Strengthening corporate accountability in the COVID-19 era and beyond In the wake of health restrictions and fluctuating commodity prices, extractive companies have no longer been able to continue business as usual. Many have had to suspend or shut down operations, causing major disruptions to employment and economies. Others have set up emergency funds and taken measures to support local communities through the crisis. Corporate transparency is critical to understand the actual impact of the COVID-19 crisis on the sector. Several EITI supporting companies have begun to disclose taxes paid in each jurisdiction where they operate and their economic contribution to communities. Some are also publishing information on their beneficial owners and agreements with governments, thereby promoting greater accountability in the way they conduct business. Commodity trading transparency Almost half of total government revenues reported through the EITI come from the sale of oil, gas and minerals to commodity trading companies. The scale and significance of these payments make them a matter of public interest. In September 2020, the EITI launched new reporting guidelines for companies buying oil, gas and minerals from governments. The guidelines aim to shed more light on these trades, promoting greater public oversight on revenues paid to government and how they are managed. Since then, several trading companies have drawn on the reporting guidelines to compile their public reporting, including Glencore, Gunvor and Trafigura. The international oil company Total has also reported purchases of oil and gas from state-owned enterprises, referring to the EITI guidelines in their annual report. By disclosing payments made to governments, these companies are paving the way to new transparency benchmarks in commodity trading and assisting in combatting corruption. eiti.org/commodity-trading 10 Extractive industries* in transition* Photo credit: BP P.L.C. USD 1,2 TR or nearly half of the revenues disclosed by EITI countries come from the sale of the state’s oil, gas or minerals to trading companies. USD 1,2 TR or nearly half of the revenues disclosed by EITI countries come from the sale of the state’s oil, gas or minerals to trading companies. USD 1,2 TR or nearly half of the revenues disclosed by EITI countries come from the sale of the state’s oil, gas or minerals to trading companies. USD 1,2 TR or nearly half of the revenues disclosed by EITI countries come from the sale of the state’s oil, gas or minerals to trading companies. 0 2 4 6 8 0 1 0 2 4 6 8 0 2