International Anti-Corruption Commitments

Title of the document

The Extractive Industries Transparency Initiative (EITI) Standard

(https://eiti.org/standard/over...)

Issuing body

Extractive Industries Transparency Initiative

Brief description

The EITI is the global standard for the good governance of oil, gas and mineral resources.

When implemented by a country, the EITI ensures transparency and accountability about how a country's natural resources are governed. This ranges from how the rights are issued, to how the resources are monetised, to how they benefit the citizens and the economy.

Relevant excerpts

Principle 1: We share a belief that the prudent use of natural resource wealth should be an important engine for sustainable economic growth that contributes to sustainable development and poverty reduction, but if not managed properly, can create negative economic and social impacts.

2. We affirm that management of natural resource wealth for the benefit of a country’s citizens is in the domain of sovereign governments to be exercised in the interest of their national development.

5 We underline the importance of transparency by governments and companies in the extractive industries and the need to enhance public financial management and accountability.

8 We believe in the principle and practice of accountability by government to all citizens for the stewardship of revenue streams and public expenditure.

9 We are committed to encouraging high standards of transparency and accountability in public life, government operations and in business.

12 In seeking solutions, we believe that all stakeholders have important and relevant contributions to make including governments and their agencies, extractive industry companies, service companies, multilateral organisations, financial organisations, investors and non governmental organisations.