First publishedon www.AggBusiness.com
The Mineral Products Association has welcomed the publication of the third UK Extractive Industries Transparency Initiative (EITI) report.
A key objective of the international EITI process is to set out a summary of certain payments made by extractive industries to governments and received by governments in the interests of financial transparency.
The initiative also aims to increase public awareness of the role of extractive industries in participating EITI countries. Fifty-one countries are now involved in the EITI. The UK EITI, launched in 2013 by then Prime Minister, David Cameron, is managed by a body comprising of representatives of government, civil society and industry, with industry representation from the oil and gas and mining and quarrying industries.
The MPA says the publication of the third UK EITI report as another important step in helping to increase awareness of the role and contribution of the extractive industries to the UK. As such it complements MPA initiatives such as the Facts at a Glance report and the MPA’s latest report on market conditions.
Commenting, Jerry McLaughlin, executive director of Public Affairs at the Mineral Products Association, said: “Corporate transparency is becoming an increasingly important issue for business and society and the UK EITI provides evidence that Industry, Government and Civil Society can work together to help improve awareness of the activities and critical contributions of the extractive industries which enable society and the economy to function.”