Call on all governments to implement beneficial ownership transparency
Most governments do not require ownership disclosure, and there is no global system for tracking beneficial ownership, however this situation is changing. Increasingly governments are making strong commitments to transparency and legislation which mandates beneficial ownership transparency. The private sector have played an critical and positive role driving these government commitments and more business voices are needed to continue this momentum. See case studies below for how private sector advocacy has helped drive government commitments in the UK, within the European Union and through thte B20 and click the contact us button to support our advocacy efforts.
Businesses and investors can publicly support ambitious legislation and their own strong commitment to transparency – using their voice and influence in this way can help move the needle on government action. Join us and commit to publicly support beneficial ownership transparency. We will share invitations to act in the moments where your voice can help make a difference to national and global policy.
If business, investors and governments work together to make ownership transparency a new global norm, the systemic changes will provide many macro benefits to business. These include more competitive and stable markets, improved public trust, increased competitiveness in public procurement and efficient delivery of public services.
Governments spend $9.5 trillion a year globally on public works, goods and services. When company ownership is hidden, so too is nepotism, bribery and other forms of corruption in the procurement process. Beneficial ownership transparency helps level the playing field and ensures the best company is responsible for the delivery of often vital infrastructure and services.
In September 2016 and then again in 2017, institutional investors managing more than $855 billion in assets wrote to U.S. Congress members to urge the introduction of legislation on beneficial ownership transparency. Some of the top investors taking this stand included Boston Common Asset Management, CtW Investment Group, and Hermes Equity Ownership Services
Companies are engaging with international fora like the B20 to encourage governments to incorporate requirements for beneficial ownership transparency in state level legislation. Through the B20, company representatives such as David Seaton, Chairman and CEO of Fluor Corporation, Sam Walsh, CEO of Rio Tinto, and Chris Costa, Global Chief Operating Officer Fraud Investigation & Dispute Services, EY LLP, have called for increased beneficial ownership legislation through policy papers published by the B20 Anti-Corruption Taskforce since 2014.
In 2014 Richard Branson, Arianna Huffington, Paul Polman, Guilherme Leal, and Francois-Henri Pinault, used their voice as B Team leaders to publish an open letter to the G20 calling for action on beneficial ownership transparency.