made world sports headlines in the Sydney Olympics when Eric Moussambani posted the slowest record for swimming the 100m freestyle at an Olympic competition.
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Paul Bugala, Senior Sustainability Analyst for Extractive Industries at Calvert Investments, explains why Wall Street and the developing world need mandatory oil and mining payment transparency. This piece is part of a larger blog series on transparency in the extractives industry. Stay tuned for more updates on this topic.
Imagine you had to make one decision that could change your community and livelihood dramatically. Wouldn’t you want to be 100 percent sure your decision created the best opportunities possible for you and your family?
On the flip side, what if that decision involved an investment of millions of dollars? You would want all the information you could find about the possible outcomes and risks of your decision, wouldn’t you?
Today, across the globe, citizens of resource-rich yet poor countries and investors in oil, gas and mining companies have a problem just like this. These odd couples both need to make very important decisions about natural resource projects and the companies that undertake them, but they don’t have enough information to make sure their choices are right.
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This piece is part of a larger blog series on transparency in the extractives industry. Stay tuned for more updates on this topic.
As you know, we have a campaign on transparency in the extractives industry in the works. So what better way start our action than with a little affirmation from some of our Senate champions?
In a letter sent Tuesday to Chairwoman Mary Schapiro of the US Securities and Exchange Commission (SEC), Senators Ben Cardin, John Kerry, Patrick Leahy, Carl Levin and Charles Schumer expressed their concern over the delay in releasing the rules to implement Section 1504 of the Dodd-Frank Act, also known as the Cardin-Lugar Amendment. They encouraged the Commission to release a rule that clearly reflects the spirit and letter of Cardin-Lugar.
Among the issues they emphasized is the vital importance of ensuring that the new rule applies to all countries and companies with no exceptions. They explained that “any exemptions would not only encourage other countries to enact laws reducing transparency and start a ‘race to the bottom,’ but would also create a dangerous precedent, by making the U.S. lawmaking process subservient to governments around the world, including dictators who do not share our commitment to transparency, good governance, and the rule of law.”
They asserted that “greater transparency will discourage corruption, reduce conflict and enhance stability” and cite language in the recently passed 2012 budget spending bill to reiterate the SEC’s responsibility to “stay the course.“
SEE ALSO: By the numbers — the fight for oil and mining company transparency
The Committee notes that under the Dodd-Frank Act, public companies are required to provide disclosure to the SEC in matters involving conflict minerals, extractive industries, and mining safety matters. The Committee understands that the SEC will be implementing the requirements, as directed, in the coming months.”
Click here to read the full text of their letter and stay tuned as we track developments in the SEC’s decision and alert you to actions you can take to participate in our anti-corruption campaign.
Ian Gary, senior policy manager for extractive industries at Oxfam America, takes a look at the facts and figures of corruption in Africa. This piece was originally published on the Politics of Poverty blog. This is a part of a larger blog series on transparency in the extractives industry. Stay tuned for more updates on this topic.
1504 : Section in Dodd-Frank Wall Street Reform Act requiring companies to disclose taxes, royalties, and other payments made to the US and foreign governments
1.5 billion: People living on less than $2 a day in “resource-rich” countries
$30 million: Value of Malibu mansion owned by Teodoro Nguema Obiang, son of oil-rich Equatorial Guinea’s dictator
1: Number of white crystal-covered “Bad Tour” gloves in Teodoro’s Michael Jackson memorabilia collection valued at $3 million (See “US vs. One Crystal-Covered ‘Bad Tour’ Glove” court filing.)
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Feb 1st, 2012 3:09 PM UTC
By Field
Regional Field Organizer Tzviatko Chiderov reports on a letter-writing event in Chicago yesterday. This piece is part of a larger blog series on transparency in the extractives industry. Stay tuned for more updates on this topic.
We had a great event for ONE members in Chicago yesterday. A group of all ages and backgrounds gathered at Robert Morris University downtown to hear what ONE is all about, learn of our objectives for the new year, see living proof of smart, effective foreign aid, and find ways to get more involved in their communities.
In fact, almost all of our attendees took several important actions during the hour-long meeting. They wrote letters to the US Securities and Exchange Commission in support of greater transparency, and encouraged the Commission to pass a strong rule requiring companies to disclose payments made to foreign governments for access to their natural resources.
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Tens of thousands of supporters of South Africa’s ruling party, the African National Congress (ANC), rallied to celebrate the ANC’s 100th birthday this weekend. The ANC was established in 1912 in the central South African city of Bloemfontein, where the celebrations were held.
ANC members during the early days
The ANC is credited with being the first inclusive African liberation movement, uniting South Africans from diverse ethnic and economic groups. The ANC led the opposition to apartheid, the state-enforced racial segregation that persisted in South Africa from 1948 to 1994.
The government’s ban on organized opposition meant the ANC was soon classified as a terrorist organization, and many top ANC leaders spent decades in South Africa’s prisons. Most notably, Nelson Mandela served 27 years in prison before leading negotiations that led South Africa to a multi-racial democracy.
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This piece was originally published on ONE’s Africa Blog.
The Africa Youth Trust (AYT) is the last of our five finalists to reveal before we announce the winner of the 2011 ONE Africa Award!
AYT was founded by a group of five young people in 2005, all working in different sectors, but with a common interest to profile the youth agenda. They recognized that scattered initiatives, which they were all individually involved in, were not going to be powerful enough to bring about change. With this understanding, they combined their efforts, and today their model promotes partnerships between the younger and older generation with a focus on economic empowerment and governance. Three of the original founders are still involved with AYT today.
AYT staff and network members
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