This paper includes a theoretical and an empirical study. It gives a basic definition of transparency initiatives, identifies underlying concepts, and introduces a basic analysis model. The latter is useful to understand and evaluate the functioning and effects of transparency initiatives in general. The empirical study draws on the EITI. It further provides a case study on its implementation process in Azerbaijan. How do transparency initiatives operate in general? What are the particularities of the EITI? Which conclusions can be drawn from the EITI implementation process in Azerbaijan?