OCP Group, Casablanca, has joined the Oslo, Norway-based Extractives Industries Transparency Initiative (EITI), a global coalition of governments, as a supporting company.
Through this partnership, the OCP Group “is committed to embedding transparency in its corporate management systems and processes” by adopting EITI’s principles, helping to advance its agenda with transparency, the EITI said in a Sept. 5 statement on its website.
By committing to the revised Expectations for EITI supporting companies, OCP will learn from international best practices and adopt a leadership role in making its operations more transparent and more accountable.”
To this end, the OCP Group provides an interim consolidated financial statement that outlines financial information, the statement noted.
The Moroccan phosphates group has also formed a code of conduct, which includes anti-corruption and bribery procedures, the statement also noted.
“This partnership will deepen our commitment to transparency and accountability in the conduct of our business activities,” OCP said on Twitter, as cited by a Morocco World News report.
By becoming a member of the EITI, countries commit to disclose information along the extractive industry value chain – from how extraction rights are awarded to how revenues make their way through government and how they benefit the public.
In each country that has joined the EITI, a multi-stakeholder group, composed of government, companies and civil society, supports implementation of the EITI Standard.