Extractive Industries Transparency Initiative

Extractive Industries Transparency Initiative (“EITI”) in 2013

United States views on international law [1] in relation to Extractive Industries Transparency Initiative: On December 19, 2013, the United States submitted its application as a candidate for the Extractive Industries Transparency Initiative (“EITI”) Board. See this world legal encyclopedia (in relation to issues that took place in the year 2012) at 412 regarding previous U.S. commitment to the EITI. The U.S. Department of the Interior issued a press release announcing the submission of the candidacy application, available at (link resource) doi.gov/eiti/FACA/upload/USEITI-Application-Background.pdf and excerpted below. The application is available at (link resource) doi.gov/eiti/upload/USEITI-CandidacyApplication-MSG-Approved-2.pdf.

Some Aspects of Extractive Industries Transparency Initiative (“eiti”)

The EITI is a voluntary, global effort designed to increase transparency, strengthen the accountability of natural resource revenue reporting, and build public trust for the governance of these vital activities. Participating countries publicly disclose revenues received by the government for oil, gas, and mining development, while companies make corresponding disclosures regarding these same payments to the government, and both sets of data are reviewed and reconciled by a mutually agreed upon independent third party. Results are then released in a public report.

Developments

The design of each nation's EITI framework is country-specific and developed jointly by a Multi-Stakeholder Group comprised of members of the public, government and industry through a multi-year, consensus-based process. In addition to increased transparency, EITI strengthens accountability, empowers citizens, and adds another tool in the fight against corruption. …

Resources

Notes

1. Extractive Industries Transparency Initiative (“eiti”) in the Digest of United States Practice in International Law