EITI Summary
The EITI sets a global standard for companies to publish what they pay and for governments to disclose what they receive.
3.5 billion people live in countries rich in oil, gas and minerals. With good governance the exploitation of these resources can generate large revenues to foster growth and reduce poverty. However when governance is weak, it may result in poverty, corruption, and conflict. The Extractive Industries Transparency Initiative (EITI) aims to strengthen governance by improving transparency and accountability in the extractives sector.
The Extractive Industries Transparency Initiative (EITI) supports improved governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas and mining. Click here for more detail on the Principles and the Benefits of the EITI.
The EITI is a coalition of governments, companies, civil society groups, investors and international organizations. In 2005, the EITI conducted an extended and thorough consultation on how to take the initiative forward. This was led by the International Advisory Group (IAG). The IAG produced a report that contains the governance structure, the approved methodology and the future direction of the EITI. For more on the history on EITI, click here.
The EITI has a robust yet flexible methodology that ensures a global standard is maintained throughout the different implementing countries. The EITI Board and the international Secretariat are the guardians of that methodology. Implementation itself, however, is the responsibility of individual countries. The EITI, in a nutshell, is a globally developed standard that promotes revenue transparency at the local level.
The EITI Source Book provides guidance for countries and companies wishing to implement the initiative. The Validation Guide establishes the methodology countries need to follow to become fully compliant with the EITI. Click here for the EITI Fact Sheet and the current workplan.
If you want any further information about implementing or expressing your organisation’s support for the initiative, please contact the contact the Secretariat.