MPA welcomes greater transparency
Association embraces launch of first UK Extractive Industries Transparency Initiative Report for 2014
THE Mineral Products Association (MPA) has today [18 April] welcomed the Department for Business, Innovation & Skills’ publication of the first UK Extractive Industries Transparency Initiative Report for 2014.
The report, which contains detailed information relating to £3,233 million of revenues received by UK government agencies from 71 extractive companies in 2014, shows a breakdown between the oil and gas and mining and quarrying sectors, between the different payment types, and between the government agencies that received those payments.
The Extractive Industries Transparency Initiative (EITI) is a global transparency standard requesting mining and quarrying companies to disclose what they pay to the government; and the government to disclose what it collects from these companies and to publicize the benefits they receive from their country’s natural resources.
In the UK, EITI is governed by a multi-stakeholder group (MSG) composed of representatives from the Government, the extractive industries and civil society. The body sets the direction for EITI implementation by formulating country objectives, engaging stakeholders and publishing an annual EITI report.
Commenting on the publication of the first UK Extractive Industries Transparency Initiative (UK EITI) Report, MPA chief executive Nigel Jackson said: ‘Following the Prime Minister’s 2013 announcement that the UK would support the international EITI initiative by implementing a UK report, the extractive industries have worked closely with civil society and government to ensure that the first report was delivered on schedule.
‘At a time when business’s contribution to society has never been under greater scrutiny, the UK EITI is a further indication that the mineral products industry is committed to put information into the public arena to help raise the profile role and contribution of the industry.’
Mr Jackson added: ‘The MPA regularly publishes a number of sustainability reports for different product groups as well as on the sector overall. In addition, in early June we will be publishing our annual ‘Industry at a Glance’ report including a range of metrics on our economic contribution.
‘We believe that transparency is essential for an industry as significant as mineral products and we hope that the wide range of information we publish will be helpful to anyone interested in our activities and contribution.’