SEC Requires Energy, Mining Firms to Report Government Payments
U.S.-listed energy and mining companies must report what they pay each country in which they tap resources in a rule adopted by the Securities and Exchange Commission.
SEC commissioners voted 2-1 today to compel public disclosure of taxes, royalties and fees paid to any government - - including the U.S. -- by so-called extractive industries companies for access to resources. SEC Chairman Mary Schapiro, who formerly served on the boards of Duke Energy Corp. (DUK) and Cinergy Corp., and Republican Commissioner Troy Paredes recused themselves from voting on the final rule.
The initial disclosures must be filed for fiscal years ending after Sept. 30, 2013.
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