Natural Resources committee  Well, when we went out to do our consultations, engagement and information sessions with stakeholders over the past year, we heard from industry that because these payments are oftentimes included in impact benefit agreements with aboriginal organizations, they felt it would be useful to defer that particular item so it could be discussed more appropriately with aboriginal communities.

Natural Resources committee  At the G-8 in 2013, the U.K. Prime Minister, Prime Minister Cameron, who was the chair that year, asked that countries, G-8 leaders, contribute to a global standard on mandatory reporting. In this regard, the United States has legislation in the works to bring in mandatory reporting standards.

Natural Resources committee  There's not a formal group, but we do.... In terms of the United Kingdom, they have been sharing with us, as they can, information on their legislation. We have also visited with the U.S. Securities and Exchange Commission. We went down there in the spring, although they're now in the middle of their process, which is a confidential process so they cannot share.

Natural Resources committee  At this point in time, as I noted in my opening remarks, Canada has quite a global reach for its mining and oil and gas industries. What can often happen is this. Our companies that operate in some of these countries—they operate, for example, a mine—pay their taxes and royalties to the government, and then for whatever reason the money does not seem to make it back into the economy of the country.

Natural Resources committee  It will brand them as a responsible resource developer internationally. Canada has a very good reputation, and this will enhance that reputation even further when operating abroad. Domestically, by implementing the same standards at home, it shows that we're walking the talk, which was a commitment that Prime Minister Cameron was looking to G-8 leaders for back in 2013.

Natural Resources committee  Thank you, Mr. Chairman. Thank you, committee members. I have some short opening remarks I would like to make regarding the extractive sector transparency measures act. The act is designed to implement Prime Minister Harper's 2013 G-8 commitment to contribute to global anti-corruption efforts by introducing new reporting and transparency obligations to the extractive sector.