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The Extractive Industries Transparency Initiative (EITI) |03 October 2020

Seychelles EITI makes meaningful progress in implementing the 2019 EITI Standard              

 

The Extractive Industries Transparency Initiative (EITI) board agrees that Seychelles has fully addressed three of the eight corrective actions from the country’s first validation.

Consequently, Seychelles has made meaningful progress overall in implementing the 2019 EITI Standard, with considerable improvements across several individual requirements.

The board congratulates Seychelles for transitioning to an approach to EITI implementation that is proportionate considering the role of the extractive sector in the Seychelles’ economy.

The successful disclosure of summary data covering financial years 2017 and 2018 and the publication of contextual information on the websites of PetroSeychelles and other government institutions were defined as commendable.

Seychelles is encouraged to disclose information on the management and monitoring of the environmental impact of the extractive industries.

Seychelles joined the EITI in 2014. Its first validation under the EITI Standard concluded in October 2018, in which the International EITI board found that Seychelles had made ‘meaningful progress’ in implementing the EITI Standard.

The adoption of beneficial ownership legislation that guarantees public access to information regarding the beneficial owners of extractive companies demonstrates Seychelles’ commitment to transparency that is embedded in the government systems.

The government and extractive companies are encouraged to ensure that corresponding disclosures are comprehensive, reliable and timely.

Seychelles is encouraged to ensure that multi-stakeholder oversight of the EITI corresponds to the new approach to implementation.

The multi-stakeholder group has an important role in overseeing the comprehensiveness, reliability, accessibility and timeliness of routine disclosures of data.

Seychelles has undertaken a number of activities to address the corrective actions: Submitting a request for proportionate implementation to the International EITI Board, which was approved in October 2019. Disclosing summary data from 2017 and 2018 in February 2020. Disclosing license information on the PetroSeychelles website. MSG pre-Validation review of progress in addressing corrective actions and recommendations from the 2015-2016 EITI Report.

The MSG met six times between November 2018 and March 2020. In October 2019, the International EITI board approved Seychelles’ request for proportionate implementation covering reporting years 2017-2021.

The board has determined that Seychelles will have 18 months before a third validation, i.e. until March 11, 2022, to carry out corrective actions regarding work plan (Requirement 1.5), license allocations (Requirement 2.2), license register (Requirement 2.3), contracts (Requirement 2.4), beneficial ownership (Requirement 2.5), data accessibility (Requirement 7.2) and outcomes and impact (Requirement 7.4).

The meaningful progress ranking from the EITI International board is a great achievement and shows the extractive industry commitment to comply with international standards and fly the Seychelles flag.

The Seychelles Multi-Stakeholder Group Committee takes the opportunity to thank all its partners and the Seychellois people.

 

Press release from the department of the Blue Economy

 

 

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