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Govt. signals intention to join transparency body – GGMC Chairman
In order to promote transparency and accountability in the oil, gas, gold and extractive industry
Major General (rtd), Joe Singh
Government has signaled its intention to be a member of Extractive Industry and Transparency Initiative (EITI.)
This was disclosed by Major General (rtd), Joe Singh at a Good Business workshop hosted by Transparency Institute Guyana Inc yesterday. The venue was at Moray House, Camp and Quamina Streets.
Chairman of the Guyana Geology and Mines Commission (GGMC), Major General (rtd), Joe Singh, said that he attended a meeting of Extractive Industry and Transparency Initiative (EITI) yesterday and Guyana has signaled its intention be a member of the organization which deals with oil, gas, gold and extractive industry.
He explained that the organization deals with funds that are garnered from those activities and promotes transparency and accountability for the proper use of taxes and funds.
He explained that one of the functions of EITI is for the Oil and Gas Company and those involved in the extractive industry to declare what it is that they pay over to the government in taxes, while the government declares what it is receiving. This is then published in a report.
“But of course there are limitations, as those payments are not only made to Government, but also to sub-contractors and transportation agencies…but the real issue is how the money is really unstilted when received and its impact on the non-extractive sector,”
Adding that if the government is serious about becoming a member of EITI, Singh said such would have to be declared publicly, since the process takes approximately 18 months.
A number of governments, including those of Australia, Belgium, Canada, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Qatar, Spain, Sweden, the United Kingdom and the United States, plus the European Union, support the EITI. These governments provide political, technical and financial support to the initiative.
EITI holds a Global Conference once every two years, bringing together all stakeholders of the EITI. During these conferences, a smaller Members’ Meeting with the three constituency groups – countries (implementing and supporting), companies (including institutional investors) and civil society organisations – takes place.
EITI’s governance structure is codified in the Articles of Association for the EITI Association. The EITI Association operates under Norwegian law as a non-profit organisation, which includes the EITI Initiative Secretariat.
The Initiative community provides support of EITI implementation both bilaterally and through the EITI Multi-Donor Trust Fund managed by the World Bank. The Secretariat is funded by the supporting countries and the supporting companies.
Implementing country governments, pay for the implementation and Validation of their EITI process.
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