The Extractive Industries Transparency Initiative (EITI) requires the publication of payments between governments and natural resource companies and is overseen by a multi-stakeholder group of governments, companies and civil society organisations.
TIA Chief Executive, Michael Ahrens, praised the government for its announcement at a breakfast meeting coincident with the Commonwealth Heads of Government Meeting today. “As a resource-rich developed nation, Australia needs to lead by example when it comes to accountability in the mining, oil and gas sector,” Mr Ahrens said.
“Huge profits are being made by the natural resource companies based in Australia and there is understandable community concern about where this money ends up. “Australian implementation of the EITI will improve trust and accountability in our mining, oil and gas sector,” Mr Ahrens said.
Greg Thompson, Executive Director International at TIA, who will be a civil society representative on the multi stake-holder oversight group, called on the Federal Government to go further than a pilot program of the initiative. “We hope that this trial will quickly lead to the comprehensive commitment to the implementation of the EITI,” Mr Thompson said.
"This will require the full support of every state and territory in Australia, hence the Federal Government needs to put this initiative on the agenda for COAG.” Australia will join 35 other countries already implementing or committed to the EITI, including the United States and Norway.
Media Contact:
Michael Ahrens | 0411 360 209 |
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Greg Thompson | 0438 826 511
Ben Jackson| 02 9904 4333 | 0417 407 565 |
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Bob Lawrence | 02 9904 4333 | 0428 280 222 |
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