Extractive Sector Transparency Measures Act - will you be ready?

 

 

The Extractive Sector Transparency Measures Act, or ESTMA, introduces new and complex reporting requirements for mining, oil and gas organizations engaged in commercial development in Canada and abroad.

To achieve full compliance, early preparation is crucial to ensure the effective design of rigorous controls and processes to capture payments as they occur.

There are several factors to consider to set your organization up for success for the first year of required reporting.

 


 

How we can help

Explore the insights below from our ESTMA experts. Check back often, we’ll keep you informed of key updates and next steps.

Need more in depth information and assistance? Don’t hesitate to contact us.

Your local PwC professionals in the oil & gas, and mining industries are eager to assist you by applying our hands-on experience working with government bodies around the globe. We can assist you in reviewing the guidance, preparing a readiness assessment and/or incorporating ESTMA into your company’s reporting.

 

 

 

 

Key Updates and Next Steps

March, 2016

Natural Resources Canada released their final ESTMA guidance, technical reporting specifications and reporting templates on March 1, 2016 through its newly launched website.

Key updates include:

  • Additional clarity on the disclosure of Aboriginal payments relating to Impact Benefit Agreements (IBA's);
  • Updated wording for the attestation through independent audit;
  • Procedures for enrolment with NRCan as an ESTMA reporting entity and obtaining a reporting ID number;
  • Steps for companies to follow if amendments are required to previously filed reports; and
  • Clarity on issues such as joint venture relationships, payments to state-owned enterprises, foreign currency transactions, and more.

Companies are encouraged to review the guidance soon and incorporate the impacts into the company’s ESTMA project plan. Fines for non-compliance are up to $250,000 per day per offence and entities as well as officers and directors could be charged with multiple offences arising out of a single event.

Next steps:

  • Evaluate the guidance and determine the impact on your company
  • Discuss the new guidance with your audit committee
  • Prepare a readiness assessment to determine the complexity of your company’s ESTMA project

 

 

 

 

ESTMA Webinar Series

Our ESTMA webinars are led by technical experts from across PwC’s national mining and oil & gas practices and tackles core issues such as:

  • Overview of the legislation, including timelines and deadlines
  • Canadian industry and focus group discussions
  • Attestation requirement
  • Identification of government bodies, both in Canada and abroad
  • Getting ready- key challenges and considerations

 

 

April 9, 2015 | Presentation
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April 9, 2015 | Webinar Recording

September 24, 2015 | Presentation
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September 24, 2015 | Webinar Recording

 

 

Contact us

Dean Braunsteiner
Partner, National IPO Services Leader & National Assurance Leader, Mining
Tel: +1 416 869 8713
Email

James Lusby
Partner, Assurance Group
Tel: +1 416 365 8181
Email

Nochane Rousseau
Quebec Energy, Utilities & Mining Leader and Perspective North Initiative
Tel: +1 514 205-5199 
Email

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