Companies Act 2014 section 1453

Content of consolidated payment report

Section 1453 sets out what information a holding company must include in its consolidated payment report regarding payments made to governments in connection with extractive or logging activities.

• The report must identify each government paid, the country of that government, total payments to each government, and totals broken down by payment type and, where applicable, by project.
• Payments from both mining or quarrying activities and logging activities must be included, with a reporting threshold of €100,000 per single payment or per series of related payments in a financial year.
• Payments, activities and projects must not be artificially split or aggregated to circumvent the reporting requirements, and disclosures must reflect the substance rather than the form of each transaction.
• Where payments in kind are made to a government, the report must state their value and, where applicable, their volume, with directors providing supporting notes explaining how the value was determined.

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