Transparency about government revenues from the extractive sector is important for accountability, but says little about who owns and ultimately profits from the activities of the oil, gas and mining companies.
With the adoption of the 2016 EITI Standard, the EITI has agreed that all implementing countries must ensure that companies disclose their beneficial owners. As a first step, countries will publish roadmaps outlining the activities and preparations that are considered necessary in order to ensure full implementation of the beneficial ownership requirements by 2020. By this date, implementing countries have to ensure that all oil, gas and mining companies that bid for, operate or invest in extractive projects in the country disclose who their real owners are. This should include the identity of the owner, i.e. the name, nationality and country of interest.
In addition, any politically exposed persons holding ownership rights must be identified. It is recommended that the beneficial ownership information is made available through a public registers. At a minimum, the information must be included in the country’s EITI Report.
Find more guidance on beneficial ownership here.