Publication Type: 
Guidance note
Published Date: 
February, 2020

Guidance note 28 on MSG oversight of beneficial ownership reporting

Relates to Requirement 2.5

Download guidance note in English

Summary

The EITI Standard requires that the beneficial owners of extractive companies are disclosed. Multi-stakeholder groups (MSGs) have an important role in ensuring that these disclosures are comprehensive and effective. Whether beneficial ownership data is collected and disclosed by a government agency or through the EITI process, the MSG should ensure that disclosures are in line with the EITI Standard, assess gaps and weaknesses and find ways to strengthen disclosures.

This guidance note lays out a step-by-step approach that supports MSGs in finding the most suitable solutions for effective beneficial ownership disclosures in their context. The note also provides links to further guidance on implementation of beneficial ownership disclosures including legal approaches, data collection, verification and publication.

Contents

1. Introduction

2. Checklist for oversight of beneficial ownership reporting

Step 1 – Reviewing the current policies and practices
Step 2 – Agreeing a definition of “beneficial owner”
Step 3 – Designing disclosures and collecting data
Step 4 – Reviewing the disclosures

3. Further guidance