70 major companies involved in the oil, gas and mining sectors have now expressed support for the EITI Principles.
Nine companies have become supporters in the past year: Africa Oil Corporation, Base Titanium Ltd, Inpex Corporation, Kogas, Kosmos Energy, London Mining, Ok Tedi Mining, Talas Copper Gold/Gold Fields Kyrgyz Republic LLC, and Timor Gap E.P. The complete list of EITI Supporting Companies can be found at www.eiti.org/supporters/companies.
The 70 Supporting Companies have publicly declared support for the EITI Principles and most contribute financially to the international management of the EITI. These contributions account for nearly 50% of the organisation’s income. Some companies, like Rio Tinto, Statoil and Newmont, have also published country-by-country reports of their payments to government.
A company operating in EITI implementing countries is required to disclose payments made to those governments regardless of whether or not the company has chosen to support the EITI.
Companies support the EITI for many reasons. EITI implementation is increasingly being seen as a signal of commitment to a good operational environment for companies. Companies have cited the benefits of operating in countries implementing the EITI as enhanced relations with stakeholders and local communities, better risk management, improved company reputation and the opportunity to demonstrate industry leadership.
In addition, the EITI is supported by over 80 institutional investors with assets under management of over US$16 trillion.