The Extractive Industries Transparency Initiative has gained a new name in its ranks with the signing of independent global E&P firm Neptune Energy. The initiative is designed to improve accountability for revenues paid and received for a country’s oil, gas and mineral resources.
By supporting the initiative, companies commit to transparently reporting on their operations in EITI-supporting countries, helping to inform policymakers and raise governance standards, Neptune Energy noted in its statement
“We are proud to help support the EITI’s goal of strengthening public awareness of how countries’ natural resources are managed,” said Neptune Energy’s head of ESG, Kate Niblock. “Paying taxes is an important part of the socio-economic contributions we make to the countries where we work in Europe, North Africa and Asia Pacific, and our support reflects our commitment to transparency and open disclosure of information “.
“We welcome Neptune Energy to the EITI community. By committing to the Expectations for Companies Supporting the EITI, Neptune Energy will have the opportunity to learn from and establish international best practice on transparency and corporate accountability” , added Mark Robinson, Executive Director of the EITI.
Neptune further said that becoming a formal support company builds on its existing commitments to transparent fiscal disclosure, under which the company reports payments to governments on a country-by-country and project-by-project basis, in accordance with the UK National Information Regulations.
The EITI was formed in London in June 2003. The initiative is supported by a diverse group of stakeholders committed to promoting transparency in the extractive sector. This includes businesses, governments and supporting institutions and international civil society organizations. EITI said supporting companies and countries contribute financially to the organization’s international management.
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