EITI – Transparency in the extractive industry
Another international initiative supported by the members of the Council on Ethics is the Extractive Industries Transparency Initiative (EITI), which is an initiative for transparency in the extractive industries, especially oil companies.
The need for transparency and governance is particularly great in countries with rich natural resources but weak governments. Clearer reporting of revenue in host countries and reports on payments made by the companies increase transparency in society and contribute to better conditions for financial control.
Together with some 70 other investors the Council on Ethics have given their formal support to the EITI, which sends a signal to countries and companies with extractive operations that shareholders value clear and transparent reporting of revenue.