DRC have become full members of the EITI
The Democratic Republic of Congo (DRC) on 2 July 2014 was recognised as a full member of the Extractive Industries Transparency Initiative (EITI). Clare Short, Chair of the EITI Board said: “I congratulate the DRC for becoming a full member of the EITI family. Despite all the challenges facing the country, the Congolese people have been working together to bring transparency and accountability to the management of their natural resources.”
Such a commitment by the DRC Government places an obligation on companies working in the DRC to report payments to the DRC government according to EITI Guidelines. EITI requirements include:
4. The EITI requires the production of comprehensive EITI Reports that include full government disclosure of extractive industry revenues, and disclosure of all material payments to government by oil, gas and mining companies.
An understanding of company payments and government revenues can inform public debate about the governance of the extractive industries. The EITI requires a comprehensive reconciliation of company payments and government revenues from the extractive industries. Requirement 4 outlines the steps that the multi-stakeholder group needs to consider in order to ensure that the EITI Report provides a complete account of these payments and revenues. Section 4.1 sets out the requirements related to the types of payments and revenues to be covered in the EITI Report. Section 4.2 specifies which companies and government entities, including state-owned enterprises, should be required to report.
Please refer to the website for further information. ( http://eiti.org/eiti/requirements
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