- A refusal by U.S. oil companies including Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) to disclose their U.S. tax payments is undermining efforts to fight corruption in natural resources industries worldwide, transparency campaign groups tell the Financial Times.
- Participants in the Extractive Industries Transparency Initiative, which include most major western companies, commit to disclosing how much companies are paying and governments are receiving for natural resource developments; XOM and CVX have disclosed their tax payments to other countries around the world but - like most U.S. firms - have chosen not to reveal their corporate tax payments to the U.S.
- The EITI's chairman tells FT it is “disappointing” that the largest U.S. oil companies “did not provide the leadership expected from them."
- The Project on Government Oversight and Oxfam say the EITI’s work is being damaged because XOM and CVX have refused to follow “this most basic aspect of compliance” with its standards.
- The Trump administration withdrew the U.S. from the EITI last year but said it continued to “value the EITI as a critical tool to promote transparency, increase competitiveness and combat corruption around the world."
- Now read: Exxon Mobil: As Much As 50% Upside From Here
Original article