Workshop held to record owners in extractive industry

Business

The PNG Extractive Industry Transparency Initiative’s multi-stakeholder group is hosting workshops on how to record beneficial owners in the extractive industry.
The head of the national secretariat, Lukas Alkan, said the workshop was part of a roadshow to collect views from stakeholders in the industry.
He said the first one was held in Alotau last week.
“The Alotau roadshow was part of implementation of a beneficial owners’ roadmap to identify an appropriate reporting process to enable PNGEITI to name beneficial owners in its reports,” Alkan said.
“There are total of five roadshows for the beneficial ownership.
“The Alotau roadshow will be followed by one in Hagen and then Kokopo.”
Alkan said the roadshow was being carried out in partnership with the professional service company KPMG, which was the roadmap implementation manager.
KPMG will create a reporting matrix to feature beneficial owners in PNGEITI reports starting 2020 as required by the EITI International.
“By 2020, companies applying for or holding a participatory interest in an exploration or production of an oil, gas or mining licence or contract in an EITI country must report the details of the beneficial owner,” Alkan said.
“More than 50 EITI member countries have published their plans on how to disclose the real owners of companies in their extractive industries. This will require establishing legal and institutions arrangements for application, including establishing registers of such real owners.”

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