PNGEITI publishes first ownership report

Business

THE Papua New Guinea Extractive Industries Transparency Initiative (PNGEITI) has published its first beneficial ownership (BO) report as a requirement under the EITI 2019 global best practice standard.
Head of PNGEITI national secretariat Lucas Alkan said the report was published on the PNGEITI website last December.
“All EITI implementing countries including PNG are required to produce a Beneficial Ownership Report by Jan 1, 2020,” he said.
Alkan said in order for PNG to comply with the requirement, it needed to have a public register that register beneficial owners of corporate entities who apply for or hold a interest in exploration or production licenses of oil, gas, or mining contracts.
This included identity of their beneficial owner and details of the level of their ownership.
Alkan said it was found that reporting entities did not fully understand the concept of beneficial ownership reporting.
“This is because they were unable to provide a complete information of what was requested in the reporting template,” he said.
“In addition to the challenges faced in obtaining information for BO reporting, PNGEITI still does not have a legal basis to collect the required BO information which makes it difficult to obtain complete information from the companies.”