Ulaanbaatar
National Council on EITI reviews annual report for 2015-2016
PoliticsUlaanbaatar /MONTSAME/ The 15th meeting of the National council on Extractive Industries Transparency Initiative chaired by Prime Minister of Mongolia J.Erdenebat was held in Ulaanbaatar on December 20 to review the 2015-2016 annual reports and to consider a number of important issues.
The meeting discussed a new working plan for 2017, rules of on-line delivery of documents, policy of information access, a road map of making public owners of mining companies who are benefitting from the mineral resources.
Currently, EITI Standard is implemented in 51 countries around the world. Each of these countries has to publish an annual EITI Report to disclose information on: contracts and licenses, production, revenue collection, revenue allocation, and social and economic spending and goes through an EITI Validation process at least every three years. Validation serves to assess performance and promote dialogue and learning at the country level. It also safeguards the integrity of the EITI by holding all EITI implementing countries to the same global standard.
Mongolia joined the EITI in 2006. The last annual report was the 10 report for Mongolian EITI.
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of extractive resources. It seeks to address the key governance issues in the oil, gas and mining sectors.
The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public. This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment.
