Related expert: What is ultimate beneficial ownership?
An ultimate beneficial owner (UBO) is the individual who ultimately benefits from a company or asset, or has ultimate effective control over it — even if their name does not appear in official ownership records. In many cases, companies or vessels are registered under the names of other businesses, intermediaries or nominees, making it difficult to identify the individuals actually in control. UBO transparency means uncovering the real individuals behind these legal structures. In the case of the fisheries sector, this means identifying who is responsible for a vessel’s operations, ensuring that those who hide behind complex corporate structures or shell companies to avoid detection can be held to account.
Beneficial ownership transparency is vital in preventing illicit activities at sea. It strengthens the ability of coastal and flag States to manage access to their exclusive economic zones (EEZs), assists regional fisheries management organizations (RFMOs) in controlling quota allocations and helps detect and prevent harmful market impacts. It also safeguards the integrity of seafood supply chains by enabling authorities to track and verify the origins of catches, ensuring that seafood entering the market is legally sourced. This, in turn, allows consumers and retailers to make responsible, informed choices and contributes to the fair and sustainable management of marine resources.
Challenges of UBO
The collection of UBO information in the fisheries sector remains inconsistent and there are barriers to making it accessible. Regulatory challenges, cultural and institutional resistance, operational and financial constraints, concerns over data privacy and the capacity for fisheries authorities to use this information all obstruct transparency of this vital data.
However, it is a powerful tool in the fight against illegal, unreported and unregulated (IUU) fishing. To effectively manage and protect our ocean resources, we must close the loopholes that allow bad actors to hide behind complex ownership structures and flags of convenience.
Why Global Fishing Watch is focused on UBO
Global Fishing Watch is known for its unprecedented data-sharing partnerships that are unleashing a new wave of transparency in ocean governance and fisheries management. A critical piece of this effort is ensuring governments and RFMOs have access to accurate, transparent beneficial ownership data. Without knowing who ultimately owns and controls a vessel, it’s nearly impossible to hold those profiting from IUU fishing accountable.
At the moment, enforcement often targets crew members or operators, while the real beneficiaries of illicit activities remain hidden. By integrating UBO information into fisheries registries and international systems like the FAO Global Record, and linking this data with Global Fishing Watch’s products, we can create a connected, transparent framework that alerts authorities to errors, discrepancies or missing data — helping identify and sanction those truly responsible. Transparent UBO data is essential to disrupt harmful practices, strengthen governance and ensure our oceans are sustainably and fairly managed.