New disclosure obligations for more transparency in the raw materials sector

Since January 1, 2021, Swiss companies involved in the extraction of raw materials must disclose payments to government entities exceeding 100,000 francs per fiscal year. The new provisions of the Code of Obligations aim to create more transparency in the raw materials sector and encourage responsible business practices.

At the beginning of this year, the disclosure requirements for raw material companies decided during the corporate law revision came into effect. The purpose of these standards is to increase transparency in the raw materials sector and to encourage companies involved in raw material extraction toward responsible behavior.

Disclosure of payments to governmental entities

Companies affected by the transparency regulations must prepare a public and electronically accessible report on payments to governmental entities within six months after the end of the fiscal year. The disclosure obligation applies to all payments to governmental entities that amount to at least 100'000 francs per fiscal year individually or cumulatively. This includes not only national, regional, and municipal authorities but also departments and companies controlled by them. Payments that must be reported include those for production rights, usage fees, and infrastructure improvements.

The Federal Council can extend obligations

The new disclosure rules primarily aim to enhance transparency in the raw materials sector. However, since only raw material extraction companies are currently covered, the scope of the provisions is still relatively limited. Article 964f of the Code of Obligations, however, grants the Federal Council the authority to extend disclosure obligations to companies in the raw materials trade sector within an internationally coordinated approach.

Source: https://www.bj.admin.ch/bj/de/home/wirtschaft/gesetzgebung/aktienrechtsrevision14.html

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