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Beneficial Ownership: Tackling Hidden Company Ownership Through Myanmar’s EITI Process

By Global Witness and Natural Resource Governance Institute  •  September 13, 2016

gwMyanmar is one of many countries where the  oil, gas and mining industries have long been  synonymous with secrecy and dirty dealing.  Too often resource riches which could be used  to lift populations out of poverty instead fall  into the hands of corrupt elites. The Extractive  Industries Transparency Initiative (EITI) is a  global standard which aims to help change this  dynamic by requiring member countries to open  the management of their natural resources up  to public scrutiny. Myanmar is in the process of  implementing EITI, publishing its first report in  January 2016; if the next steps are taken seriously,  the initiative could help pave the way towards  a natural resource sector which benefits the  country’s people.

This paper focuses on a new and ground-breaking  provision of EITI: a requirement for the identities  of the real owners – the ‘beneficial owners’ – of  extractive industry companies to be made public. It makes recommendations about the information  which needs to be collected and disclosed to  make the most of EITI standards on beneficial
ownership, and suggests steps to carry out this  process successfully in Myanmar.

Download full report here.

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This post is in: Displacement, Drugs, Economy, Health, Human Rights, International Relations, Law, Military Regime

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