Standard Life Investments supports revenue transparency

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Standard Life Investments, the global fund manager, today urged stakeholders involved in the Extractive Industries Transparency Initiative (EITI) to ensure that the EITI rules and criteria are applied objectively and that good governance principles and processes are adopted.

Speaking today in Paris at the EITI Global Conference, entitled ‘Transparency Counts’, Keith Skeoch, CEO, Standard Life Investments, said:

“Standards Life Investments is a strong supporter of the EITI because it encourages transparency, which helps foster political stability and limits the opportunity for corruption. While the EITI now has over 30 implementing countries and has achieved recognition as a global standard for transparency, I believe that we must build on this momentum to improve its effectiveness further.

“I believe that there are two key steps that will help achieve this. First, all stakeholders should endorse the principle that the EITI rules and criteria must be applied objectively and consistently. Second, all stakeholders should endorse good governance principles and processes within the EITI.”

“If implemented, these measures will help ensure that the EITI is effective in achieving its goals. This can only be to the benefit of the citizens of the 33 resource rich countries that are already implementing the EITI and to investors in companies involved in extractive industries.

“Furthermore, developed countries should move to implement EITI to enhance the overall credibility and effectiveness of the EITI.

“We look forward to continuing our work within the EITI and contributing to the increased impact of the initiative.”

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