ExxonMobil supports multi-stakeholder engagement for the purpose of increasing transparency of government revenues from the extractive industries.
Our long-standing efforts to promote revenue transparency have helped reduce corruption, improve government accountability and promote greater economic stability worldwide. In order to be successful, a transparency initiative should:
- Apply to all companies;
- Protect commercially sensitive and proprietary information; and
- Not violate host government laws or contractual obligations.
Performance and initiatives
The Extractive Industries Transparency Initiative (EITI) is a global program dedicated to strengthening governance by improving transparency and accountability in the extractives sector. Companies and governments participating in EITI separately report payments and revenues, respectively, allowing EITI to reconcile any differences between the totals and publish validated total government revenues. ExxonMobil has held an active role at both the secretariat and country levels since EITI’s inception more than a decade ago. An ExxonMobil representative has served on the EITI board as either a primary or alternate member since it began.
ExxonMobil supports the EITI application, validation and implementation processes wherever we operate. We are also currently working with governments in several countries, including Guyana and Mexico, which are considering joining EITI. There are currently about 51 countries that are compliant members or have been accepted as candidates to begin reporting under the EITI Standard.