As I step down from five years as EITI Chair, I reflect on what has been achieved and set four challenges for the incoming Board.
In that time, the EITI has evolved into a more useful, relevant and robust effort. The scope has widened from a narrow set of rules focused on revenue reconciliation to a standard covering the wider governance of extractive resources. Attitudes and practices on issues such as disclosing payments broken down by company, contract transparency, beneficial ownership and commodity trading, have rapidly evolved, and trust continues to be built between stakeholders.
My tenure as Chair has coincided with a period of high growth for the extractive sector. This drove a determination to confront the challenges of the sector. As I leave, the climate is different. In an era of low commodity prices, the need for good governance is stronger than before, as are the challenges. As well as avoiding economic meltdown in this period, resource rich countries need to be in better shape to take full advantage of the next commodity boom.
I commend the EITI Board and committees for all their efforts and hard work, and the continued commitment of the International Secretariat. I am proud to pass the mantle to Fredrik Reinfeldt. As Prime Minister of a Swedish coalition government during the financial crisis and chair of the European Council during some tough negotiations, he is more than equipped to meet these challenges.
Chair of the EITI Board