Open Ownership

Year: 
2016
Collective Action Type: 
Declarations/Joint Activities
Members: 

Global Witness, Open Contracting Partnership, World Wide Web Foundation, Transparency International, OpenCorporates, ONE

Description: 

OpenOwnership provides business with an opportunity to distinguish themselves as leaders in transparency and openness by disclosing their own ownership on the platform.

Origins: 

As the UK government has recognised, understanding who really controls and benefits from companies is essential to tackling corruption, and it has led the world with the 2016 launch of the world’s first public beneficial ownership register. This strong and principled action, together with campaigns from civil society, the London Anti-Corruption Summit, and the leak of the Panama Papers, has led to an increasing number of countries agreeing to follow its lead, and publish public beneficial ownership registers.

However, this in itself will not be enough. In absence of other action, the data in the registers would be in siloed datasets, uncombined, unlinked, and not easily interoperable. The consortium behind OpenOwnership recognise that a  global, interoperable register will make it easier for legitimate businesses to perform due diligence on potential business partners; help civil society and concerned citizens to see who actually benefits from government funds; and empower law enforcement with the information needed to cut through complex, international legal structures and track down the sources and recipients of dirty money.

Membership organization structure: 

Informally organised

Is the collective action initiative open to other companies?: 
Yes
How can they join?: 
We are looking for companies to support the beta development of OpenOwnership - disclosing ownership structures through OpenOwnership and providing us feedback on how the platform helps solve business problems and meets due diligence / risk management needs. OpenOwnership is currently in private beta development and will be available as part of a public beta period from April 2017.
 The B Team is working with a private sector advisory group (including Vodafone, Hikma Pharmaceuticals, BHP Billiton and BMO Capital Markets and Legal and General) to support the development of the platform, providing ongoing critical feedback to ensure the platform meets the needs of business both as active users of beneficial ownership information and contributors of data too as well as inform policy discussions on beneficial ownership transparency and providing progressive leadership on beneficial ownership within their own companies and supply chains. Company leadership is critical to influencing progressive national policy and commitments from government and also helps to drive new corporate transparency norms. 
 
Goal(s): 

OpenOwnership’s central goal is to build an open Global Beneficial Ownership Register, which will serve as an authoritative source of data about who owns companies, for the benefit of all.

For business and investors - OpenOwnership will collect and link together beneficial ownership data sets from across the world as well as self-disclosed corporate data to enable companies and investors to more easily see who they are really doing business with. It will provide an opportunity for companies to distinguish themselves as leaders in transparency and openness by disclosing their own ownership on the platform. As an authoritative source of data about who owns and controls companies, it will benefit many stakeholders but importantly business.The Global Register will be a tool for business to;

  • better vet prospective partners, clients or suppliers 
  • use data to enhance due diligence and manage risk exposure
  • build trust with partners, clients and suppliers by demonstrating business transparency and positioning themselves as a socially responsible business.
Frequency of meetings: 
Bi-weekly
Convenor of meetings: 
Open Corporates
Strengths, weaknesses, lessons learned: 

The consortium is made up of passionate experts from transparency and anti corruption organisations whose expertise span policy, platform development, advocacy and outreach and corporate engagement. The strength of the group is this unique combination of skills. The consortium has also convened public and private sector advisory groups who are feeding into the development of the private beta. They are providing the consortium with practical insights and user needs to ensure that OpenOwnership meets all stakeholder needs - business, investors, civil society, journalists, law enforcement etc. Working informally and collaboratively along each stage of the development journey will ensure the platforms success with its key target users. 

Evaluation by stakeholders: 

We feel very much in the midst of learning lessons through the process of establishing and engaging the Private Sector Advisory Group as a user group in the development of OpenOwnership. Our current reflections are that it seems like a promising way to build buy-in over time. We currently have excitement and energy from members that we need to convert into trust and confidence in the technical capacity and the governance and management of the platform. Building that foundation of trust is our current focus. We are looking forward to seeing the inputs from the private sector partners reflected in the platform’s iterations, and to being able to shift the private sector into playing a key role in encouraging engagement by their suppliers and advocating for openness to governments based on their faith in the potential of the platform.

Geographical scope of the initiative:: 
Global
Date of signature: 
April 2017
Date of review or update: 
April 2017
Countries of operation: 
Array (HQ) — Global
https://creativecommons.org/licenses/by-nc/2.0/deed.en
Global: 
Yes
Siemens Initiative: