Drilling for Trouble: 5 Ethical Considerations for Oil & Gas Companies Doing Business with Foreign Governments

Corporate Compliance Insights
09.02.10
In this article, Matt Reinhard provides guidelines for "best practices" for oil and gas companies doing business with foreign governments, both to ensure compliance with anti-corruption laws and policies and to assist the compliance department in adding real business value to transactions. As the string of high profile cases against all segments of the oil and gas industry makes clear, the industry is a prime target of U.S law enforcement agencies enforcing the Foreign Corrupt Practices Act (FCPA) and related anti-corruption measures. Furthermore, the recent passage of the Dodd-Frank Financial Reform bill will only increase government scrutiny of overseas business practices, given a provision of that law requiring that “Resource Extraction Issuers” include within their annual reports information regarding any payment made to any "foreign government, department, agency, or instrumentality of a foreign government or a company owned by a foreign government."
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