Guyana Extractive Industries Transparency Initiative - GYEITI Report for Fiscal Year 2018 including Annexes - March 2021
Country
Year
2021
Summary
Note: A Revised GYEITI Report 2018 (April 2021) is available here: www.ogel.org/legal-and-regulatory-detail.asp?key=28342
Background
The Extractive Industries Transparency Initiative (EITI) is a global Standard to promote open and accountable management of natural resources. It seeks to strengthen government and company systems, inform public debates, and enhance trust. In each implementing country, it is supported by a Multi-Stakeholder Group (MSG) comprising government representatives, extractive company officials and civil society organisations working together.
The Extractive Industries Transparency Initiative (EITI) was first announced at the World Summit on Sustainable Development in Johannesburg in 2002 (the Earth Summit 2002) and was officially launched in London in 2003. EITI is currently being implemented in 55 countries in Africa, Asia, Europe and the Americas.
The EITI Standard sets out the requirements which countries need to meet to be recognised, first as EITI Candidates and subsequently as being an EITI Compliant country. The Standard is overseen by the EITI Board, which comprises 20 members representing implementing countries, supporting countries, civil society organisations, and industry and institutional investors.
The 43rd EITI Board meeting held in Paris on 17 June 2019 adopted the 2019 EITI Standard, which became applicable from 1 January 2020. It is the sixth version since the EITI Principles were agreed in 2003. The 2019 EITI Standard can be found at the following link - eiti.org/files/documents/eiti_standard2019_a4_en.pdf. It encourages countries to make use of existing reporting systems for EITI data collection and make the results transparent at source.
The 2019 Standard introduced new aspects on environmental, social, and gender impacts. It also breaks ground for the disclosure of the identity of the real owners - the 'beneficial owners' - of the companies that have obtained rights to extract oil, gas and minerals starting from 2020.