Looking for a specific product?

Make a search for products & suppliers, articles & news.

What is EITI

The Extractive Industries Transparency Initiative (EITI) is an initiative launched by former British Prime Minister Tony Blair to increase transparency in financial transactions within the petroleum and mining industries. Since 2003, Norway has actively encouraged this initiative with political and financial support. EITIs international secretariat was established in Oslo in 2007.

It is a paradox that countries with an abundance of natural resources are often very poor and characterized by war and conflict (the resource curse). The aim of the EITI is that a larger share of revenues from natural resources will contribute to economic development and better living conditions for the population ("Making resources work for people"). Through the transparency in payment flows, the authorities will be held accountable for how the revenues are used. This requires better governance and less corruption. Such development will also help to improve the investment climate in certain countries, and in turn contribute to economic progress.

The EITI has established a set of principles for transparency and good governance, which also requires active participation from civil society. A number of countries, companies and organizations have endorsed these principles. Furthermore, there is a set of criteria to be met by the countries that choose to implement the EITI.

Read more about the EITI in the EITI Fact Sheet.

Read about the EITI rules in EITI rules including the validation guide.

EITI has an international board consisting of 20 members. Board members are elected at a members’ meeting held every other year. New board members were appointed at the meeting in Paris on 1 March 2011, in connection with the EITI Global Conference. The board includes representatives from the countries supporting the EITI, countries implementing EITI, companies and investors as well as civil society. In Norway, the Foreign Ministry follows up the EITI internationally and participates in the EITI Board’s work.

Here is an overview of the EITI Board for 20011-2013. For more information, see EITI's web pages.

 

Related news

Latest news

Midt-Norsk Havbruk and Plastsveis enter into agreement to build smolt facility

“We have followed the development of technology for smolt production carefully for several years,

DNV GL launches on-demand, web-based forecasting at WindPower 2017

Energy traders and plant operators gain online access to hourly forecast data at plant and regional level...

International Quality Awards announced

The Chartered Quality Institute (CQI) launches a series of quality awards designed to recognize the contribution of quality professionals across the globe.

Record prices generate record operating profit

In Q1 2017 Lerøy Seafood Group (LSG) reported operating profit

New Land Based Contract

AKVA group secures new Land Based contract with Midtnork Havbruk

Offshore Wind Energy 2017, London

Oglaend System will exhibit at the Offshore Wind Energy 2017 from 6.-8. June at ExCel London. Visit us at stand N-K30.

Closed at May 17th

Seacat Liberty (YN 81) has been launched

Seacat Services latest fleet addition, Seacat Liberty, was launched May 12th, 2017.

DNV GL starts Joint Industry Project to improve assessment of site condition data for offshore wind farms

DNV GL invites industry partners to start a Joint Industry Project (JIP)..