George Soros might still be associated with his reputation as a financial speculator but he has since moved on to further an initiative that supports good governance and transparency in resource-rich countries.

Soros, who will be speaking in Kuala Lumpur on Friday, told malaysiakini he would touching on a number of topics, including Extractive Industries Transparency Initiative (EITI).

But what exactly is EITI?

EITI is a movement launched by the British government and is strongly supported by Soros' foundation, the Open Society Institute (OSI).

"The EITI is one of the most effective vehicles available for achieving a global standard of disclosure and accountability," wrote Soros in Financial Times last year.

"Those committed to seeing the wealth generated by energy and mining finally improve the lives of ordinary people would do well to invest in the initiative at this critical stage," he stated.

EITI works on the basis that full publication and verification of company payments and government revenues from oil, gas and mining would improve governance in resource-rich developing countries.

The website stated that the four-year-old EITI movement has been endorsed by 20 countries including Peru, Trinidad and Tobago, Azerbaijan, Nigeria and East Timor.

The website explained that studies have shown that when governance in oil, gas and mineral-rich countries is good, large revenues to foster economic growth can be generated and reduce poverty.

It pointed out that EITI aims to defeat the 'resource curse' (where poverty, corruption, and conflict may result when governance is weak) by improving transparency and accountability.

World's least transparent

It is learnt that Soros has sought meetings with officials from the national oil company Petronas during his visit, which is his first, to Malaysia.

Early this year, Petronas has ranked last in the latest survey of the 'World's Most Sustainable and Ethical Companies' conducted among 15 major oil companies by a Spanish-based ethics rating firm.

Hungarian-born Soros was most known when former premier Dr Mahathir Mohamad placed blame on him for undermining the Southeast Asian economies by destabilising their currencies.

A bitter public dispute ensued and escalated to name-calling during the East Asian financial crisis of 1997-98.

However, recently the two have been exchanging letters and will meet briefly in the next few days when Soros is down to attend a function here.

The billionaire will be arriving to Malaysia tomorrow and will be addressing Malaysia's London School of Economics and Political Science Alumni Society on Friday.

He scheduled to leave Malaysia on Saturday after meeting a broad range of people including business, government and civil society leaders.