Australia is to join the Extractive Industries Transparency Initiative (EITI), an international standard for increased transparency and accountability in the oil, gas and mining sectors, as a partner country.
“By joining the EITI, we ensure that our domestic policy is consistent with international efforts to increase transparency, including in tax systems,” said Minister for Resources, Energy and Northern Australia, Josh Frydenberg, and Minister for Foreign Affairs, Julie Bishop, in a joint statement.
“This will provide significant benefits for Australian companies through improved global investment conditions resulting from consistent and open reporting standards for the world’s resources sector.”
Australia is already one of the largest and longest-serving supporters of the EITI, having committed more than AUS$20 million in funding since 2007. But its move to partner country status will further demonstrate its leadership in transparency and anti-corruption matters and strengthen its credibility in advocating the adoption of the EITI by other countries, the ministers said.
There are currently 48 countries participating in the EITI.
EITI provides a global standard for natural resource revenue management. Its key objective is to reconcile patyents to governments made by resource companies with those received by government.
The announcement follows an EITI pilot programe in Australia between 2011 and 2014. It has been welcomed by the country’s mining industry with the Minerals Council of Australia saying it “strongly endorses Australia becoming a partner country.”
“Many Australian mining companies already participate in EITI-compliant reporting processes around the world,” said the MCA’s Chief Executive, Brendan Pearson. “The announcement today underlines the strong commitment of the minerals sector in Australia to revenue transparency.”
Read the article online at: https://www.worldcoal.com/mining/09052016/australia-to-join-eiti-as-a-partner-country-2016-738/