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http://www.eiti.org/

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seco-bov

Sticky Note

why should?!? Also why repeat earlier sentence?!

seco-bov

Sticky Note

Box is not about ths, rather about "EITI Candidature". Or else the last 2 paragraphs should be removed.



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seco-bov

Sticky Note

idem: no should but "shall"

seco-bov

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insert a "shall" after "...the multi-stakeholder group" and get rid of all "must" and "should" in the list.

seco-bov

Sticky Note

"shall"



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Formatted: English (U.K.)

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Formatted: Numbered + Level: 1 +Numbering Style: 1, 2, 3, … + Start at:1 + Alignment: Left + Aligned at: 2,5cm + Indent at: 3,13 cm

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Formatted: Numbered + Level: 1 +Numbering Style: 1, 2, 3, … + Start at:1 + Alignment: Left + Aligned at: 2,5cm + Indent at: 3,13 cm

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seco-bov

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or Secretariat review










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Formatted: Indent: Left: 1,25 cm,Hanging: 0,63 cm, Space After: 3 pt,Add space between paragraphs of thesame style

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seco-bov

Sticky Note

why "industry"? "Extractive projects" should adequately be understood as including government projects as well.

seco-bov

Sticky Note

Definition problem!



3.8 Licenses

a) Implementing countries are required to maintain a publically available register or cadaster system/s with timely and comprehensive information regarding the exploration rights or titles that govern the exploration and exploitation of oil, gas and minerals.

b) The term ‘license’ in this context refers to any license, lease, title, permit, or concession by which the government confers to a company(ies) rights to explore or exploit oil, gas and/or mineral resources. The MSG should agree an appropriate definition and include it in the EITI Report.

c) Implementing countries are required to publicly disclose the following information regarding each

of the exploration rights or titles pertaining to companies covered in the EITI report:

i. license holder(s);

ii. coordinates of the license area; and

iii. date of application, granting, duration of the license.

Implementing countries are expected to make publicly available information regarding exploration rights pertaining to companies that are not participating in the EITI Report (i.e., where there payments fall below agreed materiality thresholds), unless there are significant legal or practical barriers to such disclosures.

d) Implementing countries are required to publicly disclose the following information regarding each

of the production rights or titles pertaining to companies covered in the EITI report, including:

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i. license holder(s);

ii. coordinates of the license area;

iii. the commodity being produced; and

iv. date of application, granting, duration of the license.

Implementing countries are expected to disclose information about production rights pertaining to companies that are not participating in the EITI Report (i.e., where there payments fall below agreed materiality thresholds), unless there are significant legal or practical barriers to disclosure.

e) Where the requisite information set out above is already publically available, it is sufficient to

include a reference (or link) in the EITI Report to publically available registers or cadaster systems. 3.9 Allocation of licenses

a) Implementing countries are required to disclose where licenses are awarded or transferred during the accounting period covered by the EITI Report, including the process for transferring or awarding the license, technical and financial criteria used and information about the recipient(s) of the license that has been transferred or awarded (including consortium members where applicable).

b) Where licenses are awarded through a bidding process, the government is encouraged to provide the following information:

i. the number of applicants;

ii. the bid criteria; and

iii. any deviations from the applicable legal and regulatory framework.

c) Where the requisite information set out above is already publically available, it is sufficient to include a reference (or link) in the EITI Report to publically available registers or cadaster systems.

d) The MSG may wish to include information about the allocation of licenses in the EITI Report,

including summary data and commentary on the efficiency and effectiveness of these systems.

3.10 Beneficial ownership

a) It is recommended that implementing countries address the beneficial ownership of companies involved in the exploration and exploitation of oil, gas and minerals. Where this information is already publically available, the EITI Report should include provide guidance on how to access this information.

b) The term ‘beneficial owner’ means the natural person(s) who ultimately own or control more than 10% of the corporate vehicle. Publicly listed companies are not required to disclose information on their beneficial owner(s).

c) A practical approach might be that the government requests that companies participating in the EITI process disclose their beneficial owners, or provide a link to where this information is publically available (e.g., through filing to corporate regulators and stock exchanges).


















seco-bov

Sticky Note

how is "recommended" different from "encouraged"? Shouldn't we consistently "encourage"?



3.11 Contracts

a) Implementing countries are encouraged to publicly disclose any contracts, agreements, or other documents that provide the terms attached to the exploitation of oil, gas and minerals.

b) The term ‘contract’ means:

the full text of any contract, license, concession or agreement granted by or entered into by the

government regulating rights to explore or/and exploit oil gas and mineral resources;

The full text of any annex, addendum or rider that establishes details relevant to the exploration

and exploitation rights mentioned above or its execution; and

the full text of any alteration to the terms of the original contract.

Where implementing countries address this issue, the MSG should agree an appropriate definition and include it in the EITI Report.

c) Where Implementing countries address this issue, the EITI Report should provide an overview of the

contracts that are available, and include a reference (or link) to the location where the contracts are

published.



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seco-bov

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"attempting to reconcile".



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seco-bov

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was this the compromise expression? Then we have now 4: required, encouraged, recommended and expected..

seco-bov

Sticky Note

"could": a new nuance too...



Comment [DR78]:



For companies: the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). For public entities: the International Standards of Supreme Audit Institutions (ISSAI) issued by the International Organization of Supreme Audit Institutions (INTOSAI).

Based international standards such as ISRS 4400 and ISRS 4410.

Comment [SB79]: Some new requirements here. They are not considered onerous. Most MSGs have reviewed these issues in addressing requirements 12 and 13. Adding this information to the EITI Report helps address wider concerns about strengthening financial management.

Comment [SB80]: A new requirement. Not onerous. Most countries already do this. To be supported with a guidance note from the EITI International Secretariat.

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o o o o

o o


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o

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Formatted: Level 2, Space Before: 10pt, Keep with next, Keep lines together,Tab stops: 7,49 cm, Left

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