T&T gets watchdog to deal with corruption and secrecy in the energy sector

Energy Minister, Carolyn Seepersad-Bachan presents Committee Chairman Victor Hart, with his instrument of appointment

The Trinidad and Tobago government has appointed its first ever transparency committee to deal with corruption and secrecy in the energy sector.

The country’s first Extractive Industries Transparency Initiative (EITI) will be chaired by Victor Hart, former chairman of the local Transparency Institute.

The Transparency Institute’s job will be to provide an oversight of the distribution and collection of revenues from the energy sector. Hart will work with 14 other members on the committee.

In announcing the board, Energy Minister Carolyn Seepersad-Bachan explained that in October, the Revenue Watch Institute launched the Revenue Watch Index which found that TT ranked 15 out of 41 countries, and was seen as having partial revenue transparency.

“Our goal is to move into the top percentage which would shift our designation to comprehensive revenue transparency. Our energy sector would be driven to assume its place as one of the most transparent and accountable in the world,” she emphasised.

Seepersad-Bachan dismissed the idea that revenue transparency affected confidentiality and that many investors may have been hesitant with information on revenues and resources being publicly available.

“It has been found it is the other way around, many investors express deeper confidence when they are entering in agreement with a nation with open and transparent systems. 

"Transparency and openness actually serve to boost trust, confidence, global competitiveness and a far more efficient operation of energy sectors around the world,” she explained.

She said the idea behind the committee is to address and diminish the possibility of corrupt handling in the distribution and collection of energy sector revenues while improving transparency through a non-State agency.