Home News U.K. Joins Extractive ?(EITI) Body

U.K. Joins Extractive ?(EITI) Body

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The U.K.?joins the U.S.?and more than 40 other nations that are a part of the Extractive Industries Transparency Initiative (EITI), body, which brings together governments, companies and civil society groups to promote transparency in the resource sectors.

It requires companies to disclose payments they make to governments for oil, gas and minerals, and governments to disclose receipts, EITI said. Each country publishes an annual report reconciling the payment and revenue data.

London?s first EITI report, the group said, is due in April 2016. Oil, gas and mining companies operating in the U.K. will begin submitting payments made to the government during 2014 by mid-2015.

Jo Swinson, the U.K. business minister, wrote?in a blog post?that companies will be required to disclose payments they make to governments once they reach a threshold of 86,000 U.K. pounds. ?It is a significant step towards achieving our aim that all payments made from extractives companies to governments should be completely transparent,? she wrote.

Activists engaged on the extractive disclosure issue welcomed the announcement.

Miles Litvinoff, coordinator of the Publish What You Pay UK Coalition, said?in a statement?it is ?especially encouraging? that the U.K. committed to reporting payments at the project level, and to disclose the beneficial owners of oil, gas and mining companies.

?The U.K. government has shown strong international leadership in both these areas, and its commitments will help raise the bar for reporting by EITI member countries worldwide,? he said.

Source: Samuel Rubenfeld Wall Street Journal

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