ECCR has submitted a response to the consultation from the UK Department for Business, Innovation and Skills (BIS) on the transparency of company ownership. ECCR’s submission supports the general direction of the BIS discussion paper, but emphasises our belief that registries should be fully open and public, without exemptions, to maximise transparency. ECCR raises a number of other concerns, including the following. Beneficial owners of companies should be required to disclose their ownership. Such ownership should be checked and verified by auditors of owned and owning companies. Nominee directors should disclose on whose behalf they act. Corporate directors should be phased out over a year.
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