Uphold Highest Ethics
Economic Transparency
In 2007, we announced our endorsement of the Extractive Industries Transparency Initiative (EITI) (http://www.eitransparency.org), which seeks to ensure that revenues paid to governments by companies working in resource-rich countries contribute to sustainable development and poverty reduction. See our Web site (http://www.conocophillips.com/sd/eiti) for our statement on economic transparency. The EITI supports sound governance of revenues from extractive industries through the publication and verification of company payments and government receipts from oil, gas and mineral development as the first step to holding decision-makers accountable for the use of revenues. The publication of how revenues from extractive resource developments are spent is an important next step to be added to the process. We are eager to see that obligation adopted in future EITI programs. More than 20 countries have committed to EITI principles which are intended to encourage voluntary multi-stakeholder partnerships involving companies, governments, investors and civil organizations. We have resource interests in five of the participating countries – Azerbaijan, Kazakhstan, Nigeria, Peru and Timor Leste – although only those investments in Nigeria and Timor Leste currently involve production. We supported the Nigerian EITI audit covering six accounting years, and we also are supporting the government of Timor Leste in fulfilling its obligations for operations conducted within the Joint Petroleum Development Area of the Timor Sea. We will cooperate with the governments of other countries where we have assets who commit to address transparency and accountability matters. We currently are developing guidelines for our international business units and functional support organizations to incorporate EITI goals into our business practices and operations.