Citco GSGS’ operations and business development teams have long been active participants in the calendar of governance and compliance industry gatherings. Having been pioneers of global subsidiary governance as the sector has grown, we have always considered it an important part of our role to help steward the discipline, speak from our experience and share our knowledge with the wider industry.

As we issue the first GSGS Focus Newsletter under lockdown, it is hard to think of a time when General Counsels and corporate secretarial teams have been under more pressure. Covid-19 has left multinational companies around the world struggling to maintain the full compliance of their international subsidiary portfolios.

The legal regulations on the disclosure of the Ultimate Beneficial Owner (UBO) continue to be introduced globally. In spring 2019, we highlighted that over 25 countries in Europe had followed the 4th EU Anti Money-Laundering Directive and implemented UBO reporting requirements in domestic legislation (Erikas Sareika “UBO reporting requirements in Europe”, GSGS Focus, Spring 2019).

As COVID-19 (SARS-CoV-2) has spread, it has not only changed the way we interact with each other but has also brought legal norms and laws into the spotlight that are not part of day-to-day business. A key question that arises is how to ensure a company’s operations meet corporate governance requirements during these complicated times.