Mr. Speaker, it truly is my pleasure to participate in the debate on Bill C-474. Our government believes that responsible resource development includes financial transparency and accountability for Canadian companies. This transparency aims to prevent bribery and other illicit payments that lead to corruption. It will help to ensure that any payments made by Canadian extractive industries to foreign governments clearly benefit their citizens.
Canadians understand the importance of transparency, and that is why we take this issue seriously. I know that all members of the House would agree that this type of transparency is good both for developing nations and industry. That is why we are doing our part to achieve these goals.
Canada is the second largest contributor to the extractive industries transparency initiative, which puts in place reporting mechanisms in developing countries to ensure transparency.
We have also introduced a corporate social responsibility strategy that encourages Canadian extractive industries to operate responsibly and transparently worldwide. However, we are doing even more to address transparency and accountability. Our government strongly supports actions that will enable the citizens of developing countries to benefit fully from their nation's resource development. Unlike the NDP, which would rather resources remain in the ground and the economic health benefits ignored, our government is focused on a balanced approach to economic resource development. That is why we have tough rules for companies operating at home and abroad. While the member for Scarborough—Guildwood may intend that this be the overall objective of Bill C-474, the proposed legislation contains serious shortcomings, and our government is currently taking action to create an improved reporting scheme. For this reason, we oppose Bill C-474.
Unlike the member for Scarborough—Guildwood, our government is working with our provincial counterparts, industry, and the international community. This cooperation will allow for the implementation of a robust reporting regime that will demonstrate Canada's international leadership with respect to good governance of natural resources.
Members will recall that this past June, in the lead-up to the 2013 G8 leaders summit, the Prime Minister announced our government's commitment to establish mandatory reporting standards. These standards would require Canadian extractive companies to report on the payments they make to both foreign and domestic governments. Our Prime Minister's continued leadership on this issue is respected on the world stage and contributes to Canada's positive international brand. Our commitment to mandatory international and domestic reporting contributes to an emerging international standard for transparency and accountability in the extractive industries that includes the United States, with its Dodd-Frank Act, and the E.U., with its transparency directive.
The new mandatory reporting regime, announced by the Prime Minister, will focus on the following: improving transparency, ensuring that Canada's framework is consistent with existing international standards and aligns with other G8 countries, ensuring a level playing field for companies operating domestically and abroad, enhancing investment certainty, helping reinforce the integrity of Canadian extractive companies, and helping to ensure that citizens around the world benefit from the natural resources in their countries.
Canada already has a well-established financial recording system that ensures transparency and good governance of Canada's substantial natural resource revenues. The new reporting system will complement existing reporting requirements and will reinforce Canada's role as a strong supporter of transparency and accountability. This initiative will help ensure that the Canadian brand in the extractive sector stays strong. It will reinforce investor confidence in Canadian extractive companies and will have benefits for local communities, which will be able to track payments from local projects to their governments.
Canada is in a strong position to implement positive change globally. Nearly 60% of the world's publicly listed mining companies list on the TSX or the Toronto Venture Exchange, and 70% of the global mining equity capital in 2012 was raised on these two exchanges.
Canadian mining companies have mining interests worth nearly $150 billion invested in more than 8,000 properties in 100 countries. Canada has a strong record, both domestically and internationally, of supporting transparency and accountability in the extractive sector. Since 2007, Canada has supported international efforts through the World Bank's extractive industries transparency initiative. Canada has contributed more than $12 million to the World Bank'S EITI multi-donor trust fund and $10 million to the Extractive Industries Technical Advisory Facility.
Since 2009, the Government of Canada has had a corporate social responsibility strategy in place for Canadian extractive companies operating abroad. Canada has demonstrated its commitment to transparency and good government through its support of such initiatives as the African Union's mining vision, the extractive industries transparency initiative, the Canadian international institute for extractive industries and development, and new strategic partnerships with Peru and Tanzania, designed to help strengthen transparency in their oil, gas, and mining industries, which were announced in June of last year.
Canada's efforts and the recent changes to mandatory reporting standards in the extractive sector demonstrate the Canadian government's support for transparency and accountability. They are also part of a broader effort in which Canada is helping developing countries harness the potential of their natural resources to achieve sustainable economic growth and lift millions out of poverty.
The development of natural resources is an important driver of sustainable economic growth both in Canada and in developing countries. Done right, such development regularly creates jobs, contributes to poverty reduction, and provides governments with revenues to improve the quality of life for their citizens. That is why our government continues to place such a high priority on the related issues of transparency, accountability, and good governance in the extractive sector. Once established, Canada's mandatory reporting regime for the extractive sector will be a powerful tool in addition to many other existing initiatives to realize these objectives.