How companies can support EITI implementation
This factsheet provides a two-page introduction to the Extractive Industries Transparency Initiative (EITI).
To better support relevant, sustainable and impactful EITI implementation, the EITI Board has introduced a new Validation model.
The new approach maintains the rigour of the Validation process while also accommodating the diverse challenges and priorities of implementing countries. It supports regular oversight of disclosures by multi-stakeholder groups. It also seeks to engage stakeholders throughout the process and ensure that intended outcomes of EITI implementation are being met.
State-owned enterprises (SOEs) often own and operate key aspects of the value chain in the mining, oil and gas industries, as explorers, producers, logistics providers, refiners, marketers and private-sector partners.
As SOEs are increasingly corporatising their operations, transparency in financial disclosures has become central to their ability to raise funds, develop new partnerships and improve their accountability to their primary shareholders in government and to citizens as the ultimate beneficiaries. Global standards and guidelines for SOE disclosures and governance,
Recognising the ongoing challenges associated with the COVID-19 pandemic, the EITI Board has agreed the extension of measures to provide flexibility in EITI implementation and reporting. The flexible measures outlined in this document are for EITI Reports planned for publication in 2020 and 2021.
The EITI factsheet for extractive industries is a concise two-page introduction to the EITI tailored to companies, outlining the local and international benefits of being an EITI supporting company.
Tracking payments by project from companies to government.
Project-level reporting, also called “project-by-project” reporting, means that companies disclose payments by project, for example, royalties paid on gold production at a specific mine. Having access to this data allows citizens and government officials to assess whether the government receives what it ought to from each individual extractive project. That’s because payments can be compared with the terms set out in the laws or contracts governing the project.
An overview of the International Secretariat's team structure.