EITI Principles of Transparency
Extractive Industries Transparency Initiative/EITI provides a guideline for accountability and transparency in the extractive industries sector. Countries need to perform a validation process and meet all third-party validation indicators within a period of 2 years. There are currently 39 abiding global extractive industry companies. FCX (and PTFI) supports and actively participates in the EITI process. Other members include international NGOs and industry associations, including ICMM. EITI requires verification and full publication of payments made to the government, as well as the benefits derived from the extractive industry.
Global Reporting Initiative (GRI)
Global Reporting Initiative (GRI) A multi-stakeholder process and independent institution with a mission to develop and disseminate sustainable development reporting guidelines that are globally acceptable. GRI is reporting framework to measure, track and drive sustainable development programs. PTFI is required to submit GRI indicators promptly and to facilitate GRI audit verification as the basis of reporting by PTFI (and its parent company FCX) of its environmental, economic and social program performance as measured against the 10 principles.