Kosmos Energy has been a leader on contract transparency for many years. Since publishing their first set of contracts for Ghana in 2011, the company has established a policy that they “prefer to make the material terms of [their] Petroleum Agreements (PAs) and Production Sharing Contracts (PSCs) publicly available”. They have filed all of their PAs and PSCs with the United States Securities Exchange Commission and published links to all of these contracts on their website. Sophie Durham,
How EITI is scaling up its collaboration with leading state-owned enterprises (SOEs) to champion transparency in the extractive industries.
There’s a myth that international oil and mining companies are the main players in the extractive sector today. In fact, state-owned enterprises dwarf the private sector companies in terms of reserves. There are currently over 146 SOEs in the upstream oil, gas or mineral sectors globally,
Gold mining is a major source of government revenue in Ghana. How can those impacted by the sector use data on payments made to the government to better understand the revenues the sector generates? And how can this data be used to enhance accountability?
Most of the multinational gold companies operating in Ghana are required to disclose the payments they make to government entities under Canada’s Extractive Sector Transparency Measures Act (ESTMA). Under ESTMA, which came into force in 2015,
The EITI requires mining companies in implementing countries to report taxes and revenue payments made to the government in a standardised format. However, companies’ payments for the procurement of goods and services – in most cases the single largest in-country payment type by a mine site – are not systematically disclosed.
As a member of the Publish What You Pay Canada coalition,
The Africa EITI Conference on Beneficial Ownership Transparency had a powerful opening on Wednesday 31 October, with speeches from HE Macky Sall, President of Senegal and HE Julius Maada Bio, President of Sierra Leone, as well as other high-level government officials. The range of the parallel session topics varied from illicit financial flows to politically exposed persons.
The EITI Board members and around 100 stakeholders gathered in Dakar for the 41st EITI Board meeting, ahead of 250 participants attending the three-day Opening Up Ownership: Africa conference on beneficial ownership, co-hosted by the EITI and the Government of Senegal.
Senegal – new resource-rich country on the block
The Government of Malawi formally committed to disclose all oil, gas and mining contracts in December 2015 at a Malawi EITI stakeholders meeting in Lilongwe. At the meeting, the then Principal Secretary Ben Botolo responsible for mining said that all contracts were already available upon request at the Department of Mines. As civil society, we were quick to take government at their word. But we soon discovered that while mining contracts were easily accessible,
Creating a level playing field for all companies in Mali
The Publish What You Pay (PWYP) Mali coalition and the Office of the Auditor General (OAG) have made numerous calls for the publication of mining contracts. They are doing this because publication of contracts will help improve the monitoring of revenues received by local government and ensure that companies comply with their social and environmental commitments.
Transparency of contractual terms is important but to understand if the right tax is coming in, you also need production and export figures.
EITI data in combination with financial accounting data can aid tax authorities and civil society in the analysis of a range of tax risks on the resource value chain. In fact, EITI Reporting has highlighted how EITI data has been leading to enhanced domestic resource
The International Council on Mining and Metals (ICMM) is a partner and supporting organisation to the EITI. Twenty-seven companies are members of ICMM, through which they are supporters of the EITI. ICMM CEO Tom Butler attended the recent EITI Board meeting in Berlin and participated in a side event on contract transparency with EITI Chair Fredrik Reinfeldt. Tom explains ICMMs policy on contract transparency and the impact it has had in this Q&A.