[PDF] Global oil and mining transparency initiative arrives at key deadline

Author: Publish What You Pay, Published on: 9 March 2010

Twenty out of 22 countries have not met the two-year deadline…to complete external verification of their progress under the Extractive Industries Transparency Initiative (EITI), a voluntary multistakeholder initiative, which aims to increase transparency of natural resource revenues. Validation…is a critical quality assurance mechanism which underpins the credibility of the EITI…Opaque and unaccountable natural resource management can lead to corruption and mismanagement…The EITI was established to ensure that revenue payments to governments from oil, gas and mining companies are fully disclosed to the public…so that citizens can check how the money is managed…Transparency is needed…to ensure citizens get a fair deal...Open licensing procedures, contract disclosure and a clear picture of how revenues are being spent are equally crucial.

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