Abstract
Canada's Extractive Sector Transparency Measures Act (ESTMA) is the culmination of a series of proposals and consultations with government, industry and civil society organizations to address conflict over Canadian extractive industry. Created in the context of a global call for extractive industry accountability, as well as increasing scrutiny of Canadian mining activities for alleged human rights and environmental abuses, the ESTMA aims to deter corruption via financial reporting requirements for Canadian extractive firms operating in Canada and abroad. By mandating that firms publicly disclose payments to various levels of government, however, the ESTMA is constructed atop global corruption discourse that identifies host states in the Global South as the source of social pathologies that facilitate corruption, largely excluding a critical analysis of extractive firms in the Global North. Drawing on interviews, document analysis of material related to the ESTMA and case studies of extractive firm financial reporting, this paper argues that under the ESTMA's financial reporting processes, corporate risk management trumps meaningful social regulation. While the Act does mandate disclosures useful to the advocacy community, limited oversight, a lack of standardized reporting and excluded activities under the Act mean that the ESTMA offers limited leverage to substantively address the human and ecological cost of Canada's extractive industry. As has resulted from transparency policies more broadly, however, the ESTMA provides firms a means to counter broader critique and, in complying with audit culture, promotes investment security.