EITI Business Guide

Well-managed companies want to invest in countries governed by transparency
and fair rules. They want to be part of public discussion and to engage with their
stakeholders and external audiences, including local communities and
governments.
a good example of how EITI has helped improve the investment climate is nigeria,
which has been implementing EITI since 2004. since then, nigeria has had $18
billion of debt written off, its sovereign credit rating has improved to BB-, credit to
the private sector has significantly expanded and foreign investment in the oil
sector has grown. nigeria still faces many challenges, but EITI clearly is playing a
role in making it a better place to do business.
In azerbaijan, EITI implementation has contributed to greater transparency in
management of oil revenues, reduction in poverty and progress in the fight against
corruption. The proportion of azeris living in poverty has been reduced from 49%
to 16% in the past four years alone. The state oil Fund, which led implementation
of EITI in azerbaijan, has received the 2007 united nations award for Improving
Transparency, accountability and responsiveness in the public service.
This guide offers business managers detailed information on how to promote
similar improvements in other resource-rich countries by implementing EITI. It
recognizes that implementation of EITI is first and foremost the responsibility of
governments. However, there is much that the companies can do to support and
promote this effort. We hope that you share our vision of EITI as the norm for
resource-rich countries and invite you to play a part in the business sector’s role in
EITI implementation.
peter Eigen
Chairman, EITI
rex W. Tillerson
Chairman and Chief Executive Officer,
Exxon Mobil Corporation
EITI BUSINESS GUIDE 7