Extractives Industries Transparency Initiative (EITI)
The Extractives Industries Transparency Initiative is a global coalition of governments, companies and civil society working together to improve openness and to provide accountable management of revenues from natural resources. All of these groups are represented on the EITI Board which is supported by the EITI International Secretariat. Countries participate in the Extractives Industries Transparency Initiative by applying to the international EITI Board. 23
The application process for joining the EITI includes announcing the government’s commitment to achieving the ‘EITI Standard’24, developing a work plan to achieve EITI compliance, and working with companies and civil society to achieve compliance targets. Specific requirements include25:
- effective oversight by a multi-stakeholder group [government, companies and civil society]
- production and timely publication of comprehensive EITI Reports, including:
- contextual information about the extractive industries
- full disclosure of extractive industry revenues
- disclosure of all material payments to government by oil, gas and mining companies
- a credible assurance process applying international standards
- active promotions of EITI Reports
- review the outcomes and impact of EITI implementation and action on ‘lessons learned’