Fostering Transparency and Anti-Corruption
On June 1, 2015, the Extractive Sector Transparency Measures Act (“the Act”) was brought into effect by the Canadian government. The Act requires companies in the business of the commercial development of crude oil, natural gas and minerals, such as Blackspur, to publicly disclose, on an annual basis, specific payments made to all governments in Canada and abroad. Effective fiscal 2018, Blackspur was required to report under the Act.
We recognize that conducting our business in a responsible, ethical and respectful way requires a commitment to transparency with our stakeholders. We believe reporting payments to governments is an important way to increase trust with our stakeholders. The ESTMA report provides an overview of the payments made to governments by Blackspur that are related to the development of crude oil and natural gas.
The Act is one of the ways Canada is delivering on its international commitment to contribute to global efforts to increase transparency and deter corruption in the extractive sector.