Trinidad and Tobago EITI Report 2014/5
Chair, TTEITI Secretariat
Victor Hart is a retired UK trained chartered quantity surveyor and project manger and the recipient of a Trinidad and Tobago National Award, the Humming Bird Medal Silver, for his work in fighting corruption and in bringing greater transparency and accountability to the country's energy sector. He previously served as a director on the Board of EITI International and was also Chair of the TTEITI Steering Committee from 2010 to 2019.
This EITI Report 2015 is different from the previous three reports. It is the first time that T&T has published data for two fiscal years in one report, an action taken to make the data current and, therefore, more useful to stakeholders. Also, whereas the revenue data published in previous reports was in respect of that generated by oil and gas companies in the Energy Sector only, this report publishes, for the first time, Mining Sector data derived from a Pilot Project conducted with selected mining companies with the aim of familiarising them with the reporting process as a first step towards welcoming more companies to participate fully in future EITI Reports. This Report also carries a reference and a web link to the first Beneficial Ownership Register of energy companies that is published on the TTEITI website.
Key Takeaways
- On January 23, 2015 T&T was elevated to EITI Compliant Country status.
- T&T has publicly committed to establishing a national Beneficial Ownership Register to promote company transparency and be a disincentive to corruption.
- The EITI provides Trinidad and Tobago with a collaborative mechanism for developing and consolidating transparency and accountability in the oil, gas and mining sectors.
Welcome to Trinidad and Tobago’s fourth annual Extractive Industries Transparency Initiative (EITI) Report that covers Government’s fiscal years 2014 and 2015. The previous Reports covered fiscal years 2011, 2012 and 2013.
The EITI is a voluntary international coalition of the stakeholders (governments, extractive companies and civil society) engaged in the exploration and monetisation of natural resources.
Under the initiative, the three stakeholder groups work together to improve openness about and accountable management of the revenues earned from the extractive sector.
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Its practices are recognised as the global gold standard for transparency and accountability in the management of extractive industries (primarily oil, gas and mining). The EITI is headquartered in Oslo, Norway, and the initiative is currently being implemented in 51 countries worldwide.
The publication of this Report is another milestone in an ongoing national journey that began on 9th September 2010 when Trinidad and Tobago’s Cabinet took a decision to reaffirm the country’s commitment to the EITI Principles and to seek membership in the international initiative.
On 8 December 2010, a Multi-Stakeholder Group Steering Committee comprising Government, companies and civil society, in equal numbers, was established under my chairmanship to oversee EITI implementation.
On 1 March 2011, T&T was admitted to EITI membership with Candidate Country status and, the country having been judged to have met all the requirements of the EITI Standard, was elevated on 23 January 2015 to EITI Compliant Country status, the highest membership level, and is today one of 31 countries so designated.
This EITI Report 2015 is different from the previous three reports. It is the first time that T&T has published data for two fiscal years in one report, an action taken to make the data current and, therefore, more useful to stakeholders.
Also, whereas the revenue data published in previous reports was in respect of that generated by oil and gas companies in the Energy Sector only, this report publishes, for the first time, Mining Sector data derived from a Pilot Project conducted with selected mining companies with the aim of familiarising them with the reporting process as a first step towards welcoming more companies to participate fully in future EITI Reports.
This Report also carries a reference and a web link to the first Beneficial Ownership Register of energy companies that is published on the TTEITI website.
T&T has publicly committed to establishing a national Beneficial Ownership Register to promote company transparency and be a disincentive to corruption.
The TTEITI Steering Committee will present Government shortly, for its consideration, a roadmap for achieving that end in collaboration with EITI implementation.
Today, Trinidad and Tobago’s civil society is recognising that the country’s natural resources belong to the people.
Therefore, the data in this report is of critical importance because citizens can learn in detail, in a single document, how the revenues earned from their resources are generated and in what amounts. Section 3, The Extractive Industries in Trinidad and Tobago, is informative in describing the extractive sectors and provides context for the financial data that follow.
Future Reports will be even more helpful because stakeholders will be more familiar with the process and additional useful information will be provided as the EITI moves beyond revenue transparency to accountability of how the revenue is spent.
There are also plans to introduce contract and licences transparency after full stakeholder consultations.
The aim is to further empower citizens with the knowledge to participate meaningfully in the management of the country’s natural resources, which they own, and to hold Government and companies accountable for how the revenues are generated and spent.
Without a doubt, the EITI provides Trinidad and Tobago with a collaborative mechanism for developing and consolidating transparency and accountability in the Nation’s oil, gas and mining sectors.
Also, it facilitates greater citizens’ participation in the country’s governance, thus creating a more participatory democracy.
The EITI protects the people’s patrimony and our children’s inheritance derived from the country’s natural resources. Therefore, in your self-interest, I urge you to get to know the EITI better and to give it your full support.
On behalf of the Steering Committee and Secretariat, I wish to acknowledge with thanks the roles played by the stakeholders–Government, companies and civil society–in producing this report.
In particular, I recognise the Ministry of Energy and Energy Industries and the Ministry of Finance’s Board of Inland Revenue and Investments Division for their contributions.
Also, I recognise the EITI Independent Administrator, BDO Trinity Limited, supported by Hart Nurse Limited, for their professionalism in conducting the surveys and reporting on their findings in the four EITI Reports we have published to date.
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