Guyana has been suspended from the Norway-based global organisation for failure to submit a report since 2018 after having joined the 57-country group in 2017. Member states are required to submit an annual report.
The EITI is regarded as a global standard for the good governance of oil, gas and mineral resources. The organisation — founded in June 2003, seeks to address the key governance issues in the extractive sectors.
The EITI’s stated mission is to “promote understanding of natural resource management, strengthen public and corporate governance and accountability, and provide the data to inform policymaking and multi-stakeholder dialogue in the extractive sector.”
The annual report required by the EITI includes information about the extractive industry value chain from the point of extraction to how the revenue makes its way through the government and its contribution to the country’s economy.
The report must include how licenses and contracts are allocated and registered by governments, who the owners of those operations are, what the fiscal and legal arrangements are, how much is produced, how much is paid, where the revenue is allocated, and its contributions to the country, including employment.
