In April of this year, the Government of Canada issued a
Consultation Paper regarding mandatory reporting standards for
extractive industry companies, requiring disclosure of payments to
foreign and domestic governments (the proposed reporting
standards). In the Consultation Paper, the Government
indicated that the proposed standards would apply to payments by
extractive industry companies to domestic and foreign governments,
including Aboriginal entities. The proposed reporting standards
were the subject of a previous
On August 26, 2014, the Minister of Natural Resources, Greg
Rickford, reiterated the Government's intention to implement
the proposed reporting standards in the course of the next year,
but announced that it had decided to defer by two years the
requirement for extractive industry companies to report payments to
Aboriginal entities. The reason for the deferral was stated to be
to allow time for further consultation with Aboriginal groups
regarding the proposed standards.1
The announcement represents a significant modification to the
Government's plans and it remains to be seen whether certain
rules are adapted to reflect concerns articulated in the course of
an ongoing consultation process with aboriginal groups. However, it
should not be forgotten that in all other respects, the Government
intends to move forward quickly with the implementation of the
proposed reporting standards.
The Government's stated intention is to have mandatory
reporting in place by April 2015, preferably through provincial
measures adopted under the auspices of securities legislation.
Failing the timely adoption of such provincial measures, the
Government of Canada has vowed to adopt federal legislation. To
date, no province has yet adopted any relevant measures, or
released any proposed measures. It is, therefore, reasonable to
expect that federal legislation will indeed be necessary and that a
bill will be tabled in Parliament in the coming session.
Dentons Canada continues to work closely with our global
colleagues to monitor developments and provide clients with
practical solutions and market-leading compliance strategies.
1 Natural Resources Canada, News Release,
"Our Resources, New Frontiers: Canada's energy and mines
ministers discuss responsible resource development and priorities
for the upcoming year" (26 August 2014).
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