Solomon Islands has voluntary withdrew from implementing the Extractive Industries Transparency Initiative (EITI) but assured the work of EITI will continue in the country.
Honourable Manaseh D Sogavare, Deputy Prime Minister and Minster for Finance and Treasury has informed the EITI International Board of the Government decision to withdraw in a letter send this week.
To promote transparency and accountability in payments and process of mining, the Solomon Islands Extractive Industries Transparency Initiative (SI-EITI), Ministry of Finance and Treasury is conducting reporting and reconciliation of payments paid and received from mining companies in Solomon Islands.
The report for 2016 and 2017 shall be released in October 2018 as the work is in- progress with data collection from relevant Government ministries, agencies and the mining companies.
Government of Solomon Islands has launched the National Mineral policy-2017-2021 in June 2017. The policy formalise Beneficiary Ownership (BO) discloser as a requirement and condition for extractive industries that invest in the mining sector.
The policy require that all current and future mining companies to disclose their beneficial owners to the Government and the Government in turn published BO of companies that gain licences or contracts on annual basis. This is the first time for Solomon Islands to have BO in its policy.
Government is now leading implementing the policy and SI EITI Office is partnering, however significant reforms and review of existing legislations and regulation is require to pave ways for full roll out of the policy.
The Solomon Islands Extractive Industries Transparency Initiative (SI EITI) Stakeholders endorsed review of EITI implementation for Solomon Islands to ensure it consider interests and relevant to stakeholders. This is to ensure stakeholders meaningfully participation on the EITI process.
The decision was made during a National Stakeholders Group (NSG) meeting in December 2017. Over the past years, mining companies have been reluctant to supply require data to the Solomon Islands EITI Office for the reconciliation process.
The EITI Office was set up in early 2014 with 2 permanent staff currently employed. The Head of Secretariat and Procurement Officer. The SI EITI Office was located at old Government Printers Office.
Cooperation between Timor-Leste and Solomon Islands, two emerging economies of the Pacific region, is strengthening the transparency of the mining sector through the Extractive Industries Transparency Initiative (EITI).
2016 SI EITI Activity Report 