Key to this is good governance and also transparency on the part of the producer country and the extractive industries conducting business there. 

De Beers was present at the international conference at Lancaster House, London in June 2003, where British Prime Minister, Tony Blair launched the EITI. Along with representatives of governments and business leaders from around the world, De Beers pledged its support of the principles and aspirations of the Intitiative.

What is the EITI?
The Extractive Industries Transparency Initiative (EITI) supports improved governance in resource-rich countries, or those countries predominantly reliant on natural resources. 

This is done through the verification and full publication of company payments and government revenues from oil, gas, and mining. 

The Initiative works to build multi-stakeholder partnerships in developing countries in order to increase the accountability of governments.

Who is Responsible?
Responsibility for implementation of EITI rests with implementing countries themselves, working in partnership with representatives of local civil society and companies operating in the local industry.

Sometimes, political, technical and financial support is also required from the international community for countries in the initial stages of EITI implementation.

There are various different types of support available: from bilateral donors; World Bank, IMF and EITI Secretariat technical missions; World Bank-administered Trust Fund interventions and civil society support to local civil society groups.

How can companies become involved?
The EITI Source Book provides guidance about how to become involved in the Initiative. Organisations can become active in EITI at the international level by participating in EITI conferences and promoting the principles of the EITI in their work.

Organisations with a presence in oil, gas, and mining producing countries can contribute to the adoption and implementation of the Initiative in those countries.

If an organisation wishes to state its support for the Initiative, it should publish a statement of policy on their web site and send a copy to the EITI Secretariat.

EITI Principles and Criteria

1. We share a belief that the prudent use of natural resource wealth should be an important engine for sustainable economic growth that contributes to sustainable development and poverty reduction, but if not managed properly, can create negative economic and social impacts.

2. We affirm that management of natural resource wealth for the benefit of a country’s citizens is in the domain of sovereign governments to be exercised in the interests of their national development.

3. We recognise that the benefits of resource extraction occur as revenue streams over many years and can be highly price dependent.

4. We recognise that a public understanding of government revenues and expenditure over time could help public debate and inform choice of appropriate and realistic options for sustainable development.

5. We underline the importance of transparency by governments and companies in the extractive industries and the need to enhance public financial management and accountability.

6. We recognise that achievement of greater transparency must be set in the context of respect for contracts and laws.

7. We recognise the enhanced environment for domestic and foreign direct investment that financial transparency may bring.

8. We believe in the principle and practice of accountability by government to all citizens for the stewardship of revenue streams and public expenditure.

9. We are committed to encouraging high standards of transparency and accountability in public life, government operations and in business.

10. We believe that a broadly consistent and workable approach to the disclosure of payments and revenues is required, which is simple to undertake and to use.

11. We believe that payments’ disclosure in a given country should involve all extractive industry companies operating in that country.

12. In seeking solutions, we believe that all stakeholders have important and relevant contributions to make – including governments and their agencies, extractive industry companies, service companies, multilateral organisations, financial organisations, investors, and non-governmental organisations.

The EITI Criteria

1. Regular publication of all material oil, gas and mining payments by companies to governments (“payments”) and all material revenues received by governments from oil, gas and mining companies (“revenues”) to a wide audience in a publicly  accessible, comprehensive and comprehensible manner.

2. Where such audits do not already exist, payments and revenues are the subject of a credible, independent audit, applying international auditing standards.

3. Payments and revenues are reconciled by a credible, independent administrator, applying international auditing standards and with publication of the administrator’s opinion regarding that reconciliation including discrepancies, should any be identified.

4. This approach is extended to all companies including state-owned enterprises.

5. Civil society is actively engaged as a participant in the design, monitoring and evaluation of this process and contributes towards public debate.

6. A public, financially sustainable work plan for all the above is developed by the host government, with assistance from the international financial institutions where required, including measurable targets, a timetable for implementation, and an assessment of potential capacity constraints.