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EITI calls on SEC to align rules with international transparency efforts

...The EITI’s comments focus on two aspects of the proposed rule: the importance of alignment with international transparency efforts, and the definition of project-level reporting.

Mark Robinson, the EITI’s Executive Director, commented on the need for alignment between the SEC rule and EITI and other international reporting requirements. “An SEC rule that is well aligned with the EITI and other international reporting requirements in the extractives sector would send a strong signal to the 53 countries implementing the EITI to accelerate their work,”...The provisions of the EITI Standard are well aligned with reporting requirements in the EU, the UK, Norway and Canada. To date, EITI implementing countries have disclosed USD 2.62 trillion in company payments and government revenues through EITI reporting...

The costs of transparency to industry are low and the benefits can be substantial. Transparency can foster greater trust in relations with stakeholders and local communities, better risk management, improved company reputation and the opportunity to demonstrate accountability and leadership. The investor community has been supportive of project-level reporting, noting how such reporting can contribute to a more stable investment climate and improve investors’ ability to manage risk.

The proposed SEC rules are, however, inconsistent with the EITI Standard, which requires implementing countries to introduce project-level disclosure in reporting covering fiscal years ending on, or after, 31 December 2018...

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