Most major publicly listed extractives companies have now endorsed the EITI Principles.
Eight new oil, mining and gas companies stated their support to the EITI in 2013: Cairn Energy, Caracal Energy, IAMGold, Implats, Lundin Petroleum, MOL Group, Paladin Energy and Swala Energy. As a result, the number of EITI Supporting Companies climbed to 84.
The EITI Principles are now endorsed by almost every major publicly listed oil, gas and mining company in the world.
Companies chose to support the EITI for many reasons. Transparency of payments to governments through the EITI levels the playing field for all companies; it helps them demonstrate the sector’s contribution to a country; and provides a mechanism for dialogue with governments and communities.
“We believe that local participation in, and understanding of, the extractive resources sector plays an important role in our industry”, says David Mestres Ridge, CEO of Swala Energy.
The private sector is also a significant user of the data published in EITI Reports. Information facilitates assessing risk and can lead to better investments decisions.
Jonas Moberg, Head of the EITI International Secretariat reminds that Supporting Companies are crucial to the EITI.
“The EITI could not function without a committed company constituency. By sitting at the table with government and civil society and finding solutions to improve accountability, companies are ensuring that the EITI process is making a difference”, Moberg concludes.
EDIT: On Monday 23 December Fleurette Group also became an EITI Supporting Company, bringing the number to 85.