The Solomon Islands has been admitted as a Candidate Country of the Extractive Industry Transparency Initiative (EITI). The Solomon Islands gained candidacy status at the EITI Board Meeting on 28 June 2012 in Lima, Peru.
EITI is a global standard for revenue transparency in the global oil, gas and mining industry. The EITI application process was prepared jointly by the Solomon Islands Extractive Industries National Stakeholder Group (SIEINGS). SIEINGS is made up of representatives from government, mining companies and civil society organizations.
The Solomon Islands EITI National Champion, Minister of Finance and Treasury, Hon Rick Hou said that, "having achieved a candidate status is a landmark for Solomon Islands as it paves the way for greater transparency in the management of the flow of mining revenue between companies in the industry, and the Government."
Minister Hou takes this opportunity to thank the Solomon Islands Extractive Industries National Stakeholder Group (SIEINSG) for taking Solomon Islands to candidate status. The Minister stressed that "the Government, through the SIEINSG will continue to collaborate with development partners so that Solomon Islands is able to meet all requirements under the EITI standard and ensure that revenue transparency in mining is in fact a reality..." in the Solomon Islands.
Entering into EITI candidacy is an important outcome for the country. It creates an avenue for the public to monitor and hold government and companies accountable for the flow of money between mining companies, government and land owners from mining activities in the country. This was made possible by the collaborative efforts of the SIEINSG with the support from the Solomon Islands’ Government, World Bank Group, and the Government of the United Kingdom.
The next step for Solomon Islands EITI is to publish the first EITI National Report within the next eighteen months. The report will be available to all Solomon Islanders for their review and public discussion. Copies of the report will be available on a national EITI website which will be established shortly and in print form to an accessible format for all Solomon Islanders. The annual EITI reports will become a standard means to promote transparency and accountability in the emerging mining industry in Solomon Islands. The SIEINGS will initiate a national EITI outreach program to provide all Solomon Islanders with more detailed information of the initiative and how they can effectively participate in the national EITI process.