The Board clarified the application of beneficial ownership requirements.
Description: The EITI Board amended requirement 2.5.c to clarify the current ambiguity:
As of 1 January 2020, it is required that implementing countries request, and companies disclose, beneficial ownership information for inclusion in the EITI report. This applies to corporate entity(ies) that
bid apply for, operate or invest in extractive assets or hold a participating interest in an exploration or production oil, gas or mining license or contract and should include the identity(ies) of their beneficial owner(s), the level of ownership and details about how ownership or control is exerted.
The terms ‘license’ and ‘contract’ are defined in requirement 2.4.
Where: 37th Board meeting in Oslo, Norway
Based on: Article 12, Articles of Association
- Board paper 37-6-A Clarifying the application of the beneficial ownership requirements
- Discussed in the implementation committee IC paper 14-2 Clarifying the application of the beneficial ownership requirements on 6 April, 2 May
- Public domain:
Keywords: Beneficial ownership, EITI Standard