Publishing information on the real owners of companies, also known as beneficial owners, can help governments curb corruption and support a more transparent environment for business. A session at the 4th International Collective Action Conference in Basel discussed how the new ‘Opening Extractives’ programme seeks to create new momentum for beneficial ownership transparency in a sector that has been prone to corruption risks.
The Natural Resource Governance Institute (NRGI) has launched tailored guidance on measures that companies in the oil, gas and mining sectors can adopt to reduce corruption risks when partnering with state-owned enterprises (SOEs).
Publication
Norm diffusion and reputation: The rise of the extractive industries transparency initiative
Transparency in the extractives sector is widely seen as a key tool for improving accountability and deterring corruption. Yet for those very reasons, it is a puzzle that so many governments in corruption-prone countries have voluntarily signed up to greater scrutiny in this area, by joining the Extractive Industries Transparency Initiative (EITI).