Transparency IN THE EXTRACTIVE INDUSTRIES SECTOR AS A LEGAL TOOL FOR STRENGTHENING GOOD GOVERNANCE: The EU’s Approach

Nowadays, humanity encounters many problems connected to the use of natural resources. International actors have established diverse global initiatives and
regional and national legal reforms linked to the issue. Thus, this study provides a
comparison of selected provisions regarding information disclosure orders of the EITI
Standard 2019 and the EU Directives. The paper presents a descriptive comparison of
two prominent legal mechanisms enhancing good governance in the extractive
industries sector: The Extractive Industries Transparency Initiative (hereafter the
EITI) and the EU Directives. Moreover, the study briefly discusses the meaning of the
good governance concept and the significance of the principles of transparency as a
tool to strengthen fiscal and non-fiscal accountability in the extractive industries
sector. The author argues that developing resource-rich countries should join the EITI
and support the initiative by implementing legal mechanisms promoting good
governance in the natural resources sector. The findings of the study are summarised
in the conclusion.

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