How companies can support EITI implementation
The EITI fact sheet is a concise two-page introduction to the Extractive Industries Transparency Initiative.
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.
All EITI supporting companies are expected to:
Publicly declare support for the EITI Principles and, by promoting transparency throughout the extractive industries, help public debate and provide opportunities for sustainable development.As a guiding principle, supporting companies are expected to publicly disclose taxes and payments. Where companies choose not to,
“Implementation of the EITI helps countries achieve the Sustainable Development Goals. I am proud that the EITI has a proven track record of strong country ownership to improve the governance of natural resource wealth as an important engine for sustainable economic growth. The 51 implementing countries have engaged companies and civil society with government institutions to enhance transparency and accountability, quality investment, and citizen empowerment.”
EITI and the Sustainable Development Goals (SDGs)
There are clear benefits for companies operating in countries with beneficial ownership registers:
Reduces risk in business relationsCreates a level playing fieldImproves investment climatePrevents corruption and illicit flowsBuilds trust.
Find out more in this factsheet.
A further resource for why beneficial ownership transparency is positive for business is www.openownership.com
Infographics to visualise Validation process and procedures.
Links to the infographics, to view them online: