New Standards Approved for Extractive Industries
May 23,2013
New performance standards have been announced (5/23) for oil, gas and mining companies, requiring them to be much more transparent in their business dealings.
The Extractive Industries Transparency Initiative approved the new performance standards at a meeting in Sydney, Australia. Created in 2003, the initiative includes government, business and civil society representatives.
Among those supporting the tougher standards is Alexandra Gilles, head of governance at the Revenue Watch Institute, which monitors extraction industries.
She said, “Extractive Industries Transparency Initiative, or EITI, is a voluntary standard of disclosure in the oil, mining and gas sectors. The countries sign-up to the EITI and in doing so agree to release certain kinds of information about their extractive sectors.”
Up until now, the initiative simply required the release of revenue data.
“So the governments had to disclose how much money they received from oil, gas and mining companies and the companies had to disclose how much they paid to the governments. And then those two sets of figures were reconciled by an independent auditor. So, it was a really important step forward in terms of advancing transparency and knowing how much money enters into these governments, she said.
But Gilles said that wasn’t enough to ensure complete transparency.
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