The Ethical Council observer at the EITI’s board meeting

  • February 27, 2013

For many countries with large natural resources corruption is a major concern. Transparency is an important tool in tackling corruption. That is why The First, Second, Third and Fourth Swedish National Pension Fund (AP-Funds) support Extractive Industries Transparency Initiative (EITI) who works on increasing transparency in the oil, gas and mining sector. EITI strive to make states disclose payments received from companies and companies to disclose what they pay governments. EITI then verify all payments and can identify if any money ‘disappear’.

In February 2013, a representative from the Ethical Council attended EITI’s board meeting in Oslo as an observer. A great number of observers representing various stakeholders (governments, companies, investors and civil society organizations) were present. The board of EITI consists of representatives from governments, companies and civil society. It was really interesting to follow the discussions. On several topics board members had different views and the challenges are many, but there is willingness for change towards increased transparency. One delegate expressed it with the following words ”I believe in the sanitary effect of sunshine”.