2.5. Beneficial ownership
One of the new requirements for implementing countries stipulated in the EITI Standard of 2016 is to maintain a publicly available register of the beneficial owners of the corporate entities which bid for, operate or invest in extractive assets, including the identities of beneficial owners (according to the EITI Standard, individuals who own a corporate entity either directly or indirectly or those who manage it) and the ownership level. Therefore, it is the requirement for implementing countries to maintain documentation of the government’s policy on disclosure of beneficial ownership in the EITI Reports. Such documentation should contain information on the relevant legal provisions, actual disclosure practices and any current and upcoming reforms associated with beneficial ownerhsip disclosure. In this regard, the MSG which ensures a stronger and more effective multilateral surveillance and governance to be imposed over implementation of EITI within the country is required to publish the “Roadmap for disclosing Beneficial Ownership Information” by 1 January 2017. In addition, starting from 1 January 2020 the implementing countries are required the companies to disclose, beneficial ownership information that should be reflected in the EITI Report.
A review of work commenced in Azerbaijan in this regard and detailed information on obtained results will be included in the EITI Report for 2016.
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