On 17 June 2019, the EITI ratified the revised 2019 EITI Standard with the clarification of Requirement 4.2. This is the significant result of the efforts of the EITI multi-stakeholder working group on commodity trading created by the Swiss government, within which STSA and its members participate.
STSA and its members are committed to transparency and are pleased to have contributed to this important move. We endorse consideration of international transparency standards and initiatives for companies active in commodity trading that fall within their scope.
STSA is supportive of transparency initiatives for commodity trading and of advancing the transparency discussion. Regarding the Extractive Industries Transparency Initiative (EITI), STSA values its potential to bring transparency of payments to governments for commodity extraction activities in a country and to mitigate related risks for all actors in the commodity value chain. STSA members are already complying with EITI disclosure obligations in countries that required them, for example in Iraq.
At the initiative of STSA, a closed meeting was organized at the occasion of the EITI side-event in Bern in October 2015. During this meeting, a multi-stakeholder working group on EITI and commodity trading was launched, in which STSA and major Swiss commodity trading houses participate.
In 2014, STSA supported Switzerland in the establishment of the Extractive Industries Transparency Initiative (EITI) Working Group on commodity trading, which focuses on how governments are selling oil, gas and minerals.
It continues to participate in and support the Working Group, providing expertise together with its members.