Multi-owned is defined as being a project where the board shares ultimate control with other parties. The principles are;

There should be formally agreed governance arrangements

There should be a single point of decision making for the project

There should be a clear and unambiguous allocation of authority for representing the project in contacts with owners, stakeholders and third parties

The project business case should include agreed, and current, definitions of project objectives, the role of each owner, their incentives, inputs, authority and responsibility

Each owner should assure itself that the legal competence and obligations and internal governance arrangements of co-owners, are compatible with its acceptable standards of governance for the project

There should be project authorisation points and limiting constraints to give owners the necessary degree of control over the project

There should be agreed recognition and allocation or sharing of rewards and risks taking into account ability to influence the outcome and creating incentives to foster co-operative behaviour

Project leadership should exploit synergies arising from multi-ownership and should actively manage potential sources of conflict or inefficiency

There should be a formal agreement that defines the process to be invoked and the consequences for assets and owners when a material change of ownership is considered

Reporting during both the project and the realisation of benefits should provide honest, timely, realistic and relevant data on progress, achievements, forecasts and risks to the extent required for good governance by owners

There should be a mechanism in place to invoke independent review or scrutiny when it is in the legitimate interests of one or more of the project owners.

There should be a dispute resolution process agreed between owners that does not endanger the achievement of project objectives. ^[4