In a move hailed by transparency advocates, the United Kingdom and France this week announced plans to join an anti-corruption initiative focused on the gas, oil, and mining industries.
UK Prime Minister David Cameron and French President Francois Hollande revealed the decision to join the Extractive Industries Transparency Initiative (EITI) during a joint press conference in Paris. The EITI requires full disclosure of taxes, royalties and other fees paid to host countries from the oil, gas, and mining sectors. The “publish what you pay” initiative, launched in 2002, was designed to combat corruption and ensure transparent management of natural resources. Under EITI, extractive companies disclose what they pay governments and governments disclose any payments they receive from the sector. An estimated 3.5 billion people live in resource-rich nations, but too often receive no benefit from their country’s wealth of resources.
