Transparency Initiative (EITI)

14 Introduction
2.1 ABOUT THE EITI
The Extractive Industries Transparency Initiative (EITI) was
launched in 2003. It is organized in a tripartite structure of
governments, companies and non-governmental organizations
(NGOs) at both the international and national level.
The governing bodies are the ‘Board’ internationally and
‘multi-stakeholder groups’ (MSG) nationally. The legal entity
of the Initiative is an Association registered in Oslo/Norway,
where the Secretariat is located.
The EITI describes itself as “a standard by which information
on the oil, gas and mining industry is published. The
EITI is not a prescription for governance of the sector, rather
a tool that informs about the way the sector is governed.”
(eiti.org)
In its second decade of existence the EITI is a global movement
towards greater financial transparency and accountability
in the natural resource sector. The International Secretariat
reports that as of July 2016:
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51 countries are currently implementing the EITI,
31 of which are compliant with all EITI Requirements,
whilst the remaining 18 hold candidate status and 2
are suspended;
45 countries have published EITI Reports and more
than USD 1.93 trillion in government revenues from
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the oil, gas and mining sectors, covering 281 fiscal years,
have been disclosed, predominantly in developing and
emerging nations;
More than 300 people work in the 51 national
secretariats, promoting and implementing the
EITI Standard on a daily basis;
More than 1,000 people hold mandates in the
51 national multi-stakeholder groups and the
International Board;
More than 90 companies officially support the EITI;
More than 90 institutional investors, which manage
funds amounting to over USD 19 trillion, officially
support the EITI;
More than 400 non-governmental organizations
(NGO) are involved with the EITI, both on a local and
international level.
The Initiative applies the Value Chain approach of the
World Bank to categorize the EITI’s reporting lines in five
steps.
51
implementing
countries
1.000
people holding
mandates
281
years covered
in EITI Reports
90
institutional
investors
$1.9
trillion extractive
revenue disclosed
$19
trillion of funds
managed by
supporting investors
300
people work in the
national Secretariats
90
supporting
companies
400
NGOs
45
countries published
the EITI Reports