New OECD Report: Guidance on Change of Ownership in Hazardous Facilities
The OECD releases a Guidance on Change of Ownership in Hazardous Facilities. This Guidance is a concise document providing a framework to assist stakeholders to identify, understand and minimise the risks during and after a change of ownership at a hazardous facility, and help make the change of ownership a better informed process.
Ownership change in hazardous facilities potentially affects key elements of safety management and can lead to a change in the management of the risks at a facility, either positively or negatively.
The guidance provides:
- A list of risk drivers prior, during and after the change of ownership;
- A set of self-assessment questions for the original owner and for the prospective owner so that they can evaluate how well their organisation is managing the ownership change;
- A “template for transparency” as a structured approach to carrying out technical due diligence with a list of documents and information which those selling a facility should be expected to provide;
- A list of factors for the regulators to consider before, during and after the change of ownership.
The guidance highlights that before, during and after the transaction the management of safety should be a priority for all.
Read the report here.