EIFPE has established an international benchmark for balancing the profit-making activities of extractive industries with activities that benefit local communities, where extractive industries operate.
The EIFPE Benchmark is a set of requirements that contribute to local economies, including employment, and reduce environmental impact.
The Benchmark requires extractive industries, regardless of their activities, size, or location, to improve the basic living conditions of the local communities where they operate, and in the process forge a harmonious relationship that is good for business.
EIFPE Benchmark requirements include the promotion of education, healthcare, public amenities and environmental sustainability.
Education: build or refurbish schools and make learning accessible to all, especially to girls.
Healthcare: manage waste and ensure access to clean, safe and reliable drinkable water in a bid to reduce the risk of disease and death.
Public Amenities: provide community centers, play grounds and other relevant social courtesies that promote communal pleasantness, and make local people feel the benefits of their natural resources.
Environmental Sustainability: Take action to manage waste from its inception to its final disposal, and maintain the factors and practices that contribute to the quality of environment on a long-term basis.
All implementing extractive industries are held to the same EIFPE Benchmark.
Every extractive industry that joins EIFPE as a member is assessed against the EIFPE Benchmark in a process called Benchmarking.
Benchmarking is the practice of evaluating and comparing extractive industries’ performance metrics in the local communities where they operate against the EIFPE Benchmark requirement criteria. Dimensions typically measured are quality, time and cost, in relation to the size of the local community.
Benchmarking takes place in countries, where EIFPE member companies operate. The role of the EIFPE Board and EIFPE International Secretariat is to support and encourage meaningful benchmarking. The Board and the international Secretariat, oversees the benchmarking process. The Board then ascribes the Extractive Industry’s Performance (degrees of progress) as Satisfactory, Meaningful, Inadequate, or No Progress.
This status designates that all aspects of each requirement has been implemented and the broader objectives of the requirements have been fulfilled. The extractive industry becomes a nominee for the annual EIFPE International Award and is given “A Star”.
This means that a significant aspect of each requirement has been implemented and the broader objectives of the requirements are being fulfilled. The extractive industry is given a timeline to meet the outstanding requirements.
If an extractive industry is found to have made inadequate progress it means that significant aspects of each requirement has not been implemented and the broader objectives of the requirements are far from being fulfilled. The extractive industry is suspended and given a timeline to meet the outstanding requirements.
If all or nearly all aspects of each requirement remains outstanding, and the broader objectives of the requirements are not fulfilled, the extractive industry is deemed to have made no progress. No progress leads to the delisting of the extractive industry. The EIFPE Board takes the final decision on delisting.
Depending on the outcome of the Benchmarking, the extractive industries are re-assessed anywhere between three months and three years, to encourage continuous improvement. Key information about EIFPE Benchmark is reported annually alongside recommendations for improving the Benchmarking process.
The EIFPE International Award takes place at an annual EIFPE banquet hosted in Houston- Texas in the United States of America, and brings together extractive industries from around the world.
The EIFPE Board will set up an EIFPE Awards Committee which will peruse the list of nominees, select the most outstanding and determine the Award Price.