The Extractive Industries Transparency Initiative (EITI) and governance in the Energy Sector Prepared for the National Energy Policy Consultation held on the 28th of February, 2010 at Rovanel’s Resort in Crown Point, Tobago Bldg 7, Unit 4-12, Fernandes Industrial Centre, Eastern Main Road, Laventille, Trinidad + Tobago, W.I. Tel/Fax +(868)

WHAT IS EITI? A coalition of governments, companies, civil society groups, investors and international organisations committed to improving governance through the verification and full publication of company payments and government revenues from oil, gas and mining. See: 2

CORE EITI ACTIVITY Companies Disclose Payments Government Discloses receipt of Payments Independent Verification of Tax and Royalty Payments Oversight by a Multi- Stakeholder Group 3

STEPS IN THE EITI PROCESS Sign up Preparation - includes getting buy-in from participants and appointing an Administrator. Disclosure – including collecting information from Government and companies and independent reconciliation of information and resolution of discrepancies. Prepare and publish EITI report. Monitoring and evaluation – including review of actions taken and lessons learnt. Validation- external validation that EITI has been properly implemented. 4

STATUS OF T&Ts EITI IMPLEMENTATION Government has publically announced its commitment to work towards implementing EITI A multi-stakeholder working group has been appointed including representatives of Government, companies and civil society. A fully costed implementation workplan has been prepared. Application has been made to the EITI governing body for Candidate status. 5

THANK YOU! 6