The seventh EITI Global Conference saw the launch of the 2016 EITI Standard, which included new revisions and encouraged countries to build on their existing reporting systems and practices for EITI data collection. It sought to bring greater transparency and accountability to all aspects of natural resource management, including tax transparency, commodity trading and licensing. It also introduced a new provision on beneficial ownership transparency, requiring countries to disclose the real owners of extractive companies from 2020 onwards. Moreover, the new EITI Standard encouraged countries to disclose data in an open format to enable better access, usability and analysis of EITI disclosures. It also encouraged the systematic disclosure of data, drawing on existing online sources rather than developing separate systems for data collection. The 2016 EITI Standard The 2019 EITI Standard was launched at the eighth EITI Global Conference following extensive consultations with implementing and supporting countries,supporting companies and civil society organisations. This iteration of the EITI Standard represented a further evolution in extractives transparency. New provisions focused on making disclosure and open data a routine part of government and corporate reporting, by publishing information in a timelier and more accessible format that could better support analysis and decision-making. It required implementing countries to publish new contracts from January 2021 onwards, and introduced new requirements on environmental reporting, gender reporting and commodity trading. The 2019 EITI Standard 2016 2016 EITI Global Conference in Lima, Peru. 2019 Fredrik Reinfeldt, former EITI Board Chair, at the 2019 EITI Global Conference in Paris, France. The 2023 EITI Standard enhances opportunities for countries and companies to use the EITI platform to identify and address corruption risks; supports disclosures and public debate on the impacts of the energy transition; promotes greater diversity in decision-making and disclosures ongender, social and environmental issues; and requires more comprehensive and detailed revenue disclosures, which can help countries strengthen their tax base and raise revenues. The 2023 EITI Standard 2023 17 Twenty years of extractives transparency