Resource Extraction (Transparency and Reporting) Bill

Yesterday I backed a bill that could help lift millions out of poverty in developing countries across the world.

The new legislation would require oil, gas and mining companies listed on the London Stock Exchange to publish what they pay to developing countries.

Such transparency would allow people in some of the poorest countries in the world to hold their leaders to account for the billions of pounds of revenues they receive for precious natural resources – money that is often mismanaged or lost to corruption instead of being used for desperately-needed schools, hospitals and other basic services.

The Resource Extraction (Transparency and Reporting) Bill, or 'Publish What You Pay' Bill, was tabled by a cross-party group of MPs and was given its First Reading yesterday in the House of Commons.

Anas Sarwar MP, who presented the Bill and sits on the International Development Select Committee, said: "I'm delighted that John Glen is backing this bill which could help lift millions of people out of poverty in developing countries.

"I want to see the vast sums of money made through natural resource extraction in developing countries put to effective use for the public good.

"John Glen's backing brings this dream one step closer to reality."

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