The Parliament Committee on Environmental Policy, Nature Resources Utilization and Elimination of the Consequences of Chornobyl Catastrophe recommended to adopt the draft Law “On Disclosure of Information in Extractive Industries” in the first reading.
The draft Law was registered with the Parliament of Ukraine on June 17 this year under the No. 4840. It was presented the same day during the roundtable on transparency in domestic extractive industries. The event was organized under the auspices of DiXi Group think tank and the EITI National Secretariat and with the support of the International Renaissance Foundation and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH that represents the Federal German Government.
The work on the draft Law “On Disclosure of Information in Extractive Industries” started in September last year, it was many times discussed with politicians, undertakings and the public. This Law aims, among other things, to facilitate Ukraine’s implementation of the EITI in oil & gas and mining industries, in particular to provide for proper reporting in 2016 and further on. The adoption of this document will:
- provide access to the public to objective information about payments made by extractive companies;
- increase transparency in the activities of undertakings and public authorities receiving payments;
- create favourable conditions for the efficient use and management of mineral resources.