Iraq to Join EITI

February 11, 2010 · Posted in NEWS
Iraq to join EITI
February 11, 2010 – 12:02:19

BAGHDAD / Aswat al-Iraq: The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday.

The administrative board, comprised of 20 members, includes representatives of the permanent states, civil society organizations and extractive companies, according to a ministry statement received by Aswat al-Iraq news agency.
Iraq has one of the largest oil reserves among the member states, the statement quoted the secretary general of the initiative in Iraq, Alaa Mohey al-Din, as saying

http://en.aswataliraq.info/?p=126833
http://eitransparency.org/eiti

What is the EITI?

The EITI sets a global standard for transparency in oil, gas and mining. It is… An effort to make natural resources benefit all

3.5 billion people live in countries rich in oil, gas and minerals. With good governance the exploitation of these resources can generate large revenues to foster growth and reduce poverty. However, when governance is weak, it may result in poverty, corruption, and conflict. The Extractive Industries Transparency Initiative (EITI) aims to strengthen governance by improving transparency and accountability in the extractives sector. The EITI supports improved governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas and mining. Click here for more detail on the Principles and the Benefits of the EITI. A coalition of governments, companies and civil society

The EITI is a coalition of governments, companies, civil society groups, investors and international organisations. This is reflected not only in the EITI processes in the countries implementing the EITI, but also on the international level: the EITI Board consists of members from governments, companies and civil society, and is appointed at the bi-annual EITI Global Conference. EITI’s current governance structure was formalised at the latest EITI Global Conference in Doha, February 2009. For more on the history of EITI, click here. A standard for companies to publish what they pay and for governments to disclose what they receive

The EITI has a robust yet flexible methodology that ensures a global standard is maintained throughout the different implementing countries. The EITI Board and the international Secretariat are the guardians of that methodology. Implementation itself, however, is the responsibility of individual countries. The EITI, in a nutshell, is a globally developed standard that promotes revenue transparency at the local level. The EITI Rules establishes the methodology countries need to follow to become fully compliant with the EITI. For further information, read the EITI Fact Sheet