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Stronger commitments on transparency for commodity traders, mining, oil and gas companies supporting the EITI

The international EITI Board agreed today to clarify and strengthen the Expectations for EITI supporting companies, which set out how over 60 companies supporting the EITI internationally will promote greater transparency and accountability in the oil, gas and mining sectors consistent with the EITI Standard.

Companies supporting the EITI will be expected to publicly declare their support for the disclosure of contracts, licenses and information on the beneficial owners of companies across all EITI implementing countries. They will commit to public disclosure of their beneficial owners and to contributing to public disclosure of contracts and licenses in EITI countries in a way that is consistent with government procedures.

Companies will also be expected to publicly disclose taxes and payments to governments at a project level in line with the EITI Standard in all non-EITI implementing countries where the company operates and   publish anti-corruption policies, setting out how they manage corruption risks. Companies will undertake rigorous due diligence and risk-based steps to use beneficial ownership information in selecting joint venture partners, contractors and suppliers.

These disclosures are significant tools in the fight against corruption, as evidenced in the recent Pandora Papers investigations, and previously in the Panama Papers.   

The revised Expectations include first-time commitments to publish a policy on gender diversity, publish employment data disaggregated by gender and, for companies buying oil, gas or mineral resources from the state in EITI implementing countries, to disclose data in line with the EITI Standard and EITI reporting guidelines for buying oil, gas and minerals from governments.  

EITI supporting companies are expected to publicly declare and publish support for the EITI and the objective of the EITI Association to make the EITI Principles and the EITI Standard the internationally accepted standard for transparency in the oil, gas and mining sectors.

“The expectations are now clearer, stronger and, most importantly, fully aligned with the EITI Standard,” said Mark Robinson, Executive Director of the EITI. “By agreeing to meet these expectations, companies undertake to adopt a leadership role in making their industries more transparent and more accountable.”

The revised Expectations build on progress made in increasing company transparency internationally through the EITI since 2018, when the Expectations for EITI supporting companies were first agreed. An assessment of company performance in meeting these Expectations was undertaken in 2021. It resulted in the consensus reached today by the EITI’s multi-stakeholder Board to clarify and strengthen the Expectations. The EITI International Secretariat will develop guidance regarding interpretation and application of the Expectations.

All extractive sector companies supporting the EITI’s work will be expected to meet the Expectations. The EITI International Secretariat will undertake regular assessments of company performance against the Expectations and publish the results. Meeting the Expectations will be a primary consideration in electing company representatives to the EITI Board. Companies wishing to become EITI supporting companies will commit to a statement of support for the EITI and to meeting the Expectations.