Extractive Industries Transparency Initiative (EITI) Standard (2023)
EITI: Legal and Institutional Framework, Contracts and Licences, Beneficial Ownership, State Participation (Section 2)

Extractive Industries Transparency Initiative (EITI) Standard (2023) EITI-Req.2.5: Beneficial ownership (EITI Requirement 2.5)

Requirement 2.5 (Beneficial ownership): the implementing country must require + ensure that companies applying for + holding + having held an extractive licence + interest disclose information about their BENEFICIAL OWNERS. Definitions + thresholds: a 'beneficial owner' is a natural person who directly or indirectly ultimately owns + controls the corporate entity (commonly threshold-based at 5%-25% ownership / control depending on national-law implementation, with EITI recommending the most stringent applicable national threshold). Disclosure requirements: name; nationality; country of residence; level of ownership; means of ownership / control; date of acquisition + cessation; politically exposed person (PEP) status. The 2023 Standard strengthens requirement 2.5 by requiring: (a) public beneficial-ownership register or equivalent accessible disclosure mechanism; (b) data quality + verification including alignment with national anti-money-laundering / FATF Recommendations 24 + 25 obligations + the FATF beneficial-ownership regime; (c) annual updating + change-of-control reporting.

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