The EITI Board approved the recommendations of the Implementation Committee related to beneficial ownership.
Description: The EITI Board approved the recommendations of the Implementation Committee related to beneficial ownership, as laid out in section 4 of Board Paper 36-4-A, with the exception of (iv) Scope of the beneficial ownership requirements. Here the Board tasked the Implementation Committee to continue working on clarifying ambiguities in the EITI Requirements related to the scope of beneficial ownership reporting as highlighted.
Recommendations approved by the Board:
(i) Non-compliance with the roadmap deadline: EITI Chair to write to the EITI Champion of the non-complying country
(ii) Non-compliance with roadmap content: Implementing countries are required to document progress with roadmap implementation in their Annual Progress Reports due on 1 July 2017.
(iii) Application of roadmap requirement to prospective EITI candidate countries: countries applying for EITI candidature after 1 January 2017 to address the roadmap requirement as part of the MSG’s work plan.
Amendments to the EITI Standard:
- Deletion of provision 2.5.b.ii, which currently reads “By 1 January 2017, the multi-stakeholder group publishes a roadmap for disclosing beneficial ownership information in accordance with clauses (c)-(f) below. The MSG will determine all milestones and deadlines in the roadmap, and the MSG will evaluate implementation of the roadmap as part of the MSG’s annual activity report”.
- Amendment of provision 1.5.c, to read “The work plan must:
v. Outline plans for disclosing beneficial ownership information in accordance with clauses 2.5(c)-(f), including milestones and deadlines.
- Amendments of provision 7.4.a, to read “The annual activity report must include:
vi. An evaluation of the implementation of the beneficial ownership roadmap
Where: 36th Board meeting in Bogota, Colombia
Based on: Article 12, Articles of Association