Open Ownership 

Open Ownership is a pioneering organization dedicated to promoting transparency and accountability in corporate ownership and control worldwide. By driving beneficial ownership disclosures that are accurate, well-structured, complete, and machine-readable, Open Ownership works with governments, businesses, and civil society to ensure that ownership data is transparent and accessible. The ultimate goal is to reduce risks like corruption and tax evasion while fostering trust, economic development, and a fair business environment.

This profile explores the work, priorities, and global impact of Open Ownership in enabling effective beneficial ownership disclosure and advocating for transparency reforms.

Mission and Vision

Mission: Advancing Transparency and Accountability

Open Ownership’s mission is to enable global beneficial ownership transparency by supporting the availability and use of high-quality data on who owns and controls companies. The organization works with governments, businesses, and citizens to ensure that ownership data is accessible, usable, and contributes to the fight against financial crimes, fostering a fair and accountable business environment worldwide.

Vision: A World of Transparent Ownership

Open Ownership envisions a world where beneficial ownership data is open, accurate, and used effectively to promote transparency, build trust, and facilitate development opportunities. By supporting beneficial ownership disclosures, Open Ownership aims to create an ecosystem where ownership structures are clear, transparent, and conducive to reducing corruption, promoting economic stability, and enhancing the business climate.

Core Areas of Focus

To achieve its vision of ownership transparency and accountability, Open Ownership focuses on three interconnected priorities:

1. Technical Assistance for Beneficial Ownership Transparency

Open Ownership provides technical assistance to governments and stakeholders in implementing beneficial ownership transparency. This assistance includes guidance on policy development, data collection, and legal frameworks to establish effective and sustainable beneficial ownership disclosure regimes.

Key Objectives of Technical Assistance

• Policy and Legal Support: Advise governments on designing policies and laws that support transparent beneficial ownership disclosures.
• Data Collection Guidance: Assist in establishing systems for collecting high-quality ownership data that is comprehensive and accurate.
• Implementation Strategies: Develop tailored strategies for implementing beneficial ownership reforms effectively across different jurisdictions.

2. Technology and Capacity for Using Beneficial Ownership Data

Open Ownership supports the use and dissemination of beneficial ownership data through innovative technology and capacity-building efforts. The organization develops tools and platforms to make ownership data accessible and machine-readable, facilitating the ability of governments, businesses, and civil society to leverage the information for transparency and accountability.

Impact of Technology and Capacity Building

• Data Accessibility: Develop user-friendly platforms to access and analyze beneficial ownership data easily.
• Machine-Readable Data: Ensure that the data is structured and machine-readable, enhancing usability and integration with other systems.
• Capacity Building for Stakeholders: Train government officials, businesses, and civil society members to use and interpret ownership data effectively for transparency, compliance, and policy development.

3. Research and Global Policy Influencing

Open Ownership engages in research and policy influencing to shape global standards and best practices for beneficial ownership transparency. By working closely with international institutions, governments, and civil society, Open Ownership advocates for reforms that promote open data principles and ownership transparency at the global level.

Global Policy Influence and Advocacy

• Research on Transparency and Data Standards: Conduct research on beneficial ownership practices, data standards, and their impact on reducing financial crimes.
• Guidance on Best Practices: Provide governments and stakeholders with guidelines and recommendations for effective disclosure regimes and transparency policies.
• Global Advocacy and Thought Leadership: Influence global discussions on transparency through active participation in international forums and by promoting open ownership principles.

The Open Ownership Principles: The Gold Standard for Transparency

Open Ownership has developed a set of Open Ownership Principles, which serve as the gold standard for beneficial ownership transparency. These principles guide governments, international institutions, private sector actors, and civil society in understanding and advocating for effective reforms. The principles emphasize the importance of accuracy, accessibility, and comprehensiveness in beneficial ownership data, and they promote international cooperation to establish best practices for transparency.

Beneficial Ownership Transparency in Practice

Working with Governments

Open Ownership collaborates closely with governments to develop and implement beneficial ownership reforms. This includes advising on regulatory frameworks, creating public registers, and building capacity for collecting and managing data on company ownership.

Engaging the Private Sector and Civil Society

The organization recognizes the critical role of the private sector and civil society in advancing transparency. Open Ownership engages these stakeholders to encourage compliance, raise awareness, and advocate for transparent business practices that align with global standards.

Global Projects and Country Initiatives

Open Ownership works on a variety of global projects and country-specific initiatives. For example, in Malawi, the organization supports local efforts to implement ownership transparency reforms, providing technical assistance and collaborating with the government to create effective data disclosure systems.

Tools and Platforms

To support transparency efforts, Open Ownership provides several tools and platforms, such as:

• Beneficial Ownership Data Standard (BODS): A global open data standard for structuring and sharing beneficial ownership information, making it easy to compare and use data across countries.
• Open Ownership Register: A platform where beneficial ownership data is collected, stored, and made accessible to stakeholders worldwide.

Achievements and Impact

Driving Global Transparency

Open Ownership has achieved significant milestones in promoting transparency in corporate ownership, including:

• Supporting Government Reforms: Assisted over 35 countries in developing policies and systems for beneficial ownership transparency.
• Building Global Data Standards: Created data standards and tools that facilitate open, accessible, and interoperable ownership information.
• Promoting Global Policy Change: Played a key role in shaping global discussions on transparency, influencing policies at international forums, and providing expertise to organizations like the Extractive Industries Transparency Initiative (EITI).

Addressing Financial Crimes and Building Trust

The impact of Open Ownership’s work extends to reducing financial crimes like corruption, tax evasion, and money laundering. By making beneficial ownership data transparent and accessible, the organization contributes to a fairer business environment, improved compliance, and stronger trust between governments, businesses, and the public.

Funding and Support

Open Ownership is funded by a diverse range of international donors, philanthropic organizations, and governmental bodies committed to promoting transparency, accountability, and open data. This financial support enables the organization to continue its work in providing technical assistance, developing technology solutions, and advocating for beneficial ownership transparency on a global scale.

For more details on Open Ownership’s funding and financial transparency, you can visit their page on Who Funds Open Ownership.

Conclusion

Open Ownership is leading the charge for transparency and accountability in corporate ownership worldwide. Through its focus on technical assistance, technology, capacity building, and policy influence, the organization is transforming the way beneficial ownership data is disclosed and used. Open Ownership’s efforts are creating a world where ownership structures are transparent, accessible, and play a key role in reducing financial crime, fostering trust, and supporting global development.

For more information on Open Ownership and its initiatives, visit their official channels:

• Website: https://www.openownership.org/
• LinkedIn: Open Ownership on LinkedIn
• EITI Supporters: Open Ownership – EITI
• Malawi Project: Open Ownership in Malawi
• Collective Action Initiatives: Collective Action – Open Ownership