Extractive Industries Transparency Commission held its next meeting

July, 12 2019 17:46


On July 21, 2019, the Extractive Industries Transparency Commission (EITC), held its next meeting at the State Oil Fund of the Republic of Azerbaijan (SOFAZ) with the participation of representatives of civil society, local and foreign extractive companies operating in Azerbaijan and international organizations.

At the meeting, the Opinion of the Working Group on technical indicators and qualifications of the independent and specialized audit firms involved in the procurement competition through Request for Proposals announced by the EITC for the preparation of consolidated EIT reports covering 2018-2019 were presented to the EITC. Later, the financial proposals of the audit firms presented in a closed envelope was opened by Commission, the overall scores were calculated by considering the opinion of the Working Group and “Grant Thornton” was declared the winner with the highest score for preparation of consolidated EIT reports covering 2018-2019. “Grant Thornton” (I place), “Baker Tilly” (II place), “BDO Azerbaijan” (III place), “Nexia-EA LLC” and “Abak-Az Crowe Ltd” audit companies have participated in the aforementioned competition.

 At the same time, the exchange of views on progress attained on the project for implementation of the Roadmap for Beneficial Ownership Disclosure was carried out, the scope and reporting templates of EIT reports for 2018 were discussed and approved at the meeting.

The Extractive Industries Transparency Commission established by according to the Decree of the President of the Republic of Azerbaijan "On additional measures to increase transparencey and accountability in the extractive industry" number 1315 dated April 5, 2017. The Commission on the basis of international principles implements the application of the principles of transparency and accountability in the extractive industry of the country and cooperates with extracting companies, civil society, experts and international organizations.

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