From data to reform: How EITI countries are strengthening SOE transparency

State-owned enterprises (SOEs) sit at the heart of the extractive sector in many resource-rich countries, managing public assets, generating revenues and increasingly driving investment in the energy transition. Their importance is reflected in EITI reporting: revenues from SOEs accounted for almost one-third of the USD 3.2 trillion disclosed in payments to government through the EITI. Yet while many countries disclose information on SOE finances and operations, stakeholders often lack the tools and expertise needed to turn these disclosures into meaningful oversight and reform. 

To bridge this gap, the EITI has developed a handbook on using SOE data, supported by the Swiss government (SECO). Over the past year, stakeholders from government, civil society and SOEs have been piloting the handbook, using EITI data to analyse financial performance, identify governance risks and develop practical recommendations for policy reform. Their experience demonstrates how transparency can move beyond disclosure to inform policy, strengthen accountability and improve the management of natural resources.

To test the approach, stakeholders from 10 countries – including representatives from SOEs, government and civil society – applied the handbook during a three-day workshop. Through a combination of practical analysis and peer learning, participants used EITI disclosures, financial statements and analytical tools to examine governance challenges in their own countries and develop recommendations for reform.

Turning SOE data to insights

The resulting case studies addressed national priorities ranging from domestic resource mobilisation to oversight of sovereign wealth funds and greater transparency in commodity trading.

Mongolia

One of the most striking examples came from Mongolia, where participants examined debt obligations of extractive SOEs. According to the Mongolia 2023 EITI Report, nine SOEs repaid about USD 4.9 billion (MNT16.9trn) in short- and long-term loans in 2023 – a figure equivalent to nearly half of projected government spending for 2024. The largest repayments came from some of the country’s most significant mining companies, highlighting the scale of financial obligations carried by state-owned firms.

Kyrgyz Republic

In Kyrgyz Republic, stakeholders used lessons from the handbook to strengthen SOE disclosures in line with the 2023 EITI Standard. At a follow-up workshop sponsored by the World Bank, government officials, SOEs and the EITI national secretariat reviewed how disclosures on loans, guarantees, procurement and beneficial ownership of companies in the extractive industries could be strengthened and embedded in national legislation.

The country’s EITI multi-stakeholder group subsequently revised reporting templates for SOEs and began exploring regulatory amendments to enable more comprehensive disclosures. These efforts aim to move beyond compliance and provide a clearer picture of how SOEs manage public resources.

Philippines

In the Philippines, where state participation in the extractive sector is expected to grow under the government’s renewed focus on resource development, participants used audited financial statements to analyse the performance of key SOEs. Examining indicators – such as return on assets and equity; earnings before interest, taxes, depreciation and amortisation (EBITDA); and earnings before interest and taxes (EBIT) – helped stakeholders better understand the financial health and performance of these companies. This analysis was possible because both the Philippines National Oil Company and Philippines Mining Development Company publicly disclose governance information and publish audited financial statements.  Philippines EITI has further enhanced this transparency by translating these disclosures into open data formats.

The analysis produced in the workshop was subsequently incorporated into the Philippines’ 2023-2024 EITI Report, alongside recommendations to address remaining transparency gaps and strengthen SOE governance. This marks an important step towards using EITI disclosures not only to improve transparency, but also to inform oversight of SOE performance and public accountability. 

Papua New Guinea

In Papua New Guinea, where extractive revenues account for more than one-fifth of government income and the state holds significant equity interests in mining, oil and gas projects, strengthening SOE transparency remains a key governance priority. Yet information on SOE governance and performance has historically been limited.

Following the workshop, Papua New Guinea’s EITI multi-stakeholder group re-established an SOE Technical Working Group, bringing together extractive-sector SOEs and trustee companies to advance transparency reforms. Less than a month after the workshop, the group held its first meeting and subsequently secured approval for a 2026 work plan focused on strengthening SOE disclosures.

Momentum is already visible. In March 2026, Kumul Minerals Holdings published its first-ever annual report, including audited financial statements – a significant milestone for transparency in Papua New Guinea's extractive sector.

Transparency that drives SOE reform

These examples highlight an important lesson: transparency alone is not enough. The greatest value of SOE disclosures lies in how they are used. When stakeholders have the skills and tools to analyse data, they can identify governance risks, strengthen oversight and inform evidence-based reforms. 

The EITI's handbook on using SOE data was developed to support exactly this shift – from disclosure to action. The experience of stakeholders in Kyrgyz Republic, Mongolia, Papua New Guinea and the Philippines show how EITI data can help uncover risks, improve public understanding of SOE performance and support reforms that strengthen the management of natural resources. As countries continue to expand and improve SOE disclosures, sustained collaboration between governments, SOEs, civil society and development partners will be essential.