Beneficial Ownership Roadmap

Extractive companies to disclose owners

This comes into effect immediately following the signing of a contract between PNG Extractive Industries Transparency Initiative (PNGEITI) National Secretariat and auditing firm KPMG.

In a media statement, PNG EITI says the move is to identify the real owners of the companies who had acquired rights to extract oil, gas and minerals which, in many cases, were not known and often hidden behind a chain of corporate entities.

Extractive companies to disclose ownership details

This has been made possible by the PNG Extractive Industries Transparency Initiative’s (PNGEITI) Beneficial Ownership Roadmap. It provides direction and outlines specific actions on how the country will report on Beneficial Ownership by 2020.

The Roadmap is consistent with the EITI Standard.

This was the message from the PNGEITI Head of National Secretariat, Lucas Alkan.