미국 Dodd-Frank법과 채굴산업 투명성 이니셔티브가 해외 자원개발 산업에 갖는 함의에 관한 소고

Abstract

Natural resources, such as oil, gas, and minerals, belong to a country’s citizens and extraction of these resources is supposed to lead to economic growth and social development. However, when poorly managed it has often lead to corruption and conflict. There were academic researches on the Resource Curse by scholars detailing how the potential benefits of oil, gas and mining were not being realized and were associated with increased poverty, conflict and corruption. Considering the complexities of the governance of extractive resources, it was agreed that more openness regarding how a country manages its natural resource wealth is necessary, and coordinated efforts was made to establish an international regime for the openness in the extractive industry. The Extractive Industries Transparency Initiative (EITI) is an international regime to promote open and accountable management of natural resources. It seeks to strengthen government and company systems, inform public, and enhance trust, by disclosing details of revenue of payment relating to extractive industries. EITI is based on voluntary participation by the governments of host countries and it does not have mandatory power to enforce the rules. However, the enactment of US Dodd-Frank Act Section 1504 makes it possible to enforce disclosure of details of payment made by extractive companies to host governments. In this paper, the interaction between EITI and Section 1504 and its impact on the extractive industry is explored. From this perspective, this paper examines the structure of EITI, the US legislation of Dodd-Frank Act Section 1504, the court decision in API vs SEC and the impact of Dodd-Frank Act and EITI on the overseas natural resources development industry.