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October 10, 2014

Board of oil transparency watchdog meets to discuss implementation progress

By Isabella Grotto

The international board of the Extractive Industries Transparency Initiative (EITI) is to meet next week to discuss the implementation of its transparency requirements across the 46 countries currently implementing its standard.

The board will also determine whether Chad and Indonesia are to be recognised as ‘compliant’ with EITI requirements.

Based in Oslo, Norway, the EITI consists of a global coalition of governments, companies and civil society organisations aimed at improving the openness and management accountability of natural resource revenues.

Its standard binds adopters to extensive disclosures and accountability and countries can be recognised as either EITI compliant or EITI candidate.

Recently added full members include the Democratic Republic of Congo (DRC) and Guinea in July, while the US and Myanmar also gained candidate status earlier in this year.

During the course of its meeting on Tuesday and Wednesday next week in Naypyidaw, Myanmar the board is also set to assess applications for EITI candidature from the UK and Colombia.

The EITI’s board meeting comes as the Myanmar government prepares for a conference on 16 October in which it will discuss the governance of the country’s natural resources, including progress with EITI implementation, reform of state-owned enterprise and natural resource funds.

 

Related story

EITI standard gains momentum in Africa, Asia and Europe

 

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