The EITI Standard requires that implementing countries request, and companies publicly disclose, beneficial ownership information.
The Deeds and Commercial Registries Authority (DCRA) is responsible for maintaining a register of companies in which it keeps the name of any legal entity that is incorporated in accordance with section 470 of the Companies Act (1998). The authority published a declaration on beneficial ownership to be completed by companies.
The companies that applied for or hold participating interests under GYEITI scope have been requested to submit a declaration on beneficial legal ownerships.
Evolution of EITI Standards on Beneficial Ownership
The Guyana EITI Beneficial Ownership Roadmap was first published in July 2018.
Under the 2016 version of the EITI Standard, each implementing country’s MSG was required to publish a roadmap for disclosing beneficial ownership information, a requirement GYEITI met at that time. However, there has been limited progress in implementing the activities identified in the roadmap.
In addition, the EITI Standard 2023 is now the appropriate benchmark. Independent consultants Diane Barker, Michael Barron, and Tim Law were engaged to assist Guyana EITI (GYEITI) in fulfilling the Beneficial Ownership Transparency (BOT) requirements under the new Standard. Their task was to support GYEITI in adapting to the evolving standards and improving Guyana’s BOT framework aimed at:
- Achieving compliance with EITI Requirement 2.5.
- Establishing a beneficial ownership reporting template and an excel register.
- Enhancing transparency and accountability within the sector.
- Fostering increased trust and cooperation among stakeholders.
The review identified several areas for improvement and areas where clarity is needed. The report is available on the GYEITI website. See links below for further details.
[1] https://dcra.gov.gy/application-forms/
[2] https://eiti.org/sites/default/files/attachments/gyeiti_benefical_ownership_roadmap.pdf
[3] https://eiti.gy/support-for-guyana-eiti-in-the-implementation-of-beneficial-ownershiproadmap-in-guyanafinal-report31-july-2024/
[4] https://eiti.gy/beneficial-ownership/5 https://dcra.gov.gy/wp-content/uploads/2023/08/BENEFICIAL-OWNERSHIP-GUIDELINES..pdf