The Draft Law “On Data Disclosure in Extractive Industries” is to be passed till June 2016. This point was emphasized during its discussion at the Verkhovna Rada Committee on Fuel and Energy Complex, Nuclear Policy and Nuclear Safety.
According to Olga Bielkova, Chairman of the Meeting, Deputy Head of the Committee, MP, the discussion was aimed at reaching a consensus among representatives of the government, the private sector and the civil society. “We have to strike a robust balance between the private sector needs and the actual situation in the country. We will have to came up with an agreed version by the end of the meeting”, the MP told.
Olena Pavlenko, President, DiXi Group Analytical Centre, presented her proposals on the regulatory document. She stated that the Law should contain an exhaustive list of data to be provided both by the private sector and by the government. Such measure will help avoid discrepancies which arose during the preparation of the first report within the framework of the Extractive Industries Transparency Initiative (EITI).
“In addition, it is important to determine enforcement instruments to be applied in case of failure to provide necessary information. In the course of preparation of the first EITI Report, 8 companies refused to provide information, another 40 companies disregarded the request as they knew they would not be punished for it. In addition, it is necessary to include precise provisions on responsibility, i.e. which information shall be provided by which body”, noted OlenaPavlenko.
It should be mentioned that the Draft Law “On Data Disclosure in Extractive Industries”, prepared by the Ministry of Energy and Coal Industry of Ukraine with support of DiXi Group Analytical Centre and the International Renaissance Foundation, is aimed at combatting corruption and introducing the European operational standards for extractive industries.
The Draft Law will allow for introduction of international standards and best practices of transparent reporting in the extraction sector pursuant to the EITI requirements.