Dáil Éireann Debate, Wednesday - 18 April 2012
57 Deputy Derek Nolan asked the Tánaiste and Minister for Foreign Affairs and Trade if he is aware of the concerns expressed by Irish non-governmental organisations including Christian Aid in relation to the revisions to the accounting and transparency directives currently underway in Brussels; if he will clarify the position of Irish Aid on this issue; and if he will make a statement on the matter. [18048/12]
View answerIn November 2011 the European Commission published proposals for a revision of the EU Transparency and Accounting Directives. One of the aims of the new proposals is to improve transparency among EU multinational companies involved in extractive and logging industries in developing countries. The proposals are also aimed at reducing the administrative burden on small and medium-sized companies. The Minister for Jobs, Enterprise and Innovation is leading the Government's engagement on these proposals, but they are also of relevance for our overall development cooperation programme and international development policies. I am aware of the comments on the proposals by Irish development Non-Governmental Organisations, and their desire to ensure that the proposals will be effective in increasing transparency and accountability in the extractive industry sector.
Among the proposals being discussed is the introduction of a system of reporting by multinational companies of payments to governments, including the reporting of taxes, royalties and bonuses, which would show a company's financial impact in each country. This would provide a better insight into payments to governments by EU multinationals in connection with their work in local oil and gas fields, mineral deposits and forests, leading to increased transparency and accountability.
The EU Competitiveness Council met on 20 February 2012 to discuss the proposals.Discussions are continuing at working group level, and a number of options are being considered. At a recent meeting of the Committee of Permanent Representatives in the European Union, Ireland supported the more ambitious of two suggested transparency reporting options. This would provide for project-by-project reporting by multinational companies. I expect that these proposals will be considered further by the Competitiveness Council and the European Parliament in the coming months.
