Governance of public extractive companies: IACE report points to clear lack of transparency for ETAP and CPG | Tunisia News Gazette

Governance of public extractive companies: IACE report points to clear lack of transparency for ETAP and CPG

An IACE report acknowledged that the Gafsa Phosphate Company (GGC) has a clear lack of transparency and has not undergone a radical change in its extension policy.

The report, which was debated on Monday in Tunis, on the presentation of two good governance handbooks for the Tunisian Petroleum Company (ETAP) and the Gafsa Phosphate Company (CPG), states that “information on the activities of this company (CPG) and its finances are not available on its website.

Similarly, the statistics published there as well as those relating to human resources are relatively limited and not regularly updated.

Authors of the report advocate, in this context, the disclosure of revenues collected by companies and the conduct of independent financial audits and their publication on a regular basis.

In addition, the role of the company’s board of directors, which is composed exclusively of representatives of the State, is to be strengthened.

The board does not include any representatives of local authorities, civil society or an independent member.

The Good Governance handbook for CPG also recommends that the company implements a code of conduct and ethical behavior that would be monitored through a governance unit.

ETAP: lack of transparency in modes of granting research permits and environmental impact assessments

As far as ETAP is concerned, the report states that the company does not provide information on the terms and conditions for granting research permits, negotiations and studies on environmental impact.

Authors of the Good Governance handbook recommend that the company adopt a coherent global communication strategy and increase its transparency to enable the public to see how effectively the oil resources are managed.

The aim is to strengthen the disclosure of financial and budgetary information, mainly those on fiscal and non-tax revenues, budgetary activities and transfers with the State.

Developed by the Arab Institute of Business Managers (IACE), in partnership with the Natural Resource Governance Institute (NRGI), the two handbooks are part of the study project on Public Governance and Performance of Public Oil and Mining Enterprises,” said IACE Executive Adviser Majdi Hassen.

The documents were drawn up on the basis of NRGI’s definitions of good governance practices for oil companies, as well as the Governance and Integrity Guide for Tunisian Public Enterprises set up by the IACE, “He explained.

The objective is to promote confidence in the management and control of these extractive companies through the implementation of good governance practices with a view to putting in place a long-term strategy targeting the hydrocarbon sector in Tunisia.

Source: TAP News Agency

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