Advocates of forcing oil companies to reveal payments to foreign governments are pushing back against Securities and Exchange Commission (SEC) Chairwoman Mary Jo White’s claim that several disclosure mandates in the Dodd-Frank law may not be useful to investors.
Ian Gary of Oxfam America said the information is indeed important for investors.
“There has been a strong and clear demand from investors for extractive industry sector-specific information, whether reserves reporting or payment reporting,” said Gary, whose group has sought to defend the mandate in court. “Transparency plays a critical role in encouraging greater stability in resource-rich countries, which benefits both the citizens of those countries and investors.”
White, in a speech Thursday, bashed the industry disclosure mandates in the 2010 Dodd-Frank law that the SEC is tasked with implementing.