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

New contract: Windcat 41 - no 17 in the Servogear series

Servogear announces the signing of a new contract with Windcat Workboats BV for the delivery of Servogear Controllable Pitch Propellers (CPP)  for their new vessel Windcat 41. 

Seacat Enterprise to be launched January 12th

Seacat Services, is preparing to launch its first High Speed Utility Vessel (HSUV), Seacat Enterprise at January 12th.

Norsafe Signs Contract with the Swedish Coast Guard (KBV)

On Wednesday 21st December, Norsafe signed yet another new contract with the Swedish Coast Guard (KBV) to deliver nine new Magnum 750 MKII boats.

A Unique Second-generation Tomograph is Developed

A new gamma-ray tomograph designed to image up to 4” diameter pipes, is developed by CMR Prototech for the Saskatchewan Research Council (SRC) in Canada.

Sohome launches a new website

Sohome has launched a new website that makes it easier to find key information. 

Sohome AS receives orders for Johan Sverdrup Project

Sohome AS is proud to be a sub-contractor to Intelecom AS for the Johan Sverdrup Project. 

New 55'' Ultra High Definition Chart and Planning table passes Type Approval testing

Most advanced maritime display system ever produced, the 55'' Ultra High Definition Chart & Planning table, enables Integrated Bridge System manufacturers to develop new multi-data solutions.

Norsafe's experience in the Polar Code Pays Off

In readiness for the introduction of the Polar code, Norsafe has become the first LSA supplier to have executed full scale tests and trials 

Øglænd System Group winner of Business of the Year Award

Øglænd System Group won the Business of the Year Award in the Stavanger-region 2016.