The Extractive Industries Transparency Initiative (EITI) has recognized Indonesia and Chad as its full members. The initiative also recognized the UK and Colombia as candidate countries to join EITI. The announcement was made at the EITI board meeting held in Naypyidaw, Myanmar, this week.
EITI is a global coalition of governments, companies and civil society working to improve openness and accountable management of revenues from natural resources. It issued and maintains the EITI standard which requires extensive disclosure and measures to improve accountability in how oil, gas and minerals are governed.
Indonesia and Chad have been recognised as compliant with EITI transparency standard and as such have been accepted as full members of the EITI.
EITI chair Clare Short said: "By reaching compliance, Indonesia has shown the world that also a country with a large and complex natural resource sector can be transparent about its resource revenues. What Indonesia has achieved is no small feat."
Compliance with the EITI transparency standard implies that citizens have access to extensive information about how their natural resources are governed and that industry, government and civil society are working together to inform the debate about the management of its oil, gas and mineral resources.
Chad minister of hydrocarbon and energy and chair of Chad EITI high national committee Djerassem Le Bemadjiel said: "Thanks to the EITI, some major reforms have been engaged when it comes to follow-up of revenue collection and payments from the extractive industries. Implementing the EITI has allowed us to realise that we do not have an adequate system for tracking these revenues."
With the establishment of the unit for revenue tracking Chad has now such an adequate system, he continued. "Achieving compliance with the EITI requirements is a first step on the long path towards managing natural resources for the benefit of the citizens."
Also announced at the board meeting in Myanmar, the UK and Colombia have been accepted as candidate countries and as such have three years to implement the EITI transparency standard in full and reach EITI compliance.
Launched in 2003 the EITI now counts 31 full members with an EITI compliant status. Seventeen countries around the world have an EITI candidate status and 35 countries have produced EITI reports.