Mariia Melnyk, junior analyst at DiXi Group, went for a study visit to the Kingdom of Norway. Training organized by the Institute for Budgetary and Socio-Economic Research (IBSER) within the framework of the implementation of Municipal Finance Strengthening Initiative (MFSI-II) Roll-out project with the support of the U.S. Agency for International Development (USAID) took place from 29 May till 5 June.
During the visit to the National Secretariat of the Extractive Industries Transparency Initiative (EITI) of Norway, the participants in the study visit were explained the reasons of low reporting by undertakings and understood why Norwegian companies report at the highest level.
“One of the interesting findings was that Norway had no particular law regulating the Initiative. The reporting requirement has been included as a separate section in the Petroleum Act. Moreover, the country is planning on giving up publishing of paper reports and providing all the required information in the electronic form. This will allow optimization of activities of all public authorities and prevent significant delays”, said Mariia Melnyk when she shared her experience obtained during the study visit.
According to her, using Norway’s experience in Ukraine would be difficult because of the outdated document management system in Ukraine and poor coordination between the Ukrainian public authorities. “At the same time, it is possible to identify certain areas that can and need to be improved. Thus, to make more companies to disclose information it is necessary to explain in detail the “philosophy” of transparent business, in particular all advantages of openness”, said the analyst.
Mrs. Melnyk believes that it would require organizing a meeting between Ukrainian and foreign companies so that the latter could explain in detail all advantages of transparency and share their own experience in reporting not only within the framework of the Initiative, but also to the public authorities.