The Chilean chemical company is currently the second largest producer lithium globally. Chile hosts the world’s largest reserves of lithium, which is used in rechargeable batteries for electric vehicles and other technologies. Demand for lithium is expected to rise exponentially in coming years.
In its statement of support for the EITI, the company affirms that “SQM's vision is to create sustainable solutions for human progress through the responsible development of natural resources." It further states: "By supporting the EITI and adhering to its standard, we demonstrate our commitment to transparency, accountability, and ethical business practices, which are essential to achieving our vision and building trust with our stakeholders."
SQM’s tax policy underpins the company’s commitment to ethical and responsible business practices, and it discloses its tax payments and policies in its annual reporting.
Support for the EITI will enable SQM to further its transparency agenda through its commitment to meeting the Expectations for EITI supporting companies, which outline nine areas that underpin corporate accountability and transparency in line with the EITI Standard.
Chile recently confirmed its intention to join the EITI as an implementing country. By committing the Expectations, SQM can set a leading example for other companies operating in Chile to disclose information in line with the EITI Standard.
“We welcome SQM to the EITI community,” said Mark Robinson, EITI Executive Director. “SQM’s support for the EITI is timely as Chile prepares its application to join the EITI. By committing to the Expectations for EITI supporting companies, SQM will learn from international best practices and will have the opportunity to adopt a leadership role in advocating the EITI Principles internationally and throughout the Latin America and Caribbean region.”