On 15 October 2014, the government announced that the UK has been admitted as a country for the Extractive Industries Transparency Initiative (EITI).
The initiative was set up to increase clarity in the way revenues from oil, gas and minerals are managed and ensures everyone worldwide shares the economic benefits of their country’s natural resources.
Companies will publish what they pay for extracting natural resources and governments will disclose the money they receive from this. This will ensure that everyone knows how the resources of their country are being managed.
The payments will be checked by an independent administrator and form part of the UK’s EITI reports. The first report for the UK is due in April 2016, which means extractives companies will need to submit their information to the government by mid-2015.Moore Stephens’ EITI reports
Moore Stephens is an accredited validator and undertakes assignments to produce EITI reports. These reports independently verify and reconcile the tax and royalty payments disclosed by the companies and by the government.
We are leaders in this field having reconciled the transparency of payments for numerous countries who comply or are qualifying.
Our work involves three stages:
1. Scoping study
2. Capacity building workshops
3. Reconciliation work and reporting
Our reports and those of other countries are accessible on the EITI website at http://eiti.org/countries
For more information, please contact a member of our energy, mining and renewables team.
ContactsMichael SimmsTim Woodward
Related linksEnergy, mining & renewables