Regulatory and public pressure to increase transparency about the real people who own, control, or gain substantial economic benefits from companies—also known as beneficial owners—is growing globally.
State participation in oil, gas and mining is often exercised through state-owned enterprises (SOEs), whereby governments take a direct ownership stake in oil, mineral or gas ventures, either as the sole commercial entity or in partnership with private companies.
Oil, gas and mineral resources are distinctly different from other sources of government income. Only through good macroeconomic policy and public financial management can a country take full advantage of natural resources.
Parliamentarians have a crucial role to play in reviewing legislation on oil, gas and minerals, and in overseeing the government’s management of these extractive sectors. In support of this unique mandate, NRGI has developed five parliamentary briefings that constitute an approach to parliamentary capacity building on extractives.
The Extractives Industries Transparency Initiative (EITI) seeks to improve transparency and accountability in the oil, gas and mining sectors. In countries participating in EITI, oil, gas and mining companies must publish what they pay to governments, and governments must publish what they receive.