Act on companies of the extractive industry or primary forests logging for disclosing payments to public authorities

Finland Current 2016

Implementing the EU NRF Directive (44), this act has the Finnish title “Laki kaivannaisteollisuutta ja puunkorjuuta aarniometsissä harjoittavien yritysten viranomaisille suorittamien maksujen julkistamisesta”. It applies to companies of the extractive industries and primary forest logging companies. These companies are obliged to inform the Finnish authorities of material payments made to governments in those countries where they carry out their operations. This is to be done through an annual declaration.

Scope

Governance

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

All organizations - extractive industry and primary forest logging companies.
However, the Act does not apply to an entity which is not a public interest entity and where no more than one of the following three limit value is exceeded:
1) net sales or income equivalent to EUR 40 000 000;
2) The balance sheet total of EUR 20 000 000;
3) The average number of employees to 250.

Issuer type

Employment and Economy

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners