Options for Operationalising Transparency in Commodity Trading Transactions
Given their sheer magnitude, the payments made by companies for the purchase of oil,
gas and minerals from governments or state-owned enterprises are of significant public
interest. However, only a few commodity trading companies regularly publicly disclose
information in respect of their payments to governments for the purchase of these
publicly-owned commodities. This report makes a case for the development of a common
global standard on transparency of payments that trading hubs, home governments and
industry associations can use to ensure consistency, comparability and usability of
data, building on the 2019 EITI Standard. Complementary measures by host governments
and SOEs are necessary to set shared expectations across jurisdictions, including
in producing countries. These include the adoption of disclosure policies as well
as the inclusion of disclosure obligations in commodity sales contracts to set clear
expectations on transparency of payments, and avoid potential conflicting requirements
and bilateral negotiations.
Available from August 06, 2021
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