Trafigura Beheer B.V., one of the world’s leading commodity trading firms, yesterday announced its commitment to a new policy designed to encourage the disclosure of payments to governments by commodities traders under the auspices of the Extractive Industries Transparency Initiative (EITI), the global standard for improving transparency of revenues from natural resources. Trafigura has been and continues to be advised on this journey by RCS Global (www.rcsglobal.com). Andrew Gowers, Trafigura’s Global Head of Corporate Affairs says, “RCS Global have done very thorough and highly professional work for us over the past 12 months in the context of our commitment to revenue transparency. We are very happy with their subject matter knowledge, their understanding of the intricacies of the trading industry and their ability to provide relevant and pragmatic advisory. We continue to rely on their services along this important journey of demonstrating our commitment to responsible business.”
“RCS Global is proud to be advising Trafigura on this important journey, which parallels our company’s own objective to help our global clients achieve responsible global value chains and enable a greater development contribution of the natural resources sectors around the world. We look forward to be advising on the development of a process that will set a transparency standard for the global trading industry”, says Nicholas Garrett, Director of RCS Global.
In response to Trafigura’s statement in the press today, Africa Progress Panel Member, Peter Eigen, who is also Founder of Transparency International and Special Representative of the Extractive Industries Transparency Initiative (EITI), said, “I welcome with great pleasure Trafigura’s commitment to full disclosure of the payments they make to governments and to their national oil companies. This move has potential to help improve the lives of many in African and other resource-rich countries.” […] “I am now keen to see how this move brings reputational and competitive benefit to Trafigura and how long before other Swiss-based commodity traders follow.” RCS Global provides advisory and audit services for companies seeking to achieve responsible global value chains and compliance with international regulations and voluntary initiatives. For further information on RCS Global’s transparency related services, please contact Nicholas Garrett on [email protected]