dodd-frank section 1504 · 2021. 8. 21. · current status • section 1504 is part of title xv...
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Financial transparency in the extractive industries Dodd-Frank Section 1504
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KPMG INTERNATIONAL
Compliance Series
Table of Contents
01 02
06 10
Dodd-Frank Section 1504 Rationale
KPMG’s point of view
How KPMG can help
Requirements for issuers 3
Challenges of implementation 5
About KPMG Americas’ Regulatory Center of Excellence 11
KPMG’s mining practice 12
© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Current status• Section1504ispartoftitleXV(MiscellaneousProvisions)ofDodd-Frank,whichbecameUSlaw
onJuly21,2010.
• FinalruleforSection1504waspublishedbytheSEConAugust22,2012.
AnREImustcomplywiththenewrulesforfiscalyearsendingafterSeptember30,2013.TheformmustbefiledwiththeSECnolaterthan150daysaftertheendofitsfiscalyear.IfaCompany’sfiscalyearbeginsbeforeSeptember30,2013(e.g.,January1,2013)theCompanymayprovideapartialreportfortheperiodbeginningOctober1,2013throughtheendofitsfiscalyear.
TheDodd-FrankWallStreetReformandConsumerProtectionAct(Dodd-FrankortheAct)focusesonregulatingtheUSfinancialmarkets,butitalsocoversnon-financialcompaniesthatusemineralsorextractminerals,oilandgas.
Title XVoftheActincludessectionsrelatingtoConflictMinerals(Section1502),MineSafetyDisclosures(Section1503),andPaymentstoGovernmentsbyResourceExtractionIssuers(Section 1504).Inpassingthesesectionsintolaw,theUSCongressaimstoimproveindustrytransparencyandprovideinvestorsandcitizenswithnewtoolstohold companiesandgovernmentsaccountablefortheiractions.
ThisKPMGreportcoversSection1504oftheAct,whichrequiresaresourceextractionissuer(REI)todisclosecertainpaymentsmadetotheUSfederalgovernmentorforeigngovernmentsforthecommercialdevelopmentofoil,naturalgas,orminerals.1 AnREIisanissuerthatisrequiredtofileanannualreportwiththeSecuritiesandExchangeCommission(SECorCommission)andengagesinthecommercialdevelopmentofoil,naturalgas,orminerals,includingexploration,extraction,processing,export,andothersignificantrelatedactionsortheacquisitionofalicenserelatedtotheseactivities.Theprovisionhassignificantimplicationsfordatacollectionatthesecompaniesandwillleadtothereleaseofaconsiderableamountofnewfinancialdatatothepublic.Section1504shouldbeseeninthecontextofagrowingnumberofregulationspromulgatedintheUSandelsewherethatcovercompany-to-governmenttransactions,internationalbusinessdealings,resourceextractionandsupplychains.InOctober2011,theEuropeanCommissionproposed2revisingtheTransparencyandAccountingDirectivestorequiretheextractiveindustriestoreportpaymentsmadetogovernmentsonacountry-by-countrybasis.Seeninthislight,Section1504mayrequireabroaderstrategicresponsefromcompaniesthansimplycomplyingwithasingleprovisionofonepieceoflegislation.
Dodd-Frank Section1504
1 SECReleaseNo.34-67717,DisclosureofPaymentsbyResourceExtractionIssuers,availableatwww.sec.gov. TheDodd-FrankWallStreetReformandConsumerProtectionActwassignedintolawonJuly21,2010.TheDodd-FrankActcontainsmanysectionsthatmayhavesignificantimplicationstocompaniessubjecttotheannualreportingrequirementsofSections13(a)or15(d)oftheSecuritiesExchangeActof1934(ExchangeAct).
2 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/1238&format=HTML&aged=0&language= EN&guiLanguage=en
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© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Dodd-Frankisprimarilyfocusedonfinancialservices,butthreesectionsaimtoshedlightonextractiveindustriesandsomeofthesupplychains
linkedtothem.Section1502dealswith“conflictminerals”exportedfromthewar-tornDemocraticRepublicoftheCongoandneighboringcountries.Section1503promotesthedisclosureofminesafetyviolationsatUSmines.Section1504,thesubjectofthisreport,concernsfinancialpaymentstogovernmentsandgovernmentagenciesforthepurposeofdevelopingoil,gasandmineralreserves.Itispartofaglobalmovementtoenhancethepublicscrutinyoftherelationshipbetweenextractiveindustriesandhostgovernments.Forexample,theUnitedStatesisoneofseveralcountriesthatsupporttheExtractiveIndustryTransparencyInitiative(EITI),whichisavoluntarycoalitionofinvestorgroups,governments,andcompaniesdedicatedtoimprovingtransparencyofcompanypaymentsto,andgovernmentrevenuesfrom,mineralrichcountries.
TheUSimplementationofEITIwillbeoverseenbytheUSDepartmentofInterior(DOI)andtheyarepullingtogetheramulti-stakeholdergroup(MSG)whichwillbecomprisedofindustryrepresentatives(somefrommining,somefromO&G);governmentrepresentatives,andotherinterestedparties(e.g.,NGOs)EITIrequires,firstly,governmentstoreportonallpaymentsreceivedfromoil,gasandminingcompaniesand,secondly,companiestoreportonamountspaidtogovernments,inordertoseewhethertherearediscrepancies between the two. The relevant sections of Dodd-Frank were influencedbytheEITIandinmanyplacesthefinalruleisconsistentwiththeEITIexceptinsome instanceswheretheSECbelievedDodd-FrankwentbeyondwhatisrequiredbytheEITI. Asanexample,theSECconcludedthatthedefinitionofcommercialdevelopmentwasbroaderunderDodd-FrankthanwhatwascontemplatedbytheEITIsotheSECincludedprocessingand exportactivitiesinthefinalrule.3
Rationale
3 SeeImplementingtheExtractiveIndustriesTransparencyInitiative,availableat http://eiti.org/document/implementingtheeiti.
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Section1504requiresREIs(thatcompleteforms10-K,20-Fand40-F)toprovidetotheSECinformationrelatingtoanypaymentmadebytheissuer,itssubsidiary,orentitycontrolledbytheissuertoagovernmentorgovernmentagencyforthepurposeofthecommercialdevelopmentofoil,natural
gasorminerals.“Commercialdevelopment”includes:exploration,extraction,processing,export“andothersignificantactivitiesrelatingtooil,naturalgas,orminerals,ortheacquisitionofalicenseforanysuchactivity,asdeterminedbytheCommission.”
What sort of companies must comply:Anyissuer,USorforeign,thatcommerciallydevelopsoil,naturalgasormineralsandfilesanannualreporttotheSECwillhavetocomply.Companiesdirectlyinvolvedinexploration,extraction,processingandexportortheacquisitionofalicenseforanysuchactivitywillhavetodoso.Butfirmsindirectlyinvolved(suchaspipeordrillmanufacturers)willnot.Issuersthathelpwiththeprocessingoftherawmaterial,suchasfirmsthatremoveimpuritiesfromoilornaturalgas,fallunderthedisclosurerequirement.Issuerswillalsoberequiredtoprovidethedisclosureforjointventuresorentitiesthatareproportionatelyconsolidatedorothercontractualarrangementsiftheydeterminetheyhavecontroloftheentity.4
Companies must report:• Typeandtotalamountofpaymentsmadeforeachproject.
• Typeandtotalamountofpaymentsmadetoeachgovernment.
• Totalamountsofthepayments,bycategory.
• Currencyusedtomakethepayments.
• Financialperiodinwhichthepaymentsweremade.
• Businesssegmentoftheresourceextractionissuerthatmadethepayments.
• Thegovernmentthatreceivedthepayments,andthecountryinwhichthegovernmentislocated.
• Theprojectoftheresourceextractionissuertowhichthepaymentsrelate.
The types of payments related to commercial development activities that need to be disclosed include:• Taxes;
• Royalties;
• Fees(includinglicensefees);
• Productionentitlements;
• Bonuses;
• Dividends*;
• Infrastructureimprovements.
Requirements forissuers
4 DefiningIssues12-42SECIssuesFinalRuleforExtractiveIndustryPayments,KPMGLLP
*ThefinalrulealsoclarifiesthatdividendspaidtoagovernmentasacommonorordinaryshareholderoftheREIneednotbedisclosedifthedividendispaidunderthesametermsasothershareholders.However,dividendspaidtoagovernmentinlieuofproductionentitlementsorroyaltiesmustbedisclosed.
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Theobligationtopubliclyreportpayments,projectbyproject,isvirtuallyunprecedentedintheoil,gasandminingindustries.TocomplywithSection1504,companieswillhavetoidentifyallpaymentstogovernmentsrelatingtoanyoftheiroperationsorprojects,betheydrillingwells,buildingroadsortrainingworkers.PartofthedefinitionofpaymentinSection1504isthatitis“notdeminimis”,whichmeansthatithastobeofacertainsizetobecounted.TheSEChasdefined“deminimis”payments;definedasanypayment(whetherasinglepaymentorseriesofrelatedpayments)lessthan$100,000duringacompany’smostrecentfiscalyear.
Format of Report
Section1504specifiesthattheinformationaboutpaymentstogovernmentsmustbepresentedinanewform(FormSD)filedineXtensibleBusinessReportingLanguage(“XBRL”),anonlineinteractivedataformatwherebycertainattributesareelectronically“tagged.”
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Dependingonthecomplexityoffinancialsystems,decentralization,andlocationofoperations,itcantakealarge,globalcompanyintheextractiveindustries12monthsormoretoorganizethefinancialdataitcollectsinordertocomplywithSection1504.Itisthereforeimportanttosetupaprocess,
anITsystemandagovernancestructurethatwillenabletheissuertocomplywithinthetimerequired,assoonaspossible.
Thereareseveralreasonswhythisislikelytobechallenging:
• Therearemanydifferentkindsofpaymentstogovernmentsthatfallundertheprovision.Suchpaymentscanbeincashorinkindandcanincludetaxes,royalties,fees(includinglicensingfees),productionentitlements,bonuses.
• Therearemanykindsofgovernmententitiesthatareincludedintheprovision,fromaminingministrytoanenvironmentalagencytoastate-ownedenterprise.Itwillbetime-consumingtopulltogetherallpaymentsto all these entities.
• Thefinalruledoesnothaveexemptionsforgovernmentprohibitions,confidentialityprovisions,orcommerciallysensitiveinformation.(ThiscontrastswithotherSECdisclosurerulesforoilandgasreservesthatexemptcertaindisclosuresiftheywouldbeprohibitedbyaforeigngovernment.)
• Thenewrulesleavetheterm“project”undefinedtoprovideresourceextractionissuersflexibilityinapplyingthetermtodifferentbusinesscontexts.However,therulereleaseprovidessomeguidance5 on the SEC’sviewofwhataprojectwouldbe.
• Evenassumingthatthesetermsareclearlydefined,itwillbedifficultforissuerstobreakdownexpendituresprojectbyprojectortoseparatepaymentstogovernmententitiesfrompaymentstotheprivatesector.
• Notallcompanieswillhavecentralizedtheinformation,orhaveasinglesourcefortheinformation.Thus,gatheringandconsolidatingdatafromdifferent parts of the world and on different IT platforms adds to the complexity.
Thereisapartialprecedentforthisprocess.Morethan60companieshavechosentosupporttheEITI,includingAlcoa,ChevronandExxonMobil,andfirmsthatoperateinthecountriesthatareimplementingtheinitiative,publishwhattheypaytogovernments.ExxonMobil’sstatementofsupportforEITIsaid,“Webelievetransparencyinitiativesshouldapplytoallcompanies–publiclytraded,privateandstate-owned–withaninterestinacountry’sextractivesector.”ButthegranularityofinformationrequiredunderSection1504ismuchfinerthanwhatEITIcallsfor.Andtheinformationcoversallgovernments,notjustthosethathavesignedontoEITI.Furthermore,companiesthatdonotsupportEITIorreporttotheSECdo not have to provide the information.
Finally,astheDOIestablishesthemulti-stakeholdergroup(MSG)forEITI,andthatgroupbeginsitsprocess,thereremainsthepossibilityforfurtherdifferencesinreportingrequirementsbetweentheimplementationforEITIintheUS,andtherequirementsunderSection1504.
Challengesof implementation
5 SeeSECfinalrulepp174-177. F I N A N C I A L T R AN S PA R ENC y I N T H E E X T R AC T I V E I N DU S T R I E S | 5
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ThispaperhassoughttoshowthatalthoughSection1504mayseem simple,theimplicationsarecomplexandfar-reaching.Itrequirescompaniestoevaluatethreeaspectsoftheiroperationsto see whether they are able to handle thesereportingrequirementsefficientlyand well.
KPMG’s point of view
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ProcessCompanieswillneedtoassesswhethertheirexistingexternalandinternalfinancial-reportingprocessesarerobustandrigorousenoughtocollectdatainawaythat,formany,willbenew.ManymaynothavethedetailsofthepopulationofpaymentactivitiesencompassedbySection1504.Agoodfirststepwouldbetosetupapilotprojectthatwouldexamineasetoftransactionswith,say,agovernmentandgovernmententitiesinaparticularcountryoverthemostrecent12-monthperiod.Thesepaymentsshouldthenbeanalyzedaccordingtosomekeyfinancialmetrics,suchastheratioofexpendituretopre-taxprofitorexpendituretoR&D.Anyratiosthatareoutlierscouldthenbeplacedunderamicroscopetodeterminewhy.Firmsshouldincludeallgovernmentpaymentsrequiredfortheextractionofoil,gasorminerals–whetherthepaymentsareforthedirectpurpose(suchasaminingroyalty)ortheindirectpurpose(suchasthebuildingofaroadtothemine).
Agoodruleofthumbasametricwouldbeperhapsleveragingaconceptfromsection1502,ConflictMinerals.Thetermis“necessarytothefunctionality”andwithinsection1502isusedtodeterminewhethermineralsarenecessarytothefunctionalityofaproducttodetermine
whetheraCompanyisrequiredtodetermineifthemineralissourcedfromthedefinedconflictregion.Withrespectto1504,aCompanymaywanttoassesswhetherapaymenttoagovernmentisnecessarytoitsabilitytoextractfromtherespectivecountryasastartingpoint.
PriorityshouldbegiventoanalysisofpaymentsincountriesthatarenotsignatoriesofEITI,inthefirstinstance.Paymentstogovernmententitiesinresource-richcountrieswiththeleasttransparencyandtheweakestinfrastructurearelikelytoundergothegreatestscrutinybycompaniesandfrom the SEC.
Globalfirmshaveamassedagreatdealofexperienceindealingwithotherlawsandregulationsthatrequirethereportingofinternationaltransactions.TheseincludetheUSForeignCorruptPracticesAct(FCPA)andtheUKBriberyAct(UKBA),aswellasrulesadministeredbytheOfficeofForeignAssetsControl(OFAC)undertheUSTreasury.AlthoughOFACenforceseconomicsanctionsagainstalimitednumberofcountriesandindividuals,theprocessofcompliance(inparticular,thescreeningofpayments)islikelytoholdusefullessonsforfirmsdealingwithSection1504.
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IT systemsManycompaniescontinuetosufferfromlegacyITsystemsthatarenotintegrated.Inparticular,firmsthathaveacquiredalargenumberofcompaniesorindividualprojectsitesarelikelytohavethehardestjobfindingtherelevantfinancialdataandconsolidatingitintoasinglecorporateview.Allfirms,though,arelikelytohavetoisolateandcollectalldataonpaymentstogovernmententities,andthismayrequiresubstantialinvestmentsinnewITsystems,enablinga“singlepointofview”acrosstheenterprise.Theinvestment,however,islikelytobeworthwhileinthelongrun.
GovernanceAlthoughSection1504isbutoneprovisioninacomplexregulatorylandscape,itsimportancerequiressupervisionatthehighestlevelofthecompany.Seniorpersonnelfromdifferentdisciplinesarelikelytobeinvolvedincollectingandanalyzingthedata,includingFinance,Legal,Risk,Audit,Procurement,SupplyChainandOperations.TheyshouldreporttoaC-levelexecutivewhointurnreportstotheChiefExecutiveOfficer and the Board of Directors.
Section1504isbestseenaspartofajigsawofregulationswhosepiecesinterlocktosomeextent.ThesepiecesincludeSection1502(conflictminerals),Section1503(minesafety),aswellasOFAC,FCPAandUKBA.Thepurposeofeachisdifferentbuttheyarepartofapushtowardgreatertransparencyofthebusinessdealingsofcompaniesandgovernmentsaroundtheworld.Globalsupplychainsarecomingunderever-closerscrutiny.
Furthermore,allpubliccompaniesmustcomplywithcertainprovisionsofDodd-Frankincluding,amongotherthings,enhancedincentivesandprotectionsforcorporatewhistleblowers,newdisclosuresrelatingtoexecutivecompensation,andheightenedindependencerequirements for compensation committees and their advisers.
Buttheincreasedleveloftransparencywillbenefitnotjusttheregulatorsandthepublic,butthecompaniesthemselves.Amoregranularunderstandingofpaymentstogovernmentsandofthewaysupplychains operate is likely to lead to improved efficiency – even iftheprocessofachievingthismaybeexpensive,laboriousandslow.
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ConclusionOverall,theDodd-FrankWallStreetReformandConsumerProtectionActrepresentsseveralchallengesforextractioncompanies.CompaniessubjecttotheActmustunderstandthedisclosurerequirementsandconsideriftheircurrentsystemcanprovidethenecessaryreporting.GiventhechallengesoforganizingthedatatocomplywithSection1504,companiesareencouragedtotakestepstowardcompliancenow.InKPMG’sexperience,companiesthatembednewcomplianceprocessesasearlyaspossiblearelikelytoreapcostsavingsandoperationalimprovementsthatultimatelyoffsetthecostofcompliance.
KPMGprofessionalscanassistingap-analysisreviewstodefinetheimpactofproposedregulatoryreformfromvariousperspectives:people,process,technology,datarequirements,andreporting.Weassignthepeoplewith relevantexperiencetounderstandthecompany’smajoreconomic,operating, andregulatoryrisks–andfactorinthecompany’sspecificneeds,dynamics, andculture.
How KPMGcan help
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WhiletheDodd-FrankWallStreetReformandConsumerProtectionAct(theAct)isprofoundlychangingriskprofilesandbusinessmodelsineverycornerofthefinancialservicesindustry,theimpactforourclientsreachesvirtuallyeverylineofbusiness. KPMG’sFSRegulatoryCenterofExcellence(CoE)includesanumberorregulatoryspecialistswhoarefocusedontheDodd-FrankActanditsimplications.TheDodd-Franklegislationcontainsrequirementsdealingwithnumerousaspectsofcorporategovernance,executivecompensation,publiccompanydisclosures,whistleblowerproceduresandprotections,themininganduseofcertainminerals,andmuchmore.WorkinginacollaborativeeffortwiththeCoE’sinEMAandASPAC,thefunctionoftheCoEistoprovideyouwithsupportandinsightsontheseglobalregulatorydevelopments.
BasedinNewyork,theCoEismadeupofkeyindustrypractitionersandregulatoryadvisersfromacrossKPMG’sglobalnetworkwhoworkwithmemberfirmclientstodistilltheimpactofregulatorydevelopmentsontheirbusinessesandadvisethemonhowtoadapttheirbusinessmodelstobetterthriveinthisdynamicenvironment.
Visitwww.kpmg.com/regulatorychallenges
About KPMG’s Americas’ Regulatory Center of Excellence
Links and resources
AdditionalinformationontherequirementsoftheMiscellaneous Provisions of Dodd-Frankcanbefoundbelow:
• Dodd-FrankandPracticalConsiderationsfortheMiningIndustry
• SECIssuesFinalRuleforExtractiveIndustryPayments
• KPMG’sConflictMineralsWebsite:www.kpmg.com/conflictminerals
• KPMG’sDefiningIssues:SECProposesRulesforDisclosuresAboutConflictMinerals,ExtractiveIndustryPayments
• ConflictMineralsProvisionofDodd-Frank–Immediateimplicationsandlong-termopportunitiesforcompanies
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© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
KPMGiscommittedtotheminingindustry.Wehaveconsiderableinvestmentsintheindustryinpersonnel,research,andhard-wonexperience.Throughtheseinvestments,westriveforthehighestqualityineverythingwedo,turningourexperienceandindustryknowledgeintorealvalueforourclients.KPMGhasbuiltateamofprofessionalsdesignedtohelpourclientscomplywithSection1504.Professionalsinourminingpracticeareworkingwithothersinourregulatoryandforensicgroupsthatadviseclientsoncompliancewithsimilartypesofregulation.
KPMGmemberfirmsofferglobalconnectivitythroughourMiningCentersofExcellenceinourthreemainoperatingregions:theAmericas;Europe,MiddleEast,andAfrica;andAsiaPacific.TheseCentersofExcellencecreateaframeworktohelpKPMGmemberfirmminingprofessionalsaccesspeopleandshareskills,knowledge,andresources.
Thisapproachisclient-focusedandprogressive,backedbyourlocalcountryexperienceandimplementation.KPMG’sMiningprofessionalsassistorganizationsthroughallstagesoftheminingprojectlifecycle,fromexplorationthroughtoproduction.
KPMG’s miningpractice
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Asset life cycle
Leve
l of
acti
vity
Time
Evaluate country risks and marketopportunities
Search forcommerciallyexploitableresources
Removal of overburdenand waste, and plantcommissioning
Permit and licenseapplications
Commercial exploitation begins
Expansion ofmine and plant
Commercialexploitation ends
Closure ofmine and plant
Ongoingrehabilitation
Bankable feasibilitystudy (BFS)
Prospecting rightsapplication
Pre-feasibility study
Competentpersons report
PreliminaryEconomicAssessment (PEA) Construction of
infrastructureand plant
Note: (1) Estimated duration of stage in the mining asset life cycle
(2) Reflects key activities only at each stage of the mining asset life cycle
Design andimplementmarket strategy
Expansion
1-2 years1
Exploration
2-10 years1
Evaluation
3-6 years1
Development
1-3 years1
Production10-50 years1
Closure
1-10 years1
Source: KPMG International, 2012.
Miningassetlifecycle
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Your asset life cycle – How KPMG can help
Performance Compliance
Operations Risk & Compliance
Operating modeldevelopment
Cost andtax optimization
Supply chaintransformation
Businessintelligence
Finance/IT/HR transformation
External audit
Enterpriserisk management
Internal assurance
Tax compliance
Sustainability
Projects
Projectdevelopment
Feasibilities
Financing
Taxstructuring
Projectexecution
Transactions
Geographicexpansion
Financing andM&A
Taxstructuring
Duediligence
Integration
Growth
Forensic compliance and monitoring
Asset life cycle
Expansion
1-2 years1
Exploration
2-10 years1
Evaluation
3-6 years1
Development
1-3 years1
Production10-50 years1
Closure
1-10 years1
KPMGminingcompliancesolutions
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FurtherInsight
CommodityInsightsBulletinsOurseriesofbulletinsfocusonkeyminingcommodities.Eachbulletinisaimedtoprovideinsightintotrends,issuesandchangeswithinthekeyminingcommoditysectors.
TheseriescurrentlyincludesAluminum,Copper,Gold,IronOre,MetallurgicalCoal,Nickel,Platinum,ThermalCoalandPlatinum.
MiningM&AQuarterlyNewsletterThisquarterlypublicationprovidesacurrentsnapshotoftheM&Amarketprovidingareviewofselectkeytransactionswhilefocusingonthe rationale behind those deals as trends take shape.
KPMG’sMiningOperationalExcellenceFrameworkKPMG member firms have developed their ownoperationalexcellenceframeworkoverthe last several years of association with leadingminingcompanies.Itstartsoffanorganizationonajourneyofefficiencyandthenovertimeembedssuchcharacteristicsinitsorganizationthatmakesthechangesustainableoverbusinesscycles.ThisputstogetherallthecapabilitiesnecessarytoassuretheCEOofthat“operation”willbeabletoadapttosupporttheirhuntforthenextopportunity,whateveritsnature.
Growth Series Performance Series
Formoreinformationortoaccesstheseandotherminingpublications,pleasevisit:www.kpmg.com
ImpactofIFRS:MiningThispublicationprovidesassistancetocompaniesintheminingsectorwhoareconsideringconvertingtoIFRS.ItgivesanoverviewoftheIFRSconversionprocessandlooksattheimpactofconversiononIT systems,peopleandbusinessprocesses.Italsoconsidersthemainaccountingandreportingissuesfacedbyminingcompanies,anddiscussestherelatedelementsoftheIASBDiscussionPaperExtractiveActivities.
FutureTrendsinMiningIndustryBusinessResilienceKPMGInternationalexaminedanumberofexistingandemergingrisksfacedbyminingorganizationsaroundtheworldandidentifiedtheattributesofthemoreresilientorganizations.Thispublicationmovesaheadofthosefindingsandlooksatsomepracticalsolutionsthatcanbeemployedbyminingexecutivestoincreaseresilienceandprovideaplatformonwhichsustainable,profitablegrowthcancontinue.
Compliance Series
© 2014 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.
Jim LowPartnerT:212-872-3205 E:[email protected]
Caryn BocchinoSenior Manager T: 203-406-8586 E:[email protected]
Sara EllisonManagerT:212-954-2696 E:[email protected]
Roy HinkamperManaging DirectorT:314-244-4061 E:[email protected]
Sherri PearcePartnerT:303-295-8835 E:[email protected]
Darice HenritzePartnerT:303-382-7019 E:[email protected]
Andrew CurtinManaging DirectorT:212-872-7742 E:[email protected]
Contacts
Americas’ Regulatory Center of ExcellenceE:[email protected]
Mining Practice Forensic
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Publicationname:Financialtransparencyintheextractiveindustries
Publicationnumber:120705
Publicationdate:March2014