Advantages and Prospects of EITI Implementation Were Discussed in Chernihiv

25 July 2016

On 20 July 2016, a seminar “Implementation of the Extractive Industries Transparency Initiative (EITI) in Ukraine” was held in Chernihiv during which representatives of the public and the EITI National Secretariat spoke of the implementation of this Initiative in Ukraine and globally.

 In particular, DiXi Group think tank was represented by its junior expert Mariia Melnyk who explained the concept, objectives and principles of operation of the EITI to representatives of the public and Chernihiv authorities. Moreover, the expert emphasized on the advantages of higher transparency for domestic extractive business. “Everyone will benefit from transparency, undertakings in particular. Reporting enables better dialogues with the public in extractive regions, with the government and local self-governing authorities. In addition, more open data means more trust of foreign investors to undertakings”, said Mrs. Melnyk. DiXi Group’s junior expert also spoke of the key conclusions presented in the first EITI Report and the key plans for 2016. “A two-year report is going to be published in 2016 — it will cover 2014 and 2015 data. It will also contain data on iron ore and coal industries. The Law “On Disclosure of Information in Extractive Industries” will help us obtain as full and accurate information as possible. The adoption of this Law will bind all entities in the extractive industry to submit their reports — undertakings engaged in extractive industries, public authorities and local self-governing authorities of Ukraine and others. The Law will also regulate the disclosure of information about beneficial owners and provide for fines for the failure to submit or submission of untrue or incomplete information”, Mariia Melnyk concluded. In her turn, Mrs. Olesia Nekhoroshko, Financial Manager at EITI National Secretariat, spoke of the main advantages of the implementation of the Extractive Industries Transparency Initiative for the public. “For the public, this Initiative will improve the quality of life in the country and in extractive regions in the first place, help develop the infrastructure, create new jobs, reduce corruption and control allocation of funds”, said Mrs. Nekhoroshko. The participants in the discussion agreed that the concept of transparency should be first of all promoted locally as this will ensure better control over the undertakings’ activities and bring more benefits from such activities to residents of the extractive regions.

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