Double Bottom

Before finally implement EITI in Ukraine, should weigh the "pros" and "cons" of such a decision.
Further and further Ukraine moves towards implementation Initiative Extractive Industries Transparency (IPDO). In January 2015 members of the Multilateral stakeholder group in Ukraine EITI reporting templates drafted in accordance with the requirements of the Initiative, which was published for public discussion. EITI International Secretariat noted improvements in key components of reports, but in this line of activity is still mnoho.leduyuschim step for implementing IDPO should be the first publication of data in accordance with standard Extractive Industries Transparency Initiative in October 2015 report mining company, for its part, must disclose payments to the budget and the government - the revenue from mining companies.
Yes, February 24, 2015 a meeting of the stakeholder group Multilateral Implementing IPDO where regional director Richard Dion introduced step by step plan of action for the next few months, which should realize Ukraine to prepare a report on time. According to experts, to have time to do the work and keep timing deadline will be difficult, however, to the Minister of Energy and Coal Industry of Ukraine Volodymyr Demchyshyn realization in our country IPDO is one of the most important tools of reform. The implementation of this system will significantly improve the credit rating of Ukraine, the operational introduction of international standards of transparency and financial accountability. It will improve the system of management of natural resources and strengthen confidence in the Ukraine international public and private partners.
To realize these goals in the near future planned signing of an agreement with the World Bank and the search for an independent administrator accounts. According to experts, now consider two ways scenario, which may leave Ukraine in the preparation of the first reports. One of them - a disclosure of payments with the consent mining companies themselves. In this case, unlikely to information provided all oil and gas companies operating on the Ukrainian fields. The other is a way of legislative regulation where the duty of companies to disclose information about payments and government revenues from the bodies of subsoil users will be approved in one of the regulations. This path is a hard and long, but in this case there is a strong likelihood that the report data will EITI maximum number of participants sector.
As part of the implementation of accounting standards for each country includes data for disclosure in accordance with their own situation. The initiative is based on the 12 basic principles that require mining companies to publish paid money, and the government - to publish information on: income. As the "Terminal" President of the Association "subsoil Ukraine" Roman Storozhev, International Standard IPDO a synthesis of measures and mechanisms to ensure transparency in revenues from oil, gas and mining industries. "Speaking in simple terms, the standard makes available to the public revenue subsoil users. So IPDO - an international movement that aims to ensure that all income sector subsoil became transparent. Reports can be submitted data on the production, transportation and taxes paid. You can also include information on investing in the economy and social investments of a company ", - said R. Storozhev.
According to experts, the lion's share of state budget of Ukraine formed mining companies. But ignorance of society on the flow of subsoil users and the fair distribution of these funds often leads to the fact that there is mistrust of companies, is a distortion amount of their income. Through the implementation of EITI standard, we not only people, but also business and investors could monitor the payments to the state subsoil users and their distribution. February 25, 2015 at an international conference to support the EITI all parties agreed that the need to establish more close communication and cooperation with the government and third parties to ensure rapid passage and adoption of normative legal acts. As a result, reaching transparency of payments in the extractive sector, Ukraine can make a significant step in the development of its economy and enhance the ability of the investment portfolio, the possibility of implementing the most favorable subsoil licenses.
According to R. Storozheva, a good example is the implementation IPDO history of Kazakhstan, where the mechanism is working successfully and whose experience can be an example for us. In Kazakhstan IPDO standard way of implementation began with the disclosure of tax information and state companies, but today was much wider than standard, any payments mining organizations, sponsor contributions, dividends - everything is public and anyone can read this information - he can see how certain distributed earnings from companies subsoil users. In order that the work performed continuously and efficiently, the obligation to adhere to the principles of subsoil IPDO spelled out in the legislation of Kazakhstan on subsoil.
In addition, the president of the Association "subsoil Ukraine" noted that the implementation of initiatives certainly imposes certain obligations on the state. But Ukraine Extractive Industries Transparency Initiative - is to improve the investment climate by means of a link to potential foreign partners sihnalao Ukraine government commitment to equitable income distribution. So, this is minimizing corruption and lack of social risks of conflicts. "The initiative can reduce reputational risks for investors and demonstrate its commitment to social responsibility," - said R. Storozhev.
"For example, when it comes to local authorities announced that the decentralization process will take some of the responsibility for making decisions on the spot. And IPDO standard allows people on the ground to know about job and income producing companies on social programs that implement mining companies in the region, which are developing fields. And this information, according to subsoil users could remove the problem of land allocation for the development of a deposit "- explains the expert.
However, deciding to introduce in Ukraine IPDO should also take into account the negative that it may cause. It should be understood that the ideologue IPDO is George Soros, the famous American financier and investor, famous primarily financial speculation and fraud. It is believed that it is related to the depreciation of the pound in 1992, which then allowed him to one day earn more than $ 1 billion. If we take the same Kazakhstan, there IPDO most actively supported by the Soros Foundation-Kazakhstan since 2004. Ten years like this country joined the transparency initiatives. Thus the Soros Foundation-Kazakhstan calls on all stakeholders not to stop and
continue to develop IPDO.
Advances D. Soros is most often associated with the fact that important decisions he uses insider information provided by dignitaries from the political and financial circles of the largest countries in the world. Therefore, we can only guess that gives him access to previously tacit income information mining companies and government revenues from mineral resources. After accepting the rules IPDO, Ukraine has delegated powers to management internal market ideologues of the structure of production, including D. Soros.
Undoubtedly, the financier has its business interests in the Ukrainian market (oil and gas market participants absorption Ukraine to sell the business at a higher cost). And not for nothing that his interest in Ukraine is activated with the beginning of the revolutionary events in our country. Thus, in early January 2015 GD Soros made a call to provide emergency financial assistance to Ukraine in the amount of EUR20 billion to support "in yuyuschey side." That should be understood that the rules IPDO with one hand and have positive aspects, but there is always a downside, which should not be forgotten. And, before transfer market for new rail, keep in mind all the disadvantages and risks that we face. Otherwise, you can pave the way good intentions where we do not want to get.
"Terminal" № 1- (752) on March 9, 2015