July 21, 2017 By Ibrahim Tarawallie
Representatives from mining and exploration companies and SLEITI staff after the workshop
The secretariat of Sierra Leone Extractive Industries Transparency Initiative (SLEITI) is currently working assiduously to ensure that the country submits its 2015 /2016 report to the EITI International Secretariat.
The country’s last report to the international secretariat was in 2014 and failure to produce the 2015/2016 report by December 31, 2017, would amount to a suspension from the EITI.
The report would be compiled by an independent administrator procured by the World Bank, through the Extractive Industries Technical Assistance Project (EITAP).
The 2015/2016 SLEITI Report should provide information mainly on certain payments that are made to the government of Sierra Leone by oil & gas and mining companies and receipts of such payments by government and its agencies.
Companies in the extractive industries are expected to send in templates on financial data, production and export data, as well as corporate social responsibility, among others to SLEITI on August 15, 2017, to aid the completion of the 2015 /2016 report on time.
To ensure smooth production of the report, the SLEITI secretariat yesterday hosted a familiarization workshop on the completion of the reporting templates for mining and exploration companies at the Buxton Church Hall.
According to SLEITI National Coordinator, Mina Horace, the successful publication of the said report would paint a good image for the country globally at EITI.
She said the report would help in promoting the public understanding of what obtains in the extractive sector, adding, “Countries who fail to produce report on time will be suspended from the EITI.”
She stated the report must document government’s policy and the Multi Stakeholders Group (MSG) discussion on the disclosure of beneficial owners.
She added that the country was unable to disclose beneficial owners when they reported to the EITI board in 2014.
With regards Beneficial Ownership, madam Horace disclosed that a roadmap had already been developed, adding that disclosure of beneficial owners will increase public trust in corporations and markets, as well as investor confidence in financial markets.
She disclosed that in October 2013, eleven (11) EITI countries signed up to the Beneficiary Ownership pilot and that countries are required to disclose their beneficial owners not later than January 1, 2020.