Following a meeting in Berlin on April 15th and 16th, the Board of the Extractive Industries Transparency Initiative (EITI), the international standard for improved transparency in countries’ natural resource sector, has agreed to grant extensions to 16 countries, including Peru, for completing EITI Validation.
Peru was one of 32 countries that failed to meet the deadline for completing EITI Validation. According to the EITI Board, it has considered applications on a case by case basis and has only granted an extension of the Validation deadline if the country demonstrates that “exceptional and unforeseeable circumstances outside the country’s control” were a factor in the delay to their applications.
EITI is an international initiative for improving transparency in oil, gas and mining industries and aims to strengthen governance by improving transparency and accountability in the extractives sector. The EITI sets a global standard for companies to publish what they pay and for governments to disclose what they receive.