The Extractive Industries Transparency Initiative (EITI) – A GLOBAL STANDARD FOR THE GOOD GOVERNANCE OF OIL, GAS AND MINERLA RESOURCES.
The EITI provides the public with knowledge about their extractives sector.
Information published under the EITI is used by reformers, policy makers, investors, governments, civil society actors, academicians, journalists, and others to understand the sector.
Through the EITI, stakeholders suggest reforms to strengthen transparency and accountability in the sector. The EITI was set up by governments, companies and civil society organisations in the shared belief that natural resource wealth should benefit citizens and that this requires high standard of transparency and accountability.
These principles are at the heart of the EITI Standard, which requires countries to publish timely and accurate information on key aspects of their natural resource management, including how licenses are allocated, how much tax and social contributions companies are paying and where this money ends up in the government at the national and regional level. Through the EITI companies, governments, and citizens increasingly know who is operating in the sector and under what terms, how much revenue is being generated, where it ends up and who benefits.