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Vol 56 No 23

Published 20th November 2015


Curses and compliance

Mandatory disclosure is new to oil, gas and mining giants. They are still doing battle with NGOs to minimise regulation

Until very recently, the Extractive Industry Transparency Initiative (EITI), launched in 2002 by then British Prime Minister Tony Blair, was widely seen as the gold standard for regulating mining industry relations with the countries they operate in. Corporations were against it at first, but now EITI has 29 'compliant' countries and is backed by around 90 firms operating in the sector. Many non-governmental organisations, on the other hand, complain that EITI compliance is used by repressive regimes as evidence of accountability that in reality does not exist. Also that the scheme is voluntary and carries no effective sanctions for non-compliance except being declared 'non-compliant'.

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