Global Effort to Promote Transparency in Natural Resource Extraction
Eight countries have committed to implementing beneficial ownership transparency in natural resource extraction, aiming to ensure public access to information about who owns and controls extractive companies.
Countries Committed to Beneficial Ownership Transparency
The Democratic Republic of Congo (DRC), Ghana, Guinea, Kyrgyz Republic, Madagascar, Mali, Nigeria, and Ukraine have specified which government institutions will be responsible for implementing this requirement. For example:
- In the DRC, the Ministry of Mines is tasked with maintaining a publicly available register of beneficial owners.
- In Ghana, the Minerals Commission is responsible for ensuring that companies disclose their beneficial ownership information.
The Importance of Beneficial Ownership Transparency
According to the Extractive Industries Transparency Initiative (EITI), beneficial ownership transparency helps prevent corruption and ensures natural resources are managed in a way that benefits both governments and local communities.
Requirements for Companies Operating in these Countries
Companies must:
- Disclose their beneficial ownership information, including:
- The identity of their beneficial owners
- The level of ownership
- Details about how ownership or control is exerted
- Assure the accuracy of their beneficial ownership information through sign-off by a member of the senior management team or senior legal counsel
About EITI
The Extractive Industries Transparency Initiative (EITI) is a global standard for transparency in the extractive industries. Launched in 2002, EITI promotes transparency and accountability in the management of natural resources.
Contact Us
For more information about EITI or beneficial ownership transparency, please visit eiti.org or contact us at info@eiti.org.
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