EU leaders are being criticised for lacking a strong voice in north Africa. If they want to have a positive influence in the region, they would do well to look at the impact of their national corporate reporting rules, or lack of them.
It is no coincidence that the struggle for accountability in north Africa has found its way to a country with the world's eighth largest oil reserves – Libya. Much of the country's oil wealth has flown to a small political family that has dominated the country for generations.
EU oil and gas companies are not disclosing their payments made to dictators like Gaddafi (Photo: Paul Lowry)
Comment article
Where money and resources flow between companies and governments without transparency and accountability, there is always a risk that it will be siphoned off for ill-gotten gain. Two thirds of the world's poor live in resource rich countries, not benefiting enough from the $3 trillion of oil produced in 2009 (while you are reading this, that price is rising).
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