TTEITI Congratulates Energy Minister Franklin Khan On Reappointment
PORT-OF-SPAIN, August 21, 2020 — The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) congratulates Mr. Franklin Khan on his reappointment as Minister of Energy and Energy Industries (MEEI).
Long an advocate for Trinidad and Tobago’s adoption of the global EITI Standard, Minister Khan’s previous term was marked by a commitment to transparency and accountability in the oil, gas and mining sectors.
Mr. Khan has not only made a public commitment to the Initiative, but he has elevated the TTEITI’s work in other Caricom nations through regional energy sector diplomacy.
Also, as a direct result of the Minister’s efforts over the past few years, the TTEITI has been able to secure from a number of local mining companies voluntary adoption of EITI reporting standards.
“Minister Khan’s deep experience in the industry has been a boon to the TTEITI,” said TTEITI Chairman Gregory McGuire, “We look forward to working with him and making progress on our transparency roadmap for the sector.”
The TTEITI is the local arm of the Extractive Industries Transparency Initiative (EITI), an international body which is recognised as the global standard for the good governance of oil, gas and mineral resources.
With 53 member countries, its core belief is that natural resources belong to citizens.
As a member of EITI, the TTEITI works to reveal and explain the financial records of extractive companies so that the money trail is visible and citizens of Trinidad and Tobago benefit directly and indirectly from the country’s natural resources.
Along these lines, the TTEITI’s Independent Auditor has thus far reconciled an aggregate of $128 billion in payments from extractive companies and receipts by the government, including $869 million in discrepancies that was subsequently reconciled.
Understanding and reconciling the taxes and royalties oil, gas and mining companies say they paid to the government with actual government revenues helps to inform public debate about the governance of the extractive industries and empowers citizens to hold the government accountable.
We are advocates for anti-corruption. We are not an enforcement body, but use research and reports to inform stakeholders and improve governance.
For further information on this statement or to arrange an interview, please email the TTEITI’s communications team at info@tteiti.com or call (868) 225 4334 ext. 2513.
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