Experience has shown that the extractive industries are particularly prone to corruption, given the large revenues and associated risks. Developing countries lose significant economic resources each year as a result of corrupt or illegal deals involving anonymous companies. A recent review of over 100 oil, gas and mining corruption cases found that over half involved companies with problematic hidden beneficial owners.
In this session, the Extractive Industries Transparency Initiative (EITI), Natural Resource Governance Institute (NRGI) and Transparency International’s global Mining for Sustainable Development (M4SD) Programme join forces to present the latest research and tools on uncovering and tackling corruption risks using beneficial ownership disclosures and screening mechanisms.
You’ll also hear from practitioners in industry, government and civil society, who will talk about their approaches and experiences using beneficial ownership data - why they use it, how they use it, and what they think needs to change for such information to contribute to more effective anti-corruption efforts.
There will be plenty of time for discussion and to share experiences, lessons and advice in this hands-on and dynamic workshop as we build a more complete picture of how to tackle problematic hidden extractive company ownership and combat corruption in this major industry.
EITI sets the global standard for the good governance of oil, gas and mineral resources. 51 countries have signed up to implement the EITI Standard. By 2020, extractives companies applying for or holding licenses and contracts in EITI countries must disclose their beneficial owners.
NRGI provides technical advice, applied research, policy analysis, and capacity development to innovative agents of change within government, civil society, the media, the private sector, and international institutions to promote accountable and effective governance in the extractive industries.
Transparency International’s global M4SD Programme uses evidence-based dialogue and engagement with key stakeholders to enhance transparency and accountability in decisions to grant mining licences and contracts. The programme is implemented by local partners in twenty countries in Africa, the Asia Pacific and the Americas.
Session Rapporteur:
Asmara Klein
