Guyana’s Efforts to Enhance Beneficial Ownership Transparency Take Shape
A Significant Step Towards Transparency in the Extractive Industry
In a major breakthrough towards enhancing transparency in the extractive industry, Guyana has made significant progress in implementing beneficial ownership transparency. The country’s Multi-Stakeholder Group published a roadmap for disclosing beneficial ownership information in July 2018, outlining key milestones and deadlines.
Definition of Beneficial Ownership
According to the roadmap, Guyana defines “beneficial ownership” as more than just share ownership. The definition also includes contractual and informal arrangements that can give rise to effective control over a company or arrangement. This broader approach is aimed at identifying those individuals who ultimately exercise control over companies operating in the extractive industry, regardless of their direct shareholding.
Implementation Roadmap
To achieve this goal, Guyana has established a declaration on beneficial ownership to be completed by companies operating in the sector. The Deeds and Commercial Registries Authority (DCRA) is responsible for maintaining a register of companies, which includes information on beneficial owners. Data reported by companies is publicly disclosed, providing stakeholders with critical insights into who ultimately controls extractive entities.
Progress Update
A recent report revealed that companies selected in Guyana’s Extractive Industries Transparency Initiative (GYEITI) reconciliation scope have submitted declarations on their beneficial legal ownerships. While the data provided is incomplete in some instances, it marks a significant step forward in enhancing transparency and accountability in the sector.
Alignment with Global Standards
Guyana’s efforts to implement beneficial ownership transparency align with the 2019 EITI Standard, which requires implementing countries to request and publicly disclose beneficial ownership information from extractive companies as of January 1, 2020. The country’s progress on this issue is a positive development for stakeholders seeking greater transparency in the extractive industry.
Collaboration Key to Success
As Guyana continues to move forward with its implementation of beneficial ownership transparency, it is essential that the government, private sector, and civil society work together to ensure that the process is effective and comprehensive. By doing so, the country can strengthen its efforts to combat corruption, improve governance, and promote sustainable development.
Key Takeaways
- Guyana has made significant progress in implementing beneficial ownership transparency.
- The country’s definition of beneficial ownership includes contractual and informal arrangements.
- A declaration on beneficial ownership is completed by companies operating in the sector.
- Data reported by companies is publicly disclosed, providing stakeholders with critical insights.
- Collaboration between government, private sector, and civil society is key to success.