The EITI today published data underpinning its assessment of the adherence of 62 oil and gas, mining and commodity trading companies to the Expectations for EITI supporting companies. As a first-time exercise since the Expectations were introduced in 2018, the assessment was a learning process for the EITI’s International Secretariat and supporting companies, signalling opportunities to strengthen corporate transparency and accountability in the extractive sector.
A summary of the results was released in June 2021. The EITI Board subsequently agreed to publish the individual company results from the assessment, which are based on publicly available information.
“Publication of the data which informed this first assessment is a significant and welcome step,” said Helen Clark, EITI Board Chair. “It will help EITI supporting companies, civil society organisations and governments engage in dialogue to improve corporate accountability and transparency. The assessment was a first step, and work remains to clarify and explain the Expectations, but our hope is that it will encourage a ‘race to the top’ to meet or exceed them.”
At the recent Beneficial Ownership Transparency Forum in London, a group of six EITI supporting companies made a declaration of commitments on beneficial ownership transparency, which goes beyond the expectation for supporting companies on beneficial ownership.
The objectives of the review were to raise awareness among companies about the Expectations, to assess company progress in meeting them, to identify good disclosure practices by companies, and to identify gaps in adherence to inform the International Secretariat and supporting companies on areas for improvement. These objectives have been achieved. Many companies have subsequently provided new disclosures or have updated their reporting in response to the International Secretariat’s first-time review.
The assessment also revealed that there is scope for making the Expectations clearer and more measurable. At its meeting in October, the EITI Board will seek to clarify the Expectations, consider revisions to ensure measurable outcomes, and confirm a timetable for future assessments.