Trafigura representative joins the extractive industries transparency initiative board

The 2019 Extractive Industries Transparency Initiative (EITI) Global Conference got underway in Paris this week under the leadership of newly elected EITI Chairperson Helen Clark, former Prime Minister of New Zealand. On Monday afternoon, James Nicholson, Head of Responsibility for Trafigura was elected to the EITI Board, representing the first commodities trader to hold the position.

Guided by the belief that a country’s natural resources belong to its citizens, the EITI is the global standard to promote the open and accountable management of oil, gas and mineral resources.

The EITI Standard, which over recent months has undergone a revision, following comprehensive input from Trafigura, requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public.

In 2014, Trafigura became the first independent commodities trading company to both declare its support for the EITI and then to make formal disclosures of its payments to governments for oil. Trafigura has since made disclosures of over USD 15.7 billion to EITI countries and USD 93.5 billion in payments to all other countries.

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