Bill
Corporations Amendment (Publish What You Pay) Bill 2014
lapsed, as at 2016-05-09.
- Sponsor
- Christine Milne
- Portfolio
- Not recorded
Recorded stages
- introduced — 2014-10-28
- second reading — 2014-10-28
- other — 2016-04-17
- other — 2016-04-19
- other — 2016-05-09
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-10-28.
The bill would make it compulsory for Australian extractive companies to report payments they make to foreign governments.
Each company would have to break down these payments by the country and the individual project they relate to.
Payments above $100,000 would need to be disclosed in a financial report that ASIC would make available to the public in a format that computers can read.
- It requires extractive companies to disclose payments to foreign governments.
- It sets a $100,000 reporting threshold for individual payments.
- It mandates that reports be published by ASIC in an open, machine-readable format.
- It applies the existing rules on misleading financial statements to these new reports.
Australian public and large proprietary companies in extractive industries such as oil, gas, mining, and native forest logging, along with their subsidiaries.
Sources
em
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