API 1504 Model
API member companies have historically supported and continue to support payment transparency. Several API member companies are founding members of the Extractive Industries Transparency Initiative and engage in transparency initiatives in many countries.
The objective of Dodd-Frank Section 1504 is to provide citizens of resource producing countries with accurate information about their countries’ extractive resource revenues in a way that can help them hold their governments more accountable for the use of those revenues. To this end, API companies desire to play a constructive and collaborative role in the development of new rules by the SEC, and have developed an approach illustrated in the model below.
See: API 1504 Model