Wednesday, 15 October 2014 - The United Kingdom was accepted today as a ‘candidate’ country to the global transparency standard EITI. It joins the almost 50 countries that have committed to improved transparency of government revenues from the extraction of natural resources.
By joining the EITI, the UK government is now committing to full transparency of extractives revenues from extraction of its oil, gas and mineral resources. They are also pledging to work together with business and civil society organisations to ensure an informed debate about how its natural resources are being managed.
UK Minister and UK EITI Champion, Jo Swinson said:
“Our commitment to the EITI shows just how serious we are about transparency in business and government. We have already seen some of the biggest oil, gas and mining companies committing their support. Now we are a candidate country, we will continue to work with industry and civil society to implement the EITI in the UK.”
Clare Short, Chair of the EITI said:
“Citizens in the United Kingdom of course expect that government owned natural resources are managed properly and that the revenues are put to good use. Through the UK EITI, citizens will be able to engage in informed discussion about how best to manage these resources.”
Peter Mather, BP Group Regional Vice President, Europe & Head of Country, UK, said:
“As a founding member of the EITI and member of the initiative’s board, BP has actively supported the EITI implementation process in the UK. We welcome and support efforts by countries where we operate who choose to work towards EITI implementation, increasing and improving the transparency of revenue flows.”
Miles Litvinoff, the Coordinator of the UK Publish What You Pay campaign said:
“Civil society welcomes the UK’s full participation in the EITI as a candidate country, and especially the UK’s commitment to project-level reporting and to beneficial ownership disclosure. We will work with the UK government and industry to make UK EITI reports as clear and comprehensive as possible, to help bring about a truly global standard of transparency and accountability for oil, gas and mining that empowers citizens worldwide.”
As a candidate country, the United Kingdom has three years to implement the EITI transparency standard in full and reach EITI compliance.
The Board’s decision in full:
“The EITI Board admits United Kingdom as an EITI Candidate country on 15 October 2014. In accordance with the EITI Standard, United Kingdom is required to publish its first EITI Report within 18 months of becoming a Candidate (i.e., by 15 April 2016). If the EITI Report is not published by this deadline, United Kingdom will be suspended. Validation will commence within two and a half years of becoming a Candidate (by 15 April 2017). In accordance with requirement 1.6c, the UK MSG is required to publish an annual activity report for 2014 by 1 July 2015.“
The EITI is a coalition of governments, companies, civil society groups, investors and international organisations. Learn more at www.eiti.org
EITI is chaired by the Rt. Hon. Clare Short. Ms Short was the UK Secretary of State for International Development (1997-2003).
48 countries are now implementing the EITI standard, and recognised as either EITI compliant or EITI candidate. See the list of countries at www.eiti.org/countries.
- For further information about the United Kingdom EITI, please visit the country page on the EITI website and the national EITI website.