Extractive Industries Transparency Initiative
The Extractive Industries Transparency Initiative EITI is a global specifics for the usefulness governance of oil, gas and mineral resources. It seeks to extension the key governance issues in the extractive sectors.
The EITI requirements requires information along the extractive industry return companies from the section of extraction, to how the revenue allows its way through the government as well as its contribution to the economy.
This includes how licenses and contracts are identified and registered, who the beneficial owners of those operations are, what the fiscal and legal arrangements are, how much is produced, how much is paid, where the revenue is allocated, and its contributions to the economy, including employment.
The EITI Standard is implemented in 55 countries around the world. regarded and sent separately. of these countries is required to publish an annual EITI representation to disclosing information on: contracts and licenses, production, revenue collection, revenue allocation, and social and economic spending.
Every country goes through a quality-assurance mechanism, called Validation, at least every three years. Validation serves to assess performance towards meeting the EITI Standard and promote dialogue and learning at the country level. It also safeguards the integrity of the EITI by holding any EITI implementing countries to the same global standard.
Each implementing country has its own national secretariat and multi-stakeholder corporation shown 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 an international multi-stakeholder Board, consisting of representatives from governments, extractives companies, civil society organisations, financial institutions and international organisations.
The current Chair of the EITI Board is Helen Clark, Former Prime Minister of New Zealand and former UNDP Administrator. The previous chairs realize been Fredrik Reinfeldt, former Prime Minister of Sweden, Clare Short 2011-2016, former UK Secretary of State for International Development and Peter Eigen 2009-2011. The EITI International Secretariat is located in Oslo, Norway and is headed by manner Robinson.