NEWS
11.12.06
Inaugural meeting of new EITI Board
The recently established Extractive Industries Transparency Initiative (EITI) Board met on 7 December at the UN in New York.
The board considered proposals from the governments of Norway and Germany for the establishment of a new EITI secretariat and decided that it should be located in Oslo [moving from its current location in London]. This will enable use to be made of Norway’s excellent experience in the successful management of oil revenues.
The board also reviewed the status of EITI candidate countries and tentatively agreed procedures for determining those countries that are compliant. It further agreed that assistance should be offered to those countries that are falling behind and acknowledged that adequate progress must be made by all countries for them to remain part of EITI.
The EITI Board is chaired by the founder of Transparency International, Dr Peter Eigen, and mining and metals companies are represented by ICMM’s Paul Mitchell and Anglo American’s Edward Bickham.
Other members of the 20-strong board are from EITI countries (Azerbaijan, Peru, Gabon and Guinea), supporting countries (UK, USA and Germany), the World Bank, the IMF, oil companies (BP and Chevron), investors (F&C Asset Management) and NGOs (Revenue Watch and Global Witness).
The EITI Board will next meet in Berlin in March 2007.
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SUSTAINABLE DEVELOPMENT FRAMEWORK
Principle 01:
Implement and maintain ethical business practices and sound systems of corporate governance.
Principle 10:
Implement effective and transparent engagement, communication and independently verified reporting arrangements with our stakeholders.
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