Mr. Speaker, I think it is important for me to take a stand in this House on the principles set out in Bill C-474, which seeks to promote financial transparency, improved accountability and long-term economic sustainability through the public reporting of payments made by mining, oil and gas corporations to foreign governments.
I like to think that everything happens for a reason. This is a subject that is relevant to my own riding of Manicouagan, although the legislative measure before us today deals with the realities of developing countries overseas. The same type of reasoning could be applied to remote regions, particularly to the realities of Indian reserves and land claims negotiations, which I will be talking about in this speech.
The spirit of the proposed legislative measure shows that the expectations of Canadians and the government are changing when it comes to public disclosure and the financial considerations given to governments by proponents of the extractive sector.
This is still relevant today because the federal government directed questions at a mining development promoter in my riding. Information was recently disclosed to the public about a substantial payment that the promoter made to a body of government, a band council. It seems as though $100,000 was handed over—and that number was recorded—in order to look at land claims. This all happened anonymously and behind closed doors.
It is clear why the Bribe Payers Index ranks oil, gas and industrial companies as the 4th and 5th likeliest to pay bribes. Bribes are paid behind closed doors, and that is what is happening in my riding because it is remote and people are not well educated. Influence peddling, insider trading and embezzlement are common in many remote communities and regions.
In light of the current political narrative, which is quick to recognize government-to-government relations, the same type of reasoning can apply to aboriginal matters because the bill before us concerns Canadian promoters who give bribes to foreign governments. However, when we apply this reasoning to nation-to-nation relations and government-to-government relations involving aboriginal peoples, it is obvious that the same type of reasoning can apply locally, here in Canada. Therefore, it is a very worrisome problem at the local and regional levels.
The literature points to an emerging concept, namely, the phenomenon of the curse of resources associated with the lack of transparency in payments made to governments by extractive sector companies. It has been shown that local populations have difficulty holding their government to account when information about the sources and the revenue earned from resources are hidden and, when, from the start, there is no financial incentive for the government to be accountable.
We have talked about this in the House. Transparency within band councils is a timely issue, but too often, the entire population in Manicouagan, and not just the Innu and Naskapi, is left out of these decisions. The deals, the negotiations and the payment of financial compensation are inevitably done quietly. That is why I wanted to speak to this issue today and share everything.
Resource extraction initiatives such as the ones under way right now in Manicouagan raise some serious concerns. That is why I plan to focus on this area in the coming months and the next year. This very clear bill is a step in the right direction in order to expose any wrongdoing, as well as the ins and outs of any bribery of the authorities.