11 Feb '12, 6pm

Extractive Industries Confront Pressure for Transparency

Extractive Industries Confront Pressure for Transparency

Financier and government stakeholders are not the only ones requiring revenue disclosure. Established in 2002, the Extractive Industries Transparency Initiative (EITI) has emerged as a powerful international voluntary standard for revenue transparency. EITI aims to improve sustainable development by requiring that extractive companies disclose and report on government royalties in EITI “candidate” and “compliant” countries that have agreed to commit to EITI’s principles and criteria. Countries benefit from abiding by EITI’s rules because doing so can facilitate an improved investment climate. Companies benefit from reduced reputational risk and threat to their license to operate, since, oftentimes, they are the targets of community dissatisfaction when royalties paid to governments do not trickle down locally. As of January 2012, 11 developing countries have qualified as “...

Full article: http://business-ethics.com/2012/02/10/8894-extractive-ind...

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