Beneficial Ownership

 

While local law does not obligate companies to identify publicly the real persons who benefit from the ownership of a company, the EITI Standard 2016 lists beneficial ownership disclosure as a requirement. 

 

For the TTEITI Steering Committee a Beneficial Owner is defined as:

“the natural person who is directly or indirectly the owner of a company or controls at least ten percent of the shares or total votes, exclude persons acting as a nominee, intermediary, custodian or agent on behalf of another person. Politically exposed persons, who otherwise benefit economically from the company, are also considered to be beneficial owners.”

 

Being able to identify the natural owner of a company engaged in the oil, gas and minerals sectors is important because it prevents against illegal activities (e.g. tax evasion and money laundering) which have negative implications on a country’s potential revenue streams. The blacklisting of Trinidad and Tobago as a tax haven by the EU in 2017 and scandals such as the Paradise Papers and the Panama Papers further emphasizes the need for these disclosures.

 

In an effort towards full disclosure, the EITI Standard 2016 also requires companies to share information on any politically exposed person. A politically exposed person is “an individual who has been entrusted with a prominent political function. These include foreign and local political figures and extend to their immediate family members and close associates. (TTEITI Steering Committee).”

 

In 2015, fifty-one (51) extractive companies shared information on their beneficial owners with the TTEITI. This information is available in our Beneficial Ownership Registry.

 

Click on the links below to access the TTEITI Beneficial Ownership Roadmap, the Beneficial Ownership Registry and our Beneficial Ownership Study.

 

Creation of a Beneficial Ownership Register Report for the TTEITI.

Beneficial Ownership Report.

Beneficial Ownership Registry.

Beneficial Ownership Roadmap.