The Board agreed on the framework and timing for assessing Requirement 2.5 on beneficial ownership, and on a broader review of the Validation process.
Where: 43rd Board meeting in Paris, France
Description: the Board agreed to the following:
- A framework for validating Requirement 2.5 that consists of a technical assessment of meeting the requirements and an assessment of effectiveness. Validations in the first stage (until 31 December 2021) consider a set of initial criteria that would qualify for an assessment of ‘satisfactory progress’ in meeting the requirement. This gradual approach recognises the challenges with systematically disclosing beneficial ownership information and the efforts made by countries to develop supportive legal and institutional frameworks.
- The timing of the assessment of Requirement 2.5, which follows the agreed Validation schedule with adjustments to ensure all countries undergo the assessment within a reasonable timeframe.
- The incoming EITI Board undertakes a broader review of the Validation process, considering specific challenges associated to the assessment of requirements on beneficial ownership, project-level disclosures and contract transparency.
For more details, please see the Board Paper attached below.
Based on: Article 12, Articles of Association
Keywords: Validation, policy