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Insight's recommendations of good practice with respect to revenue transparency
Insight recommends that all oil, gas and mining companies with operations in resource-rich developing countries, commit to EITI and clearly articulate how they intend to implement that commitment at the Group level. We suggest that good practice in this regard would include the following:
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Governance and policy
- Formally committing to EITI by notifying the EITI secretariat and publishing their commitment on the corporate website.
- Conducting an annual Board review of progress towards achieving revenue transparency.
- Publishing a Group-level comprehensive policy committing to actively supporting EITI at the international level and in all EITI signatory countries in which the company is active.
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Planning
- Publishing a Group-level annual action plan outlining the steps the company will take (a) internally, and (b) in conjunction with the EITI and others, to move towards revenue transparency.
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Raise Awareness
- Supporting ongoing awareness raising programmes with local executives and managers in all EITI host countries to ensure that they understand and subscribe to the principles and processes relating to revenue transparency.
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Engagement
- Participating actively in international EITI processes and contributing constructively to the development of methodologies to evaluate company and host government performance and implementation processes and tools.
- Participating actively in formal government-convened EITI forums in host countries, as well as maintaining an active dialogue with local organisations actively engaged in EITI.
- Where appropriate, engaging actively with stakeholder groups in non-EITI signatory countries aimed at promoting revenue transparency.
- Using the company’s influence, where possible, to encourage host governments in the countries in which it operates to join EITI.
- Using the company’s influence to encourage other oil and gas sector partners to join EITI.
- Working with peers via industry associations to further understanding of and commitment to revenue transparency at home and abroad.
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Payment disclosure
- Reporting to each host government payments made using templates and formats as agreed with that government, as required.
- Providing public access to information about payments made to host governments, where such disclosure is agreed between the parties.
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Monitoring and reporting
- Regularly monitoring progress in implementing the above commitments.
- Reporting on a country-by-country basis, as well as on a Group basis, the company’s progress in promoting revenue transparency.
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