The Extractive Industries Transparency Initiative (EITI)

The EITI is an initiative by governments, companies and civil society to increase transparency in 'Extractive Industries' such as mining for oil, gas and other fossil fuels and minerals. The initiative is founded upon a list of 12 basic principles that must be agreed to by all members. These are points that raise the importance of, and problems facing extractive industries. 2 key examples of such principles are:

1. We affirm that management of natural resource wealth for the benefit of a country's citizens is in the domain of sovereign governments to be exercised in the interests of their national development.
2. We believe that payments' disclosure in a given country should involve all extractive industry companies operating in that country.

Following the core principles are the resulting criteria for implementation. These criteria are essentially the undertakings of the companies that sign up to the initiative. The basic gist of the criteria is that all companies must publicly disclose all payments and revenues, that these must be externally verified, and finally, that the overall process must be in consultation with civil society and the national government in concern.

Currently this initiative has been supported by all of the worlds 'Supermajors' (BP, Chevron, ExxonMobil, Total, Royal Dutch Shell and ConocoPhillips), as well as a host of other, smaller companies. It has also been championed by a number of governments (predominantly OECD countries), as well as NGOs.