Natural Resources Canada’s (NRCan) Extractive Sector Transparency Measures Act (ESTMA) sets out mandatory reporting measures for the extractive industry. The Act aims to increase transparency and deter corruption by having companies engaged in the commercial development of oil, gas, and minerals publicly disclose each year specific payments made to governments in Canada and abroad.
Publicly-traded extractive sector companies and private companies of a certain size with activities in Canada, must disclose their reportable payments.
“Businesses that meet the requirements must report for financial years starting after June 1, 2015, and submit their information to Natural Resources Canada within 150 days of the end of a company’s fiscal year,” says NRCan in a press release. “These reports must also be made publicly available online for a minimum of five years after submission.”
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