Updates on the Extractive Sector Transparency Measures Act
August 17, 2017 at 10:51 AM
The following has been provided by Natural Resources Canada (NRCan). For more information, please visit the NRCan website.
With the first ESTMA reporting cycle coming to a close, Natural Resources Canada (NRCan) is pleased to announce that, as of August 10, 2017, links to 683 individual, consolidated, and substituted reports have been published on the NRCan website. For your information, a number of updates have been provided below. In addition, please note that the ESTMA team is now working on several deliverables that will be available in the coming months, including a summary the results of the electronic survey that was sent out in June and a report on the first year of transparency reporting.
ENROLING WITH NRCAN & ‘NIL’ REPORTS
In addition to the links to reports already published, many companies have notified NRCan that they had no reportable payments (i.e., a “NIL” ESTMA Report) following the end of their 2016 financial year. Please note that reporting entities with no reportable payments for the year are not required to file or publish a “NIL” Report, they must only inform NRCan via email.
ESTMA officials will be following up with the remaining companies that have not yet contacted NRCan for the purposes of ESTMA reporting in the last reporting cycle. Companies meeting the criteria of “Reporting Entity” under section 8 (1) under the Act that have not yet enrolled are encouraged to do so as soon as possible. Steps for enrolling are available here.
NEW COMPLIANCE FAQs
NRCan has updated the ESTMA FAQs to include additional questions based on common stakeholder comments and inquiries, as well as new information on NRCan’s approach to compliance monitoring and enforcement. The compliance FAQs include NRCan’s validation checklist, which has been published at the following link. Please note that while links to reports that meet the checklist’s requirements have been published on the NRCan website, published reports remain subject to additional compliance reviews and corrective measures may be ordered as necessary. Work on compliance policies and processes is ongoing and additional information will be made public when possible.
UPDATING THE ESTMA IMPLEMENTATION TOOLS
NRCan is endeavouring to update the ESTMA Guidance, Technical Reporting Specifications and reporting template based on lessons learned and best practices from the first year of reporting. NRCan welcomes your feedback on specific items requiring additional guidance. To provide feedback or to schedule a call, please contact NRCan via email.
NRCan will continue to undertake compliance promotion and outreach activities through 2017-18. ESTMA officials will be available in Montreal in September (date to be confirmed). Please respond to this email to indicate your interest in participating in an information session in Montreal. Additional opportunities to meet with NRCan in person will be sent out as they become available.