Private Sector

Category: Policy Areas | Back to Glossary

Governments are working to open private sectorGovernments are working to open private sector practices as well — including through beneficial ownership transparency, open contracting, and regulating environmental standards. Technical specificat... More practices as well — including through beneficial ownershipDisclosing beneficial owners — those who ultimately control or profit from a business — is essential for combating corruption, stemming illicit financial flows, and fighting tax evasion. Technical... More transparencyAccording to OGP’s Articles of Governance, transparency occurs when “government-held information (including on activities and decisions) is open, comprehensive, timely, freely available to the pub... More, open contractingA transparent procurement process, known as open contracting, increases competition, improves public service delivery, and ensures governments better value for their money. Technical specifications: C... More, and regulating environmental standards.

Technical specifications: Actions which affect the private sector as regulated entities (e.g. company registries and business regulations) or independent actors (e.g. corporate social responsibility programs). These commitments may also cover public services that concern the business environment, particularly relating to registration of business or streamlining regulations to improve the investment climate.