Transparent and accountable resource management
The objective with the EITI-standards is to improve governance of the extractive industries through disclosure and oversight of government revenues from oil, gas and mining companies. This should in turn result in better management of natural resources and enable citizens to hold their governments to account for how the revenues are used.
49 countries are currently implementing the EITI standard. 31 of these are now EITI-compliant. Norway was accepted as a full member of EITI in March 2011, and is so far the only OECD country that has implemented the EITI criteria and has been accepted as compliant.
A key element of implementation is the establishment of a multi-stakeholder group including representatives of the authorities, companies in the extractive industries and civil society. Norway’s multi-stakeholder group plays an active part in implementation of the EITI standard in Norway.
Another important element of EITI compliance is that each country must publish an annual report on cash flows in the extractive industries. This includes figures from the companies on the payments they have made to the authorities and figures from the authorities on revenues received from each company. An independent body compiles the report and seeks to reconcile any discrepancies between the two sets of figures. The table below shows the cash flows reported by the offshore companies and the Norwegian authorities for 2015, in billion NOK. The report contains further explanations on the discrepancies that were found and how they were reconciled.
See Norway’s EITI report for 2015 for more information.
Reconciliation of reported payments per company and received payments by the government in billion NOK, 2015
Source: EITI 2015, Deloitte AS