Publish What You Pay – New Rules Aimed at Slowing Global Corruption
Publish What You Pay. The theory is simple. Require oil companies and others to publish all payments of more than $ 100k to government entities and government-owned entities, such as state-owned oil companies. Then compare the inflow against budgets and payouts to taxpayers from the government agency or entity. If inflow does not match outflow, then corrupt officials apparently are skimming.
The source of PWYP? The Dodd-Frank Act.
Who knew? Not me, but apparently big oil and others are very aware and have been using Eugene Scalia to attack the regulations.
The next issue? Will big oil challenge the SEC’s proposed regulations on economic analysis grounds.
AmLaw’s Michael Goldhaber covers the story well, and argues that big oil will be making a mistake if it opposes the regulations.