We take the view that transparency is indispensable in our corporate responsibility journey. There are increasing demands for greater disclosure of payments to governments by commodity trading firms as well as mining companies and upstream oil producers. Disclosure can assist in improving governance in resource-rich countries.
As a major facilitator of global trade, we also believe that natural resource wealth should be an important engine for economic growth that contributes to sustainable development and poverty reduction. Being open about how we manage natural resources gives the populations in countries where we operate the tools to hold governments and business to account.
In November 2014, Trafigura formally declared its support to the Extractive Industries Transparency Initiative (EITI) – the first privately held commodities trading company to do so. In a further step, Trafigura published a ‘Payments to Governments Policy’, drawn up in consultation with the EITI International Secretariat. The policy committed the company to disclosing Trafigura’s payments to National Oil Companies (NOCs) for crude oil and petroleum products, including gas, as well as associated corporate taxes and, where relevant, licence payments to Governments. As a leading commodities trading house we have a role in making such disclosures, and believe that Governments have an important part to play in disclosing how they use these funds.