• Register
Return to: Home > News > Standards > Azerbaijan withdraws from EITI

Azerbaijan withdraws from EITI

Azerbaijan has announced its withdrawal from the Extractive Industries Transparency Initiative (EITI) after being told that corrective actions for greater civil society engagement had not been completed.

The corrective actions were issued in October 2016 after the EITI Board concluded that Azerbaijan had made meaningful progress in implementing the 2016 EITI Standard, but that it had not made satisfactory progress on civil society engagement.  

At its board meeting on 9 march 2016 EITI Board agreed that whilst profess had been made on these actions they had not yet been fully completed.

In a statement the government of Azerbaijan said: “We strongly believe that as a result of significant changes made to the current regulations Azerbaijan was able to accomplish the implementation of all corrective actions. We consider Board’s decision on suspension of Azerbaijan as an unfair one.”

The mandate of the EITI has been significantly shifted far from transparency and accountability in extractive sectors, the statement continues. “The irrelevant facts introduced by different advocacy groups on various occasions show that the Initiative failed to stick to its original mission and objectives.”

In its statement the government said it would continue to disclose all the information related to revenues received from extractive industries but it wished to be removed from the list of EITI implementing countries with immediate effect.

“We are leaving an organisation, not the principles, Azerbaijan did not withdraw from the principles of transparency and accountability in the extractive industries. We are committed to those principles and will continue to disclose every material information on our revenues,” Shahmar Movsumov, executive chair of Azerbaijan’s State Oil Fund said, as reported by the FT.

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.