European Commission proposes disclosure requirements, “to strengthen the EITI”

EU Commissioner Michel Barnier announced on 25 October proposals for a new set of disclosure requirements for extractive companies that are based in EU countries. Under the new rules, companies in the EU will have to publish all payments to the governments in countries they operate in.

The European Commission stated in a press release following Barnier's announcement that these rules are intended to strengthen the EITI: “An EU mandatory disclosure requirement would complement the EITI effor

EITI National Coordinators met in Brussels to review progress

Hosted by the European Commission, the EITI National Coordinators from the 33 EITI implementing countries met in Brussels 8-9 November. The national coordinators are tasked with the day-to-day management of the EITI process in their countries and liaise regularly with the International Secretariat.At the meeting, the National Coordinators exchanged experiences from implementation in their countries, including on progress with EITI Validation.

Beneficial ownership transparency: what the EITI requires and lessons learnt for the EU

In May 2015, the European Union (EU) adopted the 4th Anti-Money Laundering Directive (AMLD) requiring, among other things, government authorities to collect and maintain beneficial ownership (BO) information for companies incorporated in the territories of member states. This is a means of “tracing criminals who might otherwise hide their identity behind a corporate structure”, according to the AMLD.

G8 calls for countries and companies to adhere to the EITI

When the G8 leaders met in L’Aquila in Italy 8 July, they confirmed their support of the EITI, and promised to intensify G8 countries’ efforts to promote Validation by all EITI implementing countries. The G8 has expressed its support of the EITI at its summits since the G8 Summit in Evian in 2003. This year, the G8 leaders call for other developing and emerging countries and companies to adhere to the EITI.