Extractive Industries Transparency Initiative | Wikipedia audio article
Channel: wikipedia tts
Date: 03/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Extractive_Industries_Transparency_Initiative


00:02:50 1 History
00:05:58 2 Structure and Funding
00:07:36 3 Member countries
00:09:38 4 Impact of the EITI
00:12:07 5 Supporting Companies
00:12:59 6 Criticism



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SUMMARY
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The Extractive Industries Transparency Initiative (EITI) is a global standard for the good governance of oil, gas and mineral resources. It seeks to address the key governance issues in the extractive sectors.
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it contributes to the economy.
This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations are, what are the fiscal and legal arrangements are, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment.
The EITI Standard is implemented in 52 countries around the world. Each of these countries is required publish to an annual EITI Report to disclose 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 all EITI implementing countries to the same global standard.
Each implementing country has its own national secretariat and multi-stakeholder group, made 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 Chair of the EITI is Fredrik Reinfeldt, former Prime Minister of Sweden. The previous chairs have been the 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 Eddie Rich.