Tougher disclosure rules for resources giants
US-listed corporations in Cambodia, including Chevron, Total, CNOOC and ConocoPhillips, that are engaged in extractive industries are now required to comply with additional transparency rules. The US Securities and Exchange Commission (SEC) implemented new regulations last week, two years after the legislation was initially passed by Congress. Cambodian monitors have lauded the new requirements and even suggested further implementation of such measures by the Cambodia government, but industry analysts have said the developments may do nothing more than push illicit activities further underground. … The SEC now requires the disclosure of all specific payments during all phases of development, including taxes, royalties, fees and licences, production entitlements, bonuses and signature bonuses, dividends and infrastructure improvements. …
