Oil Industry Payments to Governments Still Lack Transparency
by Robert Kropp
Five years after passage of Dodd-Frank, a report by Oxfam America finds that payments by the US
industry to developing nations lack the transparency to ensure that governments are using them for
the benefit of citizens.
SocialFunds.com --
When the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the US Senate in
2010, it contained two provisions aimed at improving the corporate social responsibility of
companies in the extractives industries. One, which requires that US corporations disclose whether
their products contain conflict minerals, was enacted by the Securities and Exchange Commission in
2012; in 2014, the first year in which reporting was mandatory, 1,315 companies from 58 industries
submitted filings.