By participating in national EITI commissions, companies can help ensure that the information serves a purpose. Companies sit at the table when national work plans are decided and contribute to determining what information is collected and by whom to ensure that the reporting is relevant, understood and fair. The EITI can be a forum for stakeholders to agree on the kind of information required to build trust and ensure accountability.
Over 90 major companies involved in oil, gas, mining, and commodity trading, and institutional investors with total assets under management of more than USD 19 trillion support the EITI at the international level. These companies meet to discuss EITI policy and strategy.
Around 3,000 companies contributed to EITI reporting in the past year, disclosing information on taxes, royalties, in-kind payments and social payments. Among these are more than 130 Chinese state-owned behemoths, such as China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC) and Sinopec.
Because EITI was built with time, in a collaborative manner, and was improved along the years, it offers today the best platform to promote transparency efficiently. The Initiative respects countries’ sovereignty, level playing field between companies and promotes the participation of civil society. The growing number of adhering countries underlines its success and I think its multi stakeholder organizational scheme should be used as a model for many more societal issues.
Patrick Pouyanné, CEO, Total
Our member companies see the benefits of involvement in EITI at a country level through increases in trust and a growth in dialogue between governments, civil society and business.
International Council on Mining and Metals