Beneficial Ownership
Beneficial Ownership Transparency under the EITI Standard
The EITI Standard requires implementing countries to request and ensure the public disclosure of beneficial ownership information by companies operating in the extractive sector.
In Guyana, the Deeds and Commercial Registries Authority (DCRA) is responsible for maintaining the national register of companies, which includes the names of legal entities incorporated under Section 470 of the Companies Act (1998). The DCRA has also issued a declaration form on beneficial ownership to be completed and submitted by registered companies.
As part of its commitment to transparency, companies that have applied for or currently hold participating interests within the scope of the Guyana Extractive Industries Transparency Initiative (GYEITI) have been formally requested to submit declarations identifying their beneficial owners.
Evolution of the EITI Standard on Beneficial Ownership
Guyana’s initial Beneficial Ownership Roadmap was published in July 2018 in accordance with the 2016 EITI Standard, which required each implementing country’s Multi-Stakeholder Group (MSG) to develop and publish a plan for disclosing beneficial ownership data. While GYEITI fulfilled this requirement, progress in implementing the roadmap’s activities has been limited.
With the adoption of the 2023 EITI Standard, new benchmarks have been introduced to strengthen beneficial ownership transparency. To support Guyana’s alignment with the updated requirements, GYEITI engaged independent consultants Diane Barker, Michael Barron, and Tim Law to guide the enhancement of the country’s Beneficial Ownership Transparency (BOT) framework. Their mandate included:
Assisting GYEITI in achieving compliance with EITI Requirement 2.5;
Developing a standardized beneficial ownership reporting template and Excel-based register;
Promoting greater transparency and accountability within the extractive sector;
Fostering trust and collaboration among key stakeholders.
The consultants’ review highlighted several areas for improvement and the need for greater clarity in current practices. Their findings and recommendations are publicly available on the GYEITI website.
For further information, please refer to the links and documents provided below.
