PESI promotes transparency in the extractive industry

PESI has launched a project geared to improve the practice of disclosure and reporting of beneficial ownership information in Azerbaijan.

Entitled "Transparency and Beneficial Ownership in the Extractive Industry," the Project aims to analyse the international experience on beneficial ownership disclosure in the extractive industry and develop recommendations on the use of best practices to improve disclosure and reporting of beneficial owners in Azerbaijan.

The Project is expected to present the research findings and discuss initial recommendations with the relevant stakeholders. Upon incorporation of the suggested opinions, the recommendation package will be revised and then presented to the Government Commission on Extractive Industries Transparency.

The Commission was established on 5 April 2017 pursuant to the presidential decree on the additional measures to increase transparency and accountability in the extractive industry. The Secretariat in charge of administering the current activities of the Commission is based on the State Oil Fund of the Republic of Azerbaijan.

Transparency and Beneficial Ownership in the Extractive Industry is a four-month project funded by the Council on State Support to NGOs.

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