By Sue-Ann Wayow
TRINIDAD and Tobago has received the highest score in Latin America and Caribbean after a recent validation assessment for meeting the requirements for implementing the Extractives Industries Transparency Initiative (EITI) Standard.
The EITI Standard is a multi-stakeholder initiative that promotes greater transparency in the oil, gas and mining sectors.
Trinidad and Tobago scored of 89 out of 100, a release from the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) on Monday stated.
During its March meeting, the EITI Board concluded that Trinidad and Tobago achieved a high overall score (89 points) in implementing the 2019 EITI Standard and the overall score reflects an average of the three component scores on stakeholder engagement (90 points), transparency (80 points) and outcomes and impact (96.5 points).
According to the EITI, “Validation promotes dialogue and learning at a country level, providing countries with an opportunity to communicate progress and to identify and address challenges in EITI implementation.
“It captures stakeholder views and allows countries to highlight their perspectives on the effectiveness and sustainability of EITI implementation.
“It acknowledges that countries have different starting points and face diverse challenges in implementing the EITI, and that they will use the EITI to address their most pressing priorities for improving extractives governance.”
The EITI Board commended TTEITI’s efforts in disseminating data to citizens through innovative and high-quality publications on extractive sector management, especially in view of challenges amid the Covid-19 pandemic. Trinidad and Tobago was also commended for being a pioneer in disclosing beneficial ownership information in Latin America and the Caribbean and beyond, the release stated.
TTEITI Chairman Gregory McGuire said the EITI has helped ensure that there was cooperation and consensus building between competing interests in government, companies and civil society.
He noted that through the EITI, data on T&T’s extractive sector was in the public domain and available to inform dialogue and debate as well as policy making. Despite the positive assessment, he felt there still needs to be advancement.
“While we celebrate the high score in EITI implementation, we have to continue pushing for reforms in the mining/quarrying sector and finding a way to embed the EITI into contracts and legislation to ensure that we remove all barriers to disclosure. We live in a world and country where data disclosure is the expected norm and the EITI has a critical role to play in this regard,” McGuire said.
In 2011, Trinidad and Tobago became the first CARICOM country to sign up to the EITI.
By becoming a member of the EITI, countries commit to disclose information along the extractive industry value chain – from how extraction rights are awarded, to how revenues make their way through government and how they benefit the public. Through participation in the EITI, more than 50 countries have agreed to a common set of rules governing what has to be disclosed and when – the EITI Standard.
Its eight EITI reports to date, published by the TTEITI, have reconciled approximately TT$144 billion in extractive company payments with government’s declared receipts, ensuring all monies are accounted for.
The reports have also provided extensive recommendations on improving government revenue collection, data management and audit and assurance processes, TTEITI stated.
