How companies can support EITI implementation
Company support of the EITI
Extractive companies operating in countries implementing the EITI benefit from enhanced relations with stakeholders and local communities, better risk management, improved company reputation and the opportunity to demonstrate industry leadership. Many of the world’s largest oil, gas and mining companies are therefore EITI Supporting Companies.
A Supporting Company publicly supports the EITI and helps to promote the Standard internationally and in countries where it operates. No additional reporting or disclosure of payments is required for becoming an EITI Supporting Company.
In addition, financial institutions have declared their support.
Steps to becoming a Supporting Company:
- Publicly declare support for the EITI Principles.
- Complete and submit the EITI Supporting Company Form.
- Companies are required to make financial contributions to the International Management of the EITI.
- For oil and gas companies a minimum contribution of USD 20,000 , USD 40,000 and USD 60,000 depending on market capitalisation is required.
- For mining companies, the recommended amount is the same as well depending on market capitalisation, and a minimum contribution of USD 15,000 is required.
The EITI Business Guide outlines how companies can support EITI implementation. An electronic version is available below.