Well, Mr. Chairman, let me deal with that important question. Bill C-43 fulfills Canada's 2013 G-8 commitment to establish reporting standards for the extractive sector by next year.
Our government is committed to improving transparency and accountability in the extractive sector, where Canada has a world-class reputation. I had the opportunity of travelling around the world representing our country when I was the Minister of Natural Resources, and I can attest to that directly.
Our government's commitment builds on Canada's reputation as a global leader in responsible resource development, and already the sector has a well-established financial reporting system that ensures transparency and good governance of natural resource revenues.
The new reporting system will complement existing reporting requirements and will be established with a view to improving transparency, ensuring as well that Canada's framework is aligned with other G-8 countries and is consistent with existing international standards, particularly those of the United States and the European Union. It will also ensure a level playing field for companies operating domestically and abroad. It will enhance investment certainty and help reinforce the integrity of the Canadian extractive companies. Finally, it will help ensure that citizens around the world benefit from the natural resources in their countries.
The government's pan-Canadian approach will require Canadian extractive companies to publicly report payments of $100,000 and over to all levels of government, both domestic and abroad, including aboriginal entities, on a project-by-project basis. This approach would apply to public and private and medium and large mining, oil, and gas companies operating in Canada.