The COVID-19 pandemic has stretched national budgets, increasing the likelihood that governments will turn to state-owned enterprises (SOEs) for much-needed funding. In the longer-term, progress towards the use of clean energy sources may put state-owned oil and gas investments at risk.
Against this backdrop,
For citizens in the Latin America and the Caribbean region, the question of who profits from extractive resources still remains largely unanswered. To date, 18 countries have beneficial ownership regulations and eight have established registries. Yet hardly any of these registries have been made publicly accessible.
Why is ownership data not publicly disclosed across the region? Experts from government, civil society,
The EITI is introducing a fresh approach to assessing countries’ progress in EITI implementation. Starting April 2021, countries will be evaluated according to a revised Validation model, where they will receive a score based on three components: “Transparency”, “Stakeholder engagement” and “Outcomes and impact”. The Validation process will also seek to capture the views of a wide range of stakeholders and will reward countries on the effectiveness and sustainability of EITI implementation.
Diana El Kaissy, Executive Director of the Lebanese Oil and Gas Initiative (LOGI) and a member of the EITI International Board and the Chair of its Outreach and Candidature Committee, explains the value of platforms such the EITI during the pandemic era.
COVID-19 has pushed governments, non-governmental agencies and companies to press the “adaptability button” and think outside the box. Surviving during the times of COVID-19 is a tricky act. Just as with the human body,
With the EITI requirement on contract transparency now in effect, we take stock of progress and opportunities in Latin America and the Caribbean.
For years, corruption scandals in Latin America and the Caribbean have made global headlines, from Lava Jato and Odebrecht to Petrofraude.
One way in which the EITI has impact is to create momentum for legislative and regulatory reform, underpinning a more systematic approach to transparency and good governance of the extractive sector. The New Year has brought with it three important and diverse examples of countries that have taken such steps.
Beneficial ownership transparency – knowing who ultimately controls and benefits from a company – is critical to fighting corruption and preventing illicit financial flows. EITI and Open Ownership have developed a new beneficial ownership declaration form to bring greater transparency to corporate ownership.
Thanks to a new tool, we now have oversight of the extractive data that is being disclosed systematically – and where.
When institutions and companies are open about what they do, it is easier for citizens to hold them accountable.
That is why a key feature of the EITI’s work in recent years has been to encourage governments and companies to “systematically disclose” information – in other words,
As 2021 dawns, it is clear that the COVID-19 crisis will continue to have a severe long-term impact. Even if the health pandemic is brought under control, oil and commodity price volatility will have enduring effects on revenues and economic activity in many EITI implementing countries. In view of these continued challenges faced by resource-rich countries in 2021 and beyond, the EITI’s strategic framework seeks to ensure that EITI implementation continues to be relevant, responsive and cost-effective.
COVID-19 and government economic recovery policies create business integrity risks for mining companies.
There are several key areas that companies and investors need to pay close attention to.
Business integrity, transparency and anti-corruption are integral parts of ESG performance and affect social licence to operate.
