The Opening Extractives programme today launched its first flagship Opening Extractives Progress Report 2021/22, titled Advancing beneficial ownership transparency. The report documents the progress that has been made in supporting beneficial ownership transparency reforms and data use across 10 countries.
The report documents the first year of the programme’s implementation, including how countries have modernised data collection tools, improved disclosure systems, supported evidence-based advocacy and strengthened stakeholder capacity through peer learning. It also presents examples of how beneficial ownership transparency can support the achievement of a just and equitable energy transition.
“I am pleased that Opening Extractives has made great early strides in mobilising political and stakeholder commitment and building the technical capability required to publish and use complex data in 10 resource-rich countries,” said James Ensor, BHP Foundation, Chief Executive Officer, in his foreword. “These reforms are enabling the use of the data by governments, civil society and companies to drive accountability, raise the bar and create a level playing field.”
In the wake of increased global tensions attributable to political conflicts, economic downturns and energy security issues, transparency continues to play an important role in ensuring that natural resources are managed for the benefit of citizens. With a design and inception phase undertaken almost entirely during the COVID-19 pandemic, the Opening Extractives programme was publicly launched in September 2021. It has continued to flourish despite challenging conditions and ongoing barriers to in-person engagement.
“In recent months, developments on the global stage have reinforced the importance of beneficial ownership disclosures," says EITI Executive Director Mark Robinson. "It is now widely recognised that they have a role to play in preventing illicit financial flows and conflicts of interest. Disclosures may also help enforce sanction regimes and ensure that solutions to the current energy crisis do not present further opportunities for corruption.”
Beneficial ownership transparency has made strides over the past year, and an adaptive approach and up-front investment in country engagement and technical support have laid a solid foundation for further progress.
Opening Extractives Progress Report 2021/22
This report highlights progress made by the Opening Extractives programme, jointly implemented by the EITI and Open Ownership.