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Article

1 Mar 2013

Author:
Stella Dawson, Trustlaw [UK]

EITI board raises bar on global standards to report natural resource revenues

The board of the Extractive Industry Transparency Initiative [EITI] has raised the global standard for countries to disclose in greater detail the revenues they receive from natural resource wealth. The decision…is designed to improve community access to information about oil, gas and mining projects…[G]overnments…will be required to reveal project-by-project how much companies pay for the right to prospect...[This] bring[s] the EITI's standards into line with new rules in the United States and those pending in the European Union...The American Petroleum Institute and the U.S. Chamber of Commerce are among those who have filed a lawsuit in the United States to block it…The EITI…also decided to strongly encourage countries to pull back the veil on who ultimately holds a license or contract...[although] this fell short of a push by civil society organisations to make beneficial ownership a requirement...[refers to Statoil]