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Transparency Matters Disclosure of Payments to Governments by Chinese Extractive Companies

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Transparency Matters Disclosure of Payments to Governments by Chinese Extractive Companies Transparency Matters Disclosure of payments to governments by Chinese extractive companies January 2013 Acknowledgements We would like to thank the following people for their contribution: • Adina Matisoff, Researcher, Friends of the Earth-US • Chaoni Huang, Head of Business Development, Trucost • Dr Xinting Jia, Principal, Mercer • Hans-Ulrich Beck, Global Director, Research Products, Sustainalytics • Karl McAlinden, Project Manager, Institute of Public & Environmental Affairs, IPE • Kwai San Wong, Governance and Sustainable Investment analyst, F&C Investments • Liang Xiaohui, Chief Researcher, Office for Social Responsibility, China National Textile and Apparel Council (CNTAC) • Professor Guo Yi, Beijing Technology and Business University (BTBU) • Saskia van den Dool-Gietman, Senior Advisor Responsible Investment, PGGM Investments Researched & written by: Dr. Guo Peiyuan, Dylan Meagher, Wu Yanjing and Anna-Sterre Nette, SynTao Edited by Global Witness JANUARY 2013 | TRANSPARENCY MATTERS 1 Contents 1. EXECUTIVE SUMMARY ...................................................................................................................................2 2. INTRODUCTION .................................................................................................................................................4 China’s quest for extractive resources .............................................................................................................4 Corruption in resource-rich countries .............................................................................................................4 Improved disclosure for the resource extractive industries .............................................................................4 A special role for the Shanghai Stock Exchange? .............................................................................................5 Global Witness ................................................................................................................................................5 Cooperation Global Witness – SynTao .............................................................................................................5 3. BesT PRACTICes FOR THE DISCLOSURE OF PAYMENTS TO GOVERNMENTS ...............................6 Disclosure of payment details.........................................................................................................................6 Global initiatives .............................................................................................................................................6 Project-by-project reporting ...........................................................................................................................7 International regulations ..............................................................................................................................10 Concerns .......................................................................................................................................................11 Focus on China .............................................................................................................................................13 4. COMPANY AssessMENTS ...........................................................................................................................16 Indicators used in benchmark analysis of disclosure of Chinese companies 2010/2011 ...............................16 General findings ...........................................................................................................................................16 Company profiles ..........................................................................................................................................19 Summary ......................................................................................................................................................26 5. STAKEHOLDER ENGAGEMENT ...................................................................................................................27 Summary ......................................................................................................................................................32 6. CONCLUSION ...................................................................................................................................................33 7. ReCOMMENDATIONS FOR THE SSE TO INCRease TRANSPARENCY IN THE OIL, MINING AND Gas INDUSTRIes .........................................................34 Key arguments and suggestions for action ...................................................................................................34 Suggestions for the SSE for immediate action ...............................................................................................35 8. REFERENCes ...................................................................................................................................................37 2 JANUARY 2013 | TRANSPARENCY MATTERS 1. Executive Summary China’s supply of natural resources is a key element in emerging global consensus holds that transparency is the drive to sustain economic growth and long-term needed in the payments made by extractive companies energy security. However, many resource-rich countries to governments in order to help prevent corruption and that China does business with have fallen victim to the the conflict associated with it. Disclosure of revenues ‘resource curse’ – the paradox that countries and regions paid by extractive companies to governments has with an abundance of minerals and hydrocarbons multiple benefits for industry, investors, stock exchanges tend to have less economic growth, more conflict and and host populations in reducing corruption and corruption, and worse development outcomes than creating a more predictable investment environment. countries with fewer natural resources. As a result, Chinese extractive companies face particular investment Governments, citizens, investors and progressive and security risks as they extract from resource curse companies around the world are pushing for more affected countries and regions, making them vulnerable effective transparency in natural resource deals. Stock to corruption and instability. exchange regulations requiring payment disclosure for listed companies have been developed in the US, EU Recent cases of these risks affecting Chinese interests and Hong Kong over the past two years (see chapter include: two for details and benefits of these). These measures compliment the voluntary Extractive Industries • Unanswered questions in the Democratic Republic Transparency Initiative to which 30 countries have of Congo regarding the accounting of nearly US$24 signed-up. The EITI obliges governments to publish million of the Chinese government’s “signature payments that they receive from extractive companies bonus” payment for a major resource-for- and companies to publish the payments that they make infrastructure agreement. A Congolese parliamentary to governments under monitoring by civil society and commission alleged that it was diverted into an independent auditing. offshore company by Congolese partners.1 The Shanghai Stock Exchange plays an important role in • International Monetary Fund estimates that, setting the standard for extractive industry activities and between 2007 and 2010, US$32 billion in public leads all other Asian exchanges in terms of extractive funds went missing in oil-rich Angola, a country with industry market value. Its success is strongly influenced significant Chinese extractive company activities.2 by the activities of its extractive sector. • A lack of transparency in oil operations in Sudan This report contains two original pieces of research and South Sudan operated by Chinese and other exploring the potential role of the Shanghai Stock companies has fuelled mistrust and conflict between Exchange (SSE) to improve extractive company disclosure the two countries, leading in early 2012 to the total and transparency measures. shutdown of production in South Sudan and the military occupation of a major processing facility Firstly, the report analyses all the available government along the border in Sudan. Both actions have come payment information of the 15 largest extractive with a significant cost to Chinese companies and the companies with international operations listed on the international oil market.3 SSE (see Chapter Four). The study finds that, although a few companies such as PetroChina, China Oilfield Ensuring good resource management and preventing Services Limited and Zijin Mining stand out in the depth corruption is critical for Chinese companies in running of their reporting, financial information provided by respected, responsible and sustainable operations. Mr Xi most companies is limited and in a format which makes Jinping, the newly-appointed Chairman of the Chinese it difficult to compare companies. Communist Party, has spoken strongly about the risk that corruption plays to China’s national wellbeing and security. Among the 15 companies covered in this study, five companies reported (limited) information about Greater transparency in the extractive industries is an overseas tax payments and ten companies disclosed important first step towards tackling corruption. An some information linked to overseas revenues, such as JANUARY 2013 | TRANSPARENCY MATTERS 3 aggregated or country specific revenue gained
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