Thank you.
Under the extractive industries transparency initiative, for example, which has now been endorsed by the G-8, by the G-20, and has wide support, including from the Canadian government, which is contributing to the trust fund that helps countries with implementation of the EITI, there is a strong recognition of the value of the transparency of payments from companies to governments in resource-producing countries. This is a way to increase the accountability of the government's management of those moneys and to reduce the risk that payments are diverted for self-enrichment and other corrupt purposes. The logic for supporting this transparency is that if the revenues that are generated from the extractive resources are spent for the public benefit by the recipient state and government officials, the business environment will be better, the political environment will be better, and everybody gains--the consumers, the importers, the investors, and the citizens of the resource-rich countries.
I'm surprised.... As I say, the International Accounting Standards Board is working on an accounting standard. The U.S. Senate just considered setting transparency standards. The IFC already has a transparency requirement related to any of its extractive investments, co-investments with companies, and the U.S. Overseas Private Investment Corporation, OPIC, has this transparency requirement, using the IFC and the EITI standard as a reference point. It seems to me, then, that it would be logical to include this provision in Bill C-300, since it moves in the same direction of meeting international best practice and enforcing it when Canadian public moneys are at risk.