Industry to expand on reporting process

THE PNG Chamber of Mines and Petroleum has welcomed a plan requiring extractive companies to disclose beneficial ownership.
It is a plan by the PNG Extractive Industry Transparency Initiative (PNGEITI) National Secretariat and its multi-stakeholder group to expand the scope of reporting currently done under the EITI process to involve the disclosure of extractive companies’ beneficial ownership.
The chamber is a founding member of the group.
A statement from the chamber said it had been a strong supporter of the establishment of the PNGEITI and welcomed the decision by the EITI International Board for EITI implementing countries to report openly about beneficial ownership starting 2020.
“Expanding the parameters of the EITI reporting process will add to the level of data available to the public through the EITI process and increase the public’s level of confidence about the extractive sector’s openness and transparency,” it said.
“The chamber and the resource industry looks forward to working with the secretariat in the implementation of the beneficial ownership roadmap.”
The PNGEITI last week said companies directly involved in the petroleum and mining sectors would be required to disclose information regarding their beneficial owners from 2020.