PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) Monday said that the country had achieved the highest score in Latin America and the Caribbean for meeting the requirements for implementing the ETTI Standard, a multi-stakeholder initiative that promotes greater transparency in the oil, gas, and mining sectors.
In 2011, Trinidad and Tobago became the first Caribbean Community (CARICOM) country to sign up for the Extractive Industries Transparency Initiative (EITI). Its eight EITI reports, published by the TTEITI, have reconciled approximately TT$144 billion (One TT dollar=US$ 0.16 cents) in extractive company payments with the government’s declared receipts, ensuring all monies are accounted for.
The reports have also provided extensive recommendations on improving government revenue collection, data management, and audit and assurance processes.
According to the TTEIITI, the country scored 89 out of 100. Through validation of the EITI’s quality assurance mechanism, implementing countries are assessed on their ability to meet the provisions of the EITI Standard.
“The EITI Standard is the global transparency and accountability gold standard for countries rich in oil, gas, and minerals. The EITI requires countries to publish timely, accurate, and independently verified information on how much revenue is generated from a country’s natural resources, how this money is allocated to citizens, and other key extractive sector information. The EITI Standard promotes tripartite cooperation and dialogue between government, companies, and civil society.”
During its meeting held this month, the TTEITI said that the EITI board concluded that Trinidad and Tobago achieved a high overall score (89 points) in implementing the 2019 EITI Standard. The overall score reflects an average of the three component scores on stakeholder engagement (90 points), transparency (80 points), and outcomes and impact (96.5 points).
“Validation promotes dialogue and learning at a country level, providing countries with an opportunity to communicate progress and to identify and address challenges in EITI implementation.
“It captures stakeholder views and allows countries to highlight their perspectives on the effectiveness and sustainability of EITI implementation. It acknowledges that countries have different starting points and face diverse challenges in implementing the EITI and that they will use the EITI to address their most pressing priorities for improving extractives governance,” the EITI said, commending Trinidad and Tobago’s efforts in disseminating data to citizens “through innovative and high-quality publications on extractive sector management, especially given challenges amid the COVID-19 pandemic”.
TTEITI chairman, Gregory McGuire, said the EITI has helped ensure cooperation and consensus building between competing interests in government, companies, and civil society.
He noted that through the EITI, data on T&T’s extractive sector was in the public domain and available to inform dialogue, debate, and policymaking. Despite the positive assessment, he felt there still needs to be advancement.
“While we celebrate the high score in EITI implementation, we must continue pushing for reforms in the mining/quarrying sector and finding a way to embed the EITI into contracts and legislation to ensure we remove all barriers to disclosure,” McGuire said.
“We live in a world and country where data disclosure is the expected norm, and the EITI has a critical role in this regard,” he added.
TTEITI said that data published in the reports have also informed the findings of the Gas Master Plan and assisted Trinidad and Tobago in meeting its obligations to the Open Government Partnership.
In 2020, analytics from the TTEITI’s public sensitization campaign on beneficial ownership were used for the country’s successful Financial Action Task Force (FATF) assessment.
and then  Monday said that the country had achieved the highest){kind=link}