ExxonMobil Welcomes Transparency Initiative
13 Mai 2008 - 5:00PM
Business Wire
ExxonMobil today congratulated the Extractive Industries
Transparency Initiative on the launch of its Business
Implementation Guide, an important step in the progress of
transparency and good governance in natural resource development.
�Revenue transparency and accountability in our industry�s
relationships with host governments are critically important,� said
Rich Kruger, president of ExxonMobil Production Company.
�ExxonMobil supports transparency and is committed to honest and
ethical behavior.� Kruger commented at an industry event to launch
the guide, attended by Dr. Peter Eigen, founder of Transparency
International and chairman of the Extractive Industries
Transparency Initiative, a global coalition for transparency in the
extractive industries. Business and non-governmental organizations
and a coalition of companies, including ExxonMobil, developed the
guide under the leadership of the EITI Secretariat. Dr. Eigen
invited Rex W. Tillerson, chairman and chief executive of Exxon
Mobil Corporation (NYSE:XOM), to co-author the guide�s forward in
recognition of the significant contributions by ExxonMobil to EITI
since it was announced by former British Prime Minister Tony Blair
in September 2002. Kruger said the guide will assist international
companies in conveying expectations and appropriate roles to
affiliates around the world relating to the reporting of payments
to governments for a country�s natural resources. �The primary
purpose of EITI is to provide more information on government
revenues to help ensure they�re used to benefit citizens of the
country,� said Kruger. �But just as important is the culture of
accountability that is created when governments, companies,
non-governmental organizations, international financial
institutions and investor groups work together to improve
disclosure and transparency.� According to EITI, 3.5 billion people
live in countries rich in oil, gas and minerals, which, if
developed with good governance, can generate revenues to foster
growth and reduce poverty. ExxonMobil helped advise the UK's
Department for International Development regarding EITI
implementation and was elected to the EITI board in 2006 by the 15
international oil companies providing financial support to EITI.
ExxonMobil supports the Group of Eight (G-8) Transparency
Initiative and the United Nations Convention Against Corruption and
has played a leadership role in enhancing revenue transparency in
countries in which the company has significant investments,
including Chad, Azerbaijan, Kazakhstan, Nigeria and Equatorial
Guinea.
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