EITI

Description

The Extractive Industries Transparency Initiative (EITI) is the global standard to promote the open and accountable management of oil, gas and mineral resources.

Guided by the belief that a country’s natural resources belong to its citizens, the EITI has established a global standard to promote the open and accountable management of oil, gas and mineral resources. The EITI Standard requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public. By doing so, the EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector. In each of the 51 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.

The EITI Standard requires countries to publish timely and accurate information on key aspects of their natural resource management, including how licences are allocated, how much tax, royalties and social contributions companies are paying, and where this money ends up in the government at the national and local level. By doing so, the EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide data to inform and drive reforms to curb corruption and improve accountability.

Through the EITI, governments, companies and citizens gain insight into who is operating in the sector and under what terms, how much revenue is being generated, where it ends up and who it benefits.

In every implementing country, the EITI is supported by a coalition of government, companies and civil society, providing a platform to build trust and encourage multi-stakeholder dialogue.

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