Extractive Industries Transparency Initiative
Logo of EITI
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| Abbreviation | EITI |
|---|---|
| Motto | Seeing results from natural resources |
| Formation | 17 June 2003 |
| Purpose | Financial transparency and improved governance in the extractive industry |
| Products | EITI Standard |
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Membership
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48 countries |
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Official language
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English, French, Russian |
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Chair of the Board
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Fredrik Reinfeldt |
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Head of the International Secretariat
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Jonas Moberg |
| Website | eiti.org |
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of extractive resources. It seeks to address the key governance issues in the oil, gas and mining sectors.
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public. This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment.
EITI Standard is implemented in 51 countries around the world. Each of these countries is required publish an annual EITI Report to disclose information on: contracts and licenses, production, revenue collection, revenue allocation, and social and economic spending and goes through an EITI Validation process at least every three years. Validation serves to assess performance and promote dialogue and learning at the country level. It also safeguards the integrity of the EITI by holding all EITI implementing countries to the same global standard.
Each implementing country has its own national secretariat and multi-stakeholder group, made up of representatives from the country’s government, extractive companies and civil society. The multi-stakeholder group takes decisions on how the EITI process is carried out in the country.
The EITI Standard is developed and overseen by a multi-stakeholder Board, consisting of representatives from governments, extractives companies, civil society organisations, financial institutions and international organisations.
The Chair of the EITI is Fredrik Reinfeldt, former Prime Minister of Sweden. The previous chairs have been the Rt Hon Clare Short (2011-2016), former UK Secretary of State for International Development and Dr Peter Eigen (2009-2011). The EITI International Secretariat is located in Oslo, Norway and is headed by former Swedish diplomat Jonas Moberg.
The “Extractive Industries Transparency Initiative” (EITI) was first launched in September 2002 by UK Prime Minister Tony Blair at the World Summit on Sustainable Development in Johannesburg, following years of academic debate, as well as lobbying from civil society and companies, on the management of government revenues from the extractive industries. In particular, the EITI is an answer to public discussions on the “Resource Curse” or the “Paradox of Plenty”. NGOs such as by Global Witness and “Publish What You Pay”, as well as companies such as BP pushed the UK government to working towards an international transparency norm.
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