Time of event
The Extractive Industries Transparency Initiative (EITI) is a global standard for the good governance of oil, gas, and mineral resources. The EITI Standard requires information along the extractive industry value chain—from the point of extraction, to how revenue makes its way through the government, to how it contributes to the economy. This includes how licenses and contracts are allocated and registered, and who are the beneficial owners of those operations. EITI has focused on beneficial ownership (BO) transparency since the adoption of new rules on such disclosures under the 2016 EITI Standard. By 2020, corporate entities that bid for, invest in, or operate extractive assets in an EITI country must report the name, nationality, and country of residence of the BOs, regardless of how many layers there are between the companies and their ultimate BOs.
Countries in the region have achieved varying degrees of progress in BO disclosures since the publication of their BO roadmaps. Obstacles need to be addressed, not least because in these countries, BO disclosures would require reporting the ownership of politically exposed persons (PEPs).
An initial training event on BO transparency was held in October 2017 in Jakarta by EITI, together with the government of Indonesia and drawing over 400 participants from more than 50 countries worldwide. The training focused on the use of BO information to improve resource governance, as well as the establishment of necessary frameworks and tools for comprehensive and useful BO disclosures.
The participants confirmed the need for a deeper understanding of BO disclosures in several countries. This latest workshop will address corresponding knowledge gaps, bringing together government officials and technical experts to discuss accurate definitions of BO, data standard implementation, verification procedures, and meaningful use of data.
The event will help governments with technical decisions such as materiality thresholds for disclosure, details of disclosure, reporting obligations for PEPs, and linking their BO work with wider reforms. It will also help countries build networks for future partnerships, an approach that has a proven record of success.
- Promote knowledge and experience-sharing between government officials and experts to improve their understanding of accurate definitions of beneficial ownership, implementing data standards, verification procedures, and meaningful use of data.
- Build capacity of regional officials to implement reforms allowing the disclosure of beneficial owners through technical decisions such as materiality thresholds for disclosure, reporting obligations of PEPs and linking BO work with wider reforms.
- 28 senior officials from 10 ADB developing member countries: Armenia, Indonesia, Kazakhstan, Kyrgyz Republic, Mongolia, Myanmar, Papua New Guinea, Philippines, Tajikistan, and Timor-Leste.
- Experts from EITI, ADB and other related organizations
- Definition of beneficial ownership
- Enhanced capacity to design and implement reforms enabling disclosure of beneficial owners of extractive resources
- Advancement of a regional network of governments adhering to EITI Standard
How to register
By invitation only.
Governance Thematic Group of ADB Headquarters and The Extractive Industries Transparency InitiativeStay up to date Subscribe to our newsletter and get the latest issues, news, events, jobs and data in your e-mail inbox.