The EITI Board agreed that Armenia has made Satisfactory progress in implementing Requirement 2.5 on Beneficial Ownership of the 2019 EITI Standard.

10.06.21
The EITI Board agreed that Armenia has made Satisfactory progress in implementing Requirement 2.5 on Beneficial Ownership of the 2019 EITI Standard.

Following the Validation of Requirement 2.5 on beneficial ownership that commenced on 1 January 2021, the EITI Board came to the following decision on 10 June 2021 (Decision 2021-32/BM-50):

“Armenia has made “satisfactory progress” in implementing the initial criteria for Requirement 2.5 on beneficial ownership of the EITI Standard. The Board commends the government, mining companies and civil society for working together to establish an appropriate legal framework and reporting practices for beneficial ownership disclosures. A public online register is under development and is expected to further improve the accessibility and usability of beneficial ownership information. In the second phase of implementing Requirement 2.5, Armenia should ensure that all companies holding or applying for a mining license disclose their beneficial owners. Information on the legal owners of all extractive companies should be comprehensively disclosed. Progress will be assessed in Armenia’s next Validation, commencing on 1 July 2023.”

The EITI Board agreed the following recommendation to strengthen implementation in Armenia. Progress in addressing the full set of criteria of Requirement 2.5 will be assessed in the next Validation commencing on 1 July 2023:

To strengthen implementation ahead of the second phase of Validation of Requirement 2.5 from January 2022 onwards, Armenia is required to disclose the legal and beneficial owners of all companies holding or applying for extractive licenses, including the legal owners of closed joint-stock companies. Armenia is encouraged to strengthen the ongoing work on verification procedures and data quality, including through automation of the process and additional consultations with mining companies.

Following Armenia's first Validation, the EITI Board concluded on 9 July 2020 that Armenia had made “satisfactory progress” in implementing the 2016 EITI Standard (see Board decision 2020-39/BC-292).