Protection des Écoregions de Miombo au Congo
Audrey Gaughran
Executive Director, SOMO
Rising against the tide
The context for SOMO’s work in 2024 was dominated by the relentless advance of far-right, racist agendas and the repeated refusal of corporate and political elites to meaningfully act to combat climate change. The situation deteriorated further following the outcome of the US elections in November. The incoming administration made clear it would pursue an aggressive deregulation agenda, and we witnessed companies abandon their previous commitments to a range of issues, including climate and diversity, equality and inclusion.
SOMO’s long-standing focus on structural enablers of corporate power benefited the organisation in this challenging context. Our work remained highly relevant, as the limits of voluntary approaches and regulatory tools that focus on the symptoms, rather than the drivers, of corporate behaviour were exposed. SOMO’s analysis and research were in demand from allies seeking to recalibrate their own work in the face of geopolitical changes. We saw more organisations focus on the market power of companies, in sectors as diverse as Big Tech and food commodity trading, as well as greater attention to the economic growth model.
Growth at all costs and the competitiveness agenda
Economic ‘growth at all costs’ remained the sine qua non for many countries in 2024. Everything, up to and including the planet, is being sacrificed to this imperative. An ‘economic competitiveness’ agenda gained increasing momentum in the US and Europe, prompting deregulation and increased public subsidies for key industries.
SOMO’s work on green industrial policy exposed how the biggest global economies are competing to ensure that they and their industries and companies come out on top, controlling green technology. As they do so, they are driving abusive corporate practices internationally, such as the headlong scramble to control transition minerals. A new era of competition to plunder the oceans, pillage the Arctic, and ‘drill, baby, drill’ has only just begun.
But we also saw some push-back and the potential for positive disruption of the ‘growth at all costs’ agenda. For example, in 2024, Kenya officially terminated an iniquitous investment treaty with the Netherlands, becoming the fourth African country to do so. Civil society organisations (CSOs), including SOMO, were key players in driving this trend, showing that the architecture of economic exploitation can be dismantled.
Climate justice and corporate power
2024 witnessed the utter failure to meet a core climate milestone. With no fanfare whatsoever, we said goodbye to any real hope of 1.5 degrees. The IPCC has long made clear that if we were to have any hope of limiting global warming to 1.5 degrees, the world would need to reach peak emissions before 2025. By the end of 2024, emissions continued to rise, partly enabled by companies embracing and promoting false solutions to the climate crisis.
SOMO’s work on carbon offsets was central to our efforts to confront and debunk these false solutions. ‘Facing the facts: carbon offsets unmasked’ took apart the most frequently used corporate myths about forest-based carbon credits. The series was widely picked up by allies and challenged by industry, helping to shift the terms of the debate.
With partner organisations in Nigeria, we exposed how companies like Shell are divesting from problem oil projects, not to reduce emissions – oil fields are sold as going concerns – but to evade responsibility for addressing decades of oil spills. The civil society campaign stalled Shell’s efforts to sell off polluted oil fields and helped push remediation and the cost of decommissioning up the domestic and international agenda.
Big Tech and monopoly power
The role of a tech billionaire in the US election and, subsequently, the US government, had a grim inevitability. The arrogant belief of the tech sector that it can fix and run the world has been growing for some time. The industry’s contempt for democratic institutions was evident when Amazon, which has been ramping up its lobby presence in Europe, refused to attend European Parliament hearings on the working conditions at its European warehouses. SOMO supported civil society calls to bar Amazon lobbyists from the Parliament until the company agreed to face democratic scrutiny. Our campaign was successful, and in March 2024, Amazon saw all its 14 lobby badges removed.
We also worked with partners to develop a civil society agenda to tackle monopoly power and break open Big Tech’s grip on the digital public sphere. A wide range of organisations and policymakers supported the proposals.
These may be only small victories, but as holding the line against corporate power becomes even harder, each small act of resistance will count.
Gaza genocide
The genocide being perpetrated by Israel against Palestinians in Gaza unfolded in live coverage witnessed by people everywhere. Companies globally, including in the fuel and shipping sectors, provided goods and services that enabled Israel’s crimes under international law. SOMO exposed the supply chain of military jet fuel and, subsequently, the energy supply chain, which has enabled Israeli military action and illegal occupation. Our work supported successful campaigns effectively denying ports in Spain and the UK to ships carrying military jet fuel bound for Israel.
Supporting allies globally: The Counter
Amid the challenges of 2024, The Counter – SOMO’s pro-bono multilingual helpdesk for activists, lawyers, and journalists – remained a source of positive energy for the organisation. The Counter team responded to 245 cases involving companies operating in 78 countries. They provided data on corporate structures and financials, hidden profits, secret owners and supply chains, helping activists gain traction and secure justice. Being able to assist allies worldwide through The Counter gives strength even on the worst of days and reminds us of what we can do, working together.
Radical action
The context for confronting corporate power has never been more challenging. For many civil society groups in Western Europe and the US, this work has become more dangerous as far-right autocratic forces gain political control at national and sub-national levels. We have much to learn about the real cost of standing up for what we value and believe. Allies in parts of the world where the risk of backlash has long been present have acted with generous restraint as formerly comfortable Western CSOs wake up to what it takes to work in a context where your government actively threatens you.
To meet the current challenges, we as civil society actors must fundamentally change our approach. We cannot succeed by doing what we have done in the past. Nor can we secure a world of freedom, diversity, respect and equality by emulating the methods of those whose goals are domination and oppression. Our tools and tactics must be different.
Audacious proposals and bold action are critical and can build our courage. To this end, in 2024, SOMO decided to set out a radical agenda to take back the wealth that has been unjustly and unjustifiably accumulated by a tiny minority, largely through the exploitation of people and nature. In doing so, we are unapologetically setting out proposals that can be shrugged off as unrealistic and geopolitically naïve. But ‘realistic’ proposals will not help us. Almost by definition, they can only support the very system we seek to change. This is the conviction SOMO takes into 2025 when we set a new strategy for the organisation.
Audacious proposals and bold action are critical and can build our courage.
Our work
Our strategy in a nutshell
Deep and sustained collaborations for change
SOMO never works alone. Partnerships and alliance-building are in our DNA. The multinational corporate problem cannot, by definition, be solved by any single organisation in a particular country. It demands cross-jurisdictional cooperation. With our allies, we will continue to advance norms and standards and support those seeking remedy and accountability.
International networks and alliances not only confront corporate-driven injustices but also have the power to imagine and build an alternative future, one where the economy serves people and not the other way around. If we continue to join forces and build our collective strength, we can reach a tipping point and reset the global economy together. This hope and belief animates SOMO’s work and underpins our 2021-2025 strategy.
Shell’s exit from Niger Delta: A fight for climate justice
In January 2024, Shell announced it had found a buyer for its onshore oil fields in Nigeria’s Niger Delta. A government spokesperson predicted the sale would be approved within weeks. However, Nigerian civil society groups and communities joined forces with international allies in Shell’s home states of the UK and the Netherlands to mobilise and successfully pause the deal. The groups, supported by SOMO, are demanding that the sale not go through unless and until Shell cleans up the vast oil pollution associated with its operations. The delay in the sale gave communities and civil society crucial time to organise resistance and defend their rights.
SOMO worked alongside partners in the Niger Delta to scrutinise the sale, investigate the buyers, and expose the scale of the environmental damage being abandoned. Our report, ‘Selling Out Nigeria’, became a critical tool in advocacy and public campaigning and helped bring the conversation around decommissioning costs to the forefront.
In August, the Nigerian regulators rejected Shell’s efforts to sell, agreeing with key civil society concerns.
By December, some media reports claimed the President of Nigeria had approved the deal, but no official announcement had been made. The approval is expected to come through at some point – the question is how far the authorities have been able to ensure Shell cleans up and pays up in one of the most iconic climate justice cases in the world.
Shell has become the epitome of irresponsible disengagement and unjust transition. Together with our partners, we will continue to fight for a just transition. The story does not end here.
Putting overconsumption on the global agenda for transition minerals
In 2024, SOMO’s research and advocacy on transition minerals played a key role in exposing the extractivist and neocolonial tendencies of Global North and EU policies despite commitments to a just transition. Our work highlighted the urgent need for wealthy nations to confront their overconsumption of resources, particularly as they scale up energy transition initiatives.
One stark example is the EU’s reliance on South Africa for green hydrogen, driven by its vast platinum reserves. While governments promote hydrogen as clean energy, communities near platinum mining sites face worsening inequalities, environmental destruction, and water scarcity. Together with our partners MACUA/WAMUA, SOMO revealed how Europe’s unchecked resource demand perpetuates exploitative economic structures, locking Global South countries into export-oriented economies.
We critically examined the EU’s trade strategy on raw materials, advocating for a fairer, more sustainable approach. This work informed high-level discussions with policymakers in the Dutch Ministry of Foreign Affairs, the Belgian Presidency of the EU Council, and the European Commission, pushing for trade reforms that prioritise equity and sustainability.
SOMO’s research also shaped global debates, notably contributing to the UN Secretary-General’s Panel on Critical Energy Transition Minerals. Our advocacy for equitable trade relationships and demand reduction targets helped inform actionable recommendations to curb overconsumption and reduce environmental harm.
These efforts reaffirm SOMO’s commitment to ensuring that the energy transition is not only green but also just, equitable, and sustainable—in the Global South as well as the Global North.
Shifting the carbon offsets debate
Carbon offsetting fundamentally undermines emissions reduction, forest protection, and human rights. Such false solutions must be abandoned if the world is to move forward in an effective and just manner. In a major series of articles, SOMO debunked the arguments most frequently touted by the carbon offset industry one by one.
We dismantled the flawed assumptions behind the carbon offset industry, exposing its inefficacy and corporate-driven control over land and communities. This unique intervention combined sound research, data storytelling, and visuals with a decolonising framework to transform what seems to be a complex market and industry into accessible pieces for policymakers, civil society, and media.
The work gained significant traction, sparking debate online, including pushback from industry proponents. It was widely used by campaigns like Real Zero Europe and carbon monitoring sites to strengthen calls for real climate action. The impact extended to policy changes by some companies in response to reports from SOMO, Human Rights Watch, and others. The Dutch Ministry of Foreign Affairs also invited SOMO to speak at an event shaping government perspectives on the issue.
Transforming global investment governance for climate justice action
EU and Dutch Withdrawal from the ECT
In a victory for climate justice, on 27 June 2024, the EU and the Netherlands formally announced their withdrawal from the Energy Charter Treaty (ECT), effective 28 June 2025. This milestone followed our sustained research and advocacy with our allies, exposing the ECT’s threat to climate action and just transition policies.
Kenya-Netherlands BIT Terminated
As of 11 June 2024, the Bilateral Investment Treaty (BIT) between Kenya and the Netherlands became inoperative. SOMO partnered with Kenyan civil society to raise awareness of the dangers posed by outdated BITs and to advocate for reform of global investment policies so that they prioritise people and climate action over corporate profits.
Ground-breaking Civil Society Forum in Africa
In November 2024, SOMO co-hosted the first-ever Civil Society Forum on Aligning Investment Policy Frameworks to Climate and Sustainable Development Goals in Entebbe, Uganda. This impactful event brought together over 40 participants from African and global CSOs, grassroots movements, and advocacy groups. The forum culminated in the adoption of the ‘Entebbe Declaration‘, an ambitious roadmap for investment frameworks grounded in human rights, climate justice, and sustainable development.
Taking a stand against the atrocities in Gaza
In 2024, the devastation in Gaza continued, marked by relentless violence and grave violations of international law and human rights. SOMO stood in solidarity with millions, unequivocally condemning the collective punishment and indiscriminate attacks inflicted upon Palestinian civilians.
In May, SOMO published a report exposing the military jet fuel supply chain to Israel, detailing the tankers and ports involved. This research fuelled international mobilisation, leading to a successful campaign that blocked key vessels from docking in Spain and the UK, with efforts expanding to other Mediterranean ports.
SOMO and our partner Al-Haq commissioned an expert legal opinion on the obligations of states and corporations to prevent and punish genocide. This analysis played a pivotal role in advocacy efforts with the Colombian president, who subsequently suspended coal exports to Israel, stating that trade would only resume “when the genocide stops.”
In October, SOMO joined a coalition of Palestinian and Dutch civil society organisations in suing the Dutch State for failing to prevent genocide and other Israeli violations of international law. The case demands an immediate ban on Dutch arms exports, transit of weapon components, and economic ties that sustain Israel’s unlawful occupation and colonisation of Palestinian territory.
Through strategic legal action, advocacy, and direct intervention, SOMO remains committed to challenging complicity in war crimes and contributing to advancing justice for Gaza.
The Counter: A year of supporting organisations challenging corporate power
Our global pro bono corporate research helpdesk had a resoundingly successful 2024. This initiative was set up in direct response to the many requests SOMO receives every year from partners around the world asking for help on cases involving companies causing harm to people and the environment.
By the end of 2024, we had investigated 250 cases of corporate abuse.
These cases involved companies operating in more than 70 countries and across sectors ranging from mining, garments, and oil and gas to electronics, agriculture, and fishing. We delivered strategic information and evidence for investigations supporting CSOs, activists, public-interest journalists, and lawyers.
From the beginning, we have sought to ensure that The Counter can operate in multiple languages and be a genuinely global helpdesk. Our team works in seven languages, and key information about The Counter is available in Arabic, Chinese, Spanish, and French.
Given the overwhelming response and appreciation from the groups we have helped, as well as the growing demand for critical data, we plan to scale up The Counter and expand the services we can provide in 2025.
Beyond Big Tech: Rebalancing Europe by tackling monopoly power
Corporate power is the common denominator driving or worsening the multiple crises of our time. Corporate lobbies are already pushing for a competitive agenda prioritising deregulation and market concentration.
In 2024, we worked with partners to develop a CSO economic agenda to tackle monopoly power to break open Big Tech’s grip on the digital public sphere. These proposals have been supported by a wide range of organisations and policymakers. We will continue working to challenge and limit the power of Big Tech, especially as tech companies wield their political power to avoid public scrutiny and regulation.
One major victory came against Amazon, whose increasing EU lobbying presence was exposed by SOMO, Corporate Europe Observatory, and LobbyControl and met with resistance. Amazon refused to attend European Parliament hearings on warehouse working conditions and cancelled site visits. In March 2024, following calls led by SOMO and allies, all 14 of Amazon’s EU lobby badges were revoked.
Since then, we have kept up the pressure on European authorities to ensure Amazon cannot influence policy until it submits to democratic scrutiny. As a result, Amazon lobbyists remain banned from the European Parliament, marking a critical step in challenging unchecked corporate presence and influence in the EU policy space.
Strengthening CSOs to identify and challenge Big Tech’s power through blocking mergers and acquisitions
With our newly formed network, Digital Merger Watch (DMW), SOMO is strengthening civil society’s ability to identify and challenge harmful mergers and acquisitions (M&As) in the digital era.
M&As are central to Big Tech’s monopolisation strategy, allowing companies to consolidate power across industries. To counter this, DMW’s monthly newsletter tracks competition policy focusing on the EU, merger trends and wider relevant regulatory developments, equipping civil society with timely insights to respond effectively.
A key example of this was when DMW members submitted observations to the European Commission on the Nvidia/run:ai merger, urging regulators to scrutinise the deal. The submission raised concerns over the increasing concentration of power in AI development, reinforcing the need for stronger antitrust oversight.
By building civil society’s capacity to monitor and challenge Big Tech, DMW aims to prevent harmful M&A activity and block further monopolisation of power in digital markets.
Confronting the enablers of monopoly power
Monopoly power is not limited to Big Tech. Across the global economy, it has become the rule, not the exception. Corporations, rather than governments, increasingly dictate public interest decisions, distorting markets and deepening inequality. This unchecked concentration of power has slowed innovation, reduced investment, weakened productivity, and widened economic disparities.
To challenge this, we must expose the systems that allow monopoly power to sustain and grow. SOMO’s ‘Redefining Monopoly Power‘ series laid bare the underlying issues that bolster monopoly power and how corporate concentration extracts massive profits, undermines competition and erodes democracy.
One of the starkest examples of how monopoly power comes into play is the food sector, where a handful of dominant firms manipulate prices at will, fuelling food insecurity. SOMO’s investigation into the five largest global agricultural commodity traders exposed how corporate consolidation enabled unchecked profiteering at the expense of farmers, suppliers, and consumers.
Mergers and acquisitions are a key tactic in corporate consolidation of monopoly power, allowing companies to tighten their grip on markets and eliminate competition. Our advocacy pushed for stricter scrutiny of one such deal, the Bunge-Viterra merger. This merger would give two of the world’s largest grain traders sweeping control over food supply chains, influence over global prices, and increased leverage over small producers.
Despite these concerns, the European Commission approved the merger in August 2024, further concentrating power in the hands of a few agribusiness giants. While this decision reinforces monopoly power, our work in 2024 intensified the urgency of dismantling the structures that enable it.
Holding corporations accountable for labour rights in their Chinese supply chains
Together with our partner, China Labour Bulletin, SOMO worked to expose labour rights violations in garment and technology supply chains in China, focusing on the most vulnerable factory workers. To support activists and civil society organisations, we developed and widely shared a visual guide for tracking supply chains. The tool was rolled out in several workshops and training sessions for CSOs.
Our work also elicited responses on workers’ rights issues from several companies, including Apple. A survey on responsible exit policies, conducted after findings revealed that supplier shifts were leaving workers unpaid, led to tangible corporate commitments. VF Corporation, parent company of Timberland and The North Face, published a policy on responsible exit, while Microsoft told SOMO it is “continuing to evolve our programs at Microsoft and are beginning our programming efforts towards responsible exit.”
By equipping activists with tools and pressuring corporations to take responsibility, SOMO continues to drive change in global supply chains and hold companies accountable for respecting labour rights.
Expanding our digital outreach
In 2024, SOMO’s online presence grew significantly, reaching a wider audience and increasing engagement across platforms.
Our website saw 251,700 total visits, with 70,000 more visitors than the previous year. Visitors are not only coming in greater numbers but also staying longer. The number of pages viewed per session increased by 44 per cent, indicating deeper interaction with our work.
Beyond our website, our social media and newsletter outreach also saw a considerable increase. This surge reflects the growing visibility of our research and advocacy, strengthening our ability to challenge corporate power and drive systemic change.
However, as we continue to expand our digital presence, we have made the decision to leave the social media platform X (formerly Twitter).
Why SOMO left X (formerly Twitter)
As an organisation dedicated to dismantling excessive corporate power and to fundamental reform of the economy, we have been uncomfortable for some time being on this social media platform. It is often a struggle to find the balance between using huge corporate platforms to communicate and our goal to limit their power. With X, the value of communicating is now outweighed by how the platform operates.
Under Elon Musk’s ownership, X has descended into a cesspool pushing hate speech, far-right propaganda, and unchecked harmful narratives. Musk’s role in shaping political discourse, his alignment with Trump, and his growing influence within the US government demonstrate how corporate power distorts democracy. Musk’s (and Trump’s) agenda must be fought, and X is not a place where you can do it.
The recent emergence of alternative platforms provides us with new opportunities to continue. SOMO is now on BlueSky, ensuring our advocacy remains effective, impactful, and accessible to all who share our commitment.
Publications
Long reads
Cases
Partners
Alliances and partnerships are critical to advance an agenda for fundamental change. Playing our role within an international ecosystem of like-minded actors is central to SOMO’s theory of change and our core values.
Much of our work is done as part of long-term partnerships, through joint research projects or with research by SOMO that supports activism and campaigns of partner civil society organisations (CSOs). We play an active role in numerous networks and host several international networks. We are committed to sharing knowledge, learning from others, and contributing to a transformative and justice-focused agenda. In 2024 we worked with partners from Europe, Asia, Africa, Latin America, and the MENA region. Many of these partnerships are long-standing, reflecting shared goals and joint work over several years.
Protection des Écoregions de Miombo au Congo
Action Labor Rights
ARISA
MACUA/WAMUA
Alternative Information and Development Centre (AIDC)
Action Against Impunity for Human Rights
InKrispena
Südwind
Al Haq
Repórter Brasil
Civil Initiatives for Development and Peace
Conectas Direitos Humanos
INKOTA
Foundation for the Development of Sustainable Policies
China Labour Bulletin (CLB)
Kenya Human Rights Commission (KHRC)
Tax Justice Network Africa
African Resources Watch
Bangladesh Labour Foundation
Madhyam
Asociación Interamericana para la Defensa del Ambiente
National Organization for Working Communities
European Coalition for Corporate Justice
Community Empowerment and Social Justice Network
Interamerican Association for Environmental Defense (AIDA)
Asociación Montelimar Bendición de Dios
Fédération International des Droits de l’homme
Project on Organizing, Development, Education and Research (PODER)
Center for Environment, Human Rights and Development (CEHRD)
Stakeholder Democracy Network
Balanced Economy Project
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Action Labor Rights
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ARISA
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MACUA/WAMUA
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Alternative Information and Development Centre (AIDC)
6
Action Against Impunity for Human Rights
7
InKrispena
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Südwind
9
Al Haq
10
Repórter Brasil
11
Civil Initiatives for Development and Peace
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Conectas Direitos Humanos
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INKOTA
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Foundation for the Development of Sustainable Policies
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China Labour Bulletin (CLB)
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Kenya Human Rights Commission (KHRC)
17
Tax Justice Network Africa
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African Resources Watch
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Bangladesh Labour Foundation
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Madhyam
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Asociación Interamericana para la Defensa del Ambiente
22
National Organization for Working Communities
23
European Coalition for Corporate Justice
24
Community Empowerment and Social Justice Network
25
Interamerican Association for Environmental Defense (AIDA)
26
Asociación Montelimar Bendición de Dios
27
Fédération International des Droits de l’homme
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Project on Organizing, Development, Education and Research (PODER)
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Center for Environment, Human Rights and Development (CEHRD)
30
Stakeholder Democracy Network
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Balanced Economy Project
Partner profile
MACUA/WAMUA/YAMUA
MACUA (Mining Affected Communities United in Action), WAMUA (Women Affected by Mining United in Action), and YAMUA (Youth Affected by Mining United in Action) are unapologetically committed to challenging the extractive industries and demanding that the energy transition benefits marginalised, mining-affected communities. The movement’s mission goes beyond mitigating harm. They demand a radical, just transition that shifts power from corporations to communities, ensuring the energy transition benefits those most affected.
Fatima Vally, Director of Programmes, reflected on her experience working with SOMO and the shared commitment to continue the collaboration:
“It has been exciting for the movement to collaborate with SOMO, given that the organisation is not just about researching corporate practices but confronting corporate injustice head-on. Their work exposing the ties between corporate power and social and environmental destruction aligns with our fight to dismantle systemic inequality.
Together, we have uncovered the greenwashing behind the so-called energy transition, demanding that future energy systems, especially green hydrogen, be shaped by the very communities long exploited and neglected.
In 2025, we will continue pushing for a green transition that breaks, rather than repeats, cycles of oppression. MACUA, WAMUA, YAMUA, and SOMO remain committed to ensuring energy alternatives serve people, not corporate profit.”
Partner profile
Stakeholder Democracy Network (SDN)
Stakeholder Democracy Network (SDN) is a non-profit organisation based in Nigeria’s Niger Delta, dedicated to supporting communities affected by extractive industries and weak governance. With a vision of a peaceful, prosperous and pollution-free Niger Delta, SDN stands alongside citizens, providing expert and innovative solutions to drive sustainable and inclusive development.
Ifeoma Aya Ndekwu, Deputy Programme Manager and Head of Economic Diversification, shared SDN’s experience working with SOMO and the path ahead:
“Since 2023, SDN has worked with SOMO to ensure that oil facility divestment in Nigeria is transparent, inclusive, and sustainable. Our collaboration began with validating and launching SOMO’s research on oil divestment and decommissioning, which led to the development of the set of proposed principles for responsible divestment in the Nigerian oil and gas industry.
Building on this, we have expanded research, raised awareness, and pushed for stronger divestment, abandonment, and decommissioning policies. This work has increased awareness among host communities and legislators, prompting the House Committee on Petroleum Resources to draft provisions for amending the Petroleum Industry Act to include responsible oil divestment.
Our hope for 2025 is to ensure that divestment processes in the oil and gas industry are streamlined to benefit affected communities while safeguarding the interests of those who host these resources.”
NGO networks
We play a key role in dozens of different Dutch, European and international networks and as a network host. We promote the exchange of information and collaboration among different NGOs towards similar goals.
OECD Watch
OECD Watch is a global network of civil society organisations (CSOs) with more than 130 members in over 50 countries. Network members share a commitment to ensuring that business activity contributes to sustainable development and poverty eradication, corporations are held accountable for their impacts, and victims of business-related abuse receive remedy. OECD Watch focuses specifically on the OECD Guidelines for Multinational Enterprises and the associated grievance mechanism, the system of National Contact Points. The OECD Watch network aims to improve the implementation and effectiveness of the guidelines and their link to parallel initiatives on corporate accountability.
MVO Platform
Hosted by SOMO, the MVO Platform is a coalition of diverse Dutch organisations working to ensure that companies are held accountable for the social, ecological, and economic consequences of their activities across their supply chains. The platform also advocates for the Dutch government to take a proactive role in fulfilling its responsibility to protect citizens from the potential negative impacts of corporate activities. MVO Platform members include Dutch labour unions, human rights groups, environmental organisations, and consumer associations, among others. The MVO Platform aims to influence the policies of the Dutch government while stimulating, facilitating, and coordinating activities involving its members.
Tax Justice Netherlands
Tax Justice Netherlands is a network of eight Dutch organisations and trade unions dedicated to raising awareness about the negative consequences of tax avoidance worldwide. The network and its members advocate for a fair global tax system and greater transparency from companies and governments. Tax Justice Netherlands is affiliated with the Global Alliance for Tax Justice.
Digital Merger Watch
Digital Merger Watch is a global initiative of 17 network members and several working groups, dedicated to scrutinising and challenging Big Tech’s efforts to reinforce its dominance through mergers and acquisitions. The network provides a platform for members to meet, exchange information, and coordinate responses to problematic M&A activity within digital markets.
Organisational development
Governance structure
The governance structure of SOMO is set up as follows:
- The Supervisory Board
- The Executive Board (Executive Director)
- The Management Team (MT)
- The staff
In 2024, SOMO’s Supervisory Board consisted of the following people:
- Angela Wigger (third term: January 2025–December 2027; Chair since July 2022) is Associate Professor of Global Political Economy at Radboud University, Nijmegen. She is a former Chair of the Critical Political Economy Research Network (CPERN) and currently serves as Editor for Progress in Political Economy and Capital & Class. Angela is also a member of the Advisory Boards of the journals Global Political Economy, SOC21, and Rejerca.
- Claire Fernandez (member) is the Executive Director of European Digital Rights (EDRi). She is a human rights professional working at the intersection of human rights and environmental justice, with experience in leading advocacy strategies at the EU level. Claire joined the SOMO Supervisory Board in May 2022 for a first term.
- Radboud van Delft (member) is a senior management consultant at Good Purpose and project manager and interim manager at College voor de Rechten van de Mens. He previously served as Organisation Director at PAX for Peace and Greenpeace amongst other civil society organisations. Radboud joined the SOMO Supervisory Board in May 2022 for his first term. He also serves on the Supervisory Board of Advocates for the Future.
- Fernanda Hopenhaym (member) is the Co-Executive Director of the Project on Organising, Development, Education and Research (PODER), an organisation in Latin America dedicated to corporate accountability. She is also a member of the UN Working Group on Business and Human Rights. Fernanda joined SOMO’s Supervisory Board in March 2023.
Supervisory Board members are appointed for a four-year term and may be reappointed for two subsequent four-year terms.
The Executive Board consists of one person: the Executive Director, Audrey Gaughran, who took up the role in February 2021. The Executive Board, under the guidance of the Supervisory Board, bears the ultimate responsibility for identifying and managing the risks associated with the organisational strategy and activities.
The day-to-day management of the organisation is in the hands of the Management Team. In 2024, the team was chaired by the Executive Director and included the Programme Director, Irene Keizer, and the Director of Finance & Operations, Roelof Gunnink.
The staff of SOMO play a critical role in the running of the organisation. SOMO’s Statutes recognise the role of staff in making strategic decisions for the organisation. The staff meeting is an important decision-making body, and decisions are taken by a qualified majority vote.
Supervisory Board report
Throughout 2024, the Supervisory Board convened online in February, April, June, October and November to monitor and assess SOMO’s strategic direction, operations, risk assessment and financial health with the Executive Director. During three of the meetings, SOMO researchers presented their findings, while one meeting was dedicated to a presentation by a staff committee on establishing a Works Council.
Additionally, the Supervisory Board delegates conducted an annual appraisal talk with the Executive Director in February, and met with the auditors in a hybrid format in April. The Chair of the Supervisory Board and the Executive Director also held regular bilateral check-ins to ensure ongoing alignment.
The year 2024 was marked by significant challenges, primarily stemming from the anticipated loss of Ministry of Foreign Affairs funding in 2025, alongside critical organisational development initiatives. These initiatives included updating SOMO’s job descriptions, implementing a more structured performance appraisal process, conducting a staff wellbeing survey, and transitioning from a Workers’ Interest Council to a Works Council as SOMO was approaching a staff count of 50.
The Supervisory Board commends the progress achieved in SOMO’s core programmatic work, particularly in addressing the monopolistic practices of Big Tech, as well as advancing climate justice initiatives. Notable achievements include SOMO’s focus on Shell’s divestment in Nigeria and its work on carbon offsetting practices in Kenya. SOMO’s research on corporate power, especially concerning Big Tech monopolies, played a key role in shaping EU policy debates. Furthermore, SOMO’s advocacy efforts were instrumental in the passage of the Corporate Sustainability Due Diligence Directive, despite substantial corporate lobbying that weakened the directive. The Supervisory Board also recognises SOMO’s work in holding corporations and states accountable for human rights violations and crimes under international law, notably in the Occupied Palestinian Territory and the genocide in Gaza. Additionally, the continued success of The Counter, SOMO’s global, free helpdesk for civil society organisations and journalists, underscores SOMO’s commitment to supporting global partner organisations.
The surge of far-right political parties in the Dutch government and other Western countries has significantly impacted democratic spaces, emboldened corporate influence in policymaking, and reshaped the funding landscape for organisations challenging systemic injustices. In this context of heightened uncertainty, the Supervisory Board closely reviewed SOMO’s fundraising strategy and contingency planning. The Supervisory Board fully supported the Executive Director’s efforts to diversify income sources while ensuring that SOMO’s strategic focus and transformative impact remain intact. In April, the Supervisory Board commended the Executive Director’s achievement in securing approximately 80 per cent of the fundraising target by Q1, but also recognised the difficult decisions lying ahead. Following an extensive review of financial scenarios and legal implications, in October, the Supervisory Board endorsed the Executive Director’s difficult but necessary plan to restructure the organisation, which took shape as a redundancy in the form of voluntary departures. This decision was taken in dialogue with trade union representatives and with careful consideration to preserve SOMO’s strategic capabilities and ensure its financial sustainability beyond 2025.
Throughout these challenges, the Supervisory Board has been consistently impressed by the Executive Director’s strategic foresight and steadfast commitment to SOMO’s mission and values as an independent research centre dedicated to challenging entrenched corporate power abuses. Despite the increasingly hostile political climate, SOMO continues to serve as a vital bulwark and rallying point for transnational resistance networks, producing high-quality research that strengthens efforts to advance climate and economic justice.
Fundraising
SOMO’s long-term funding strategy comprises four interrelated elements:
- Diversifying our sources of income by deepening existing relationships and building new relationships with funders that are aligned with SOMO’s mission
- Securing more general support, flexible and unrestricted funding, to ensure the structure of our funding is supportive of our work
- Increasing multi-year, strategy-aligned funding
- Building the organisation’s resilience, particularly by increasing our financial reserves.
For the fourth consecutive year, SOMO was successful in its fundraising in 2024 by leveraging its new strategy to good effect. In 2024, SOMO secured new funding contracts from several sources, including general support from an anonymous* foundation of EUR 1,000,000, and Humanity United of USD 100,000 and the following project funding:
- Adessium Foundation – From Big Tech to Tech for All 2025 (EUR 100,000 for one year).
- Anonymous* – Supporting innovative legal interventions in relation to East Jerusalem (EUR 50,000 for seven months).
- Brot für die Welt – Transport in transition: confronting abuse and inequity in the critical mineral supply chains (EUR 620,000 for three years).
- European Coalition for Corporate Justice (ECCJ) – Advancing human rights and environmental corporate accountability in Europe (EUR 31,000 for one year).
- European AI & Society Fund – Global Fellowship on AI & Market Power to support work on the value chain of genAI startups (USD 70,000 for 13 months).
- Ford Foundation:
- OECD Watch BUILD (USD 143,158 for the first year of a five-year grant).
- Promoting accountability and equality for the use of critical minerals in the energy transition (USD 300,000 for 18 months).
- Freedom Fund – ‘LegalNet’, a networked approach to strategic litigation for human rights, Phase 2.b (USD 108,000 for one year).
- Friends of the Earth Europe – MVO Platform EU Corporate Sustainability Due Diligence Directive transposition (EUR 15,000 for five months).
- Global Witness – Corporate Sustainability Due Diligence Directive Data Hub (GBP 7,000 for two months).
- Laudes Foundation:
- OECD Watch participation in OECD RBC Informal Multi-Stakeholder Advisory Group (IMAG) on Just Transitions (EUR 25,102 for six months).
- Bridging the gap between anti-monopoly and anti-trust (EUR 57,500 for six months).
- Strengthening responsible business conduct in support of a just transition (EUR 483,601 for 22.5 months).
- Ministry of Foreign Affairs of the Netherlands: Fair, Green and Global Alliance via BothENDS:
- FGG 2024 Joint Budget Proposals – MVO Platform: CSDDD transposition in the Netherlands (EUR 15,000 for one year).
- FGG 2024 Joint Budget Proposals – Suing the Auditors: Establishing liability for social auditing in global garment value chains (EUR 7,500 for one year).
- Milieudefensie – Big polluters campaign, strategic litigation, and the CSDDD (EUR 150,000 for 18 months).
- National Endowment for Democracy – Strengthening civil society support for robust OECD Guidelines implementation (USD 250,000 for two years).
* While some funders prefer not to disclose themselves in public documents, SOMO’s full screening and ethical checks are applied to all funders in line with our policy.
We have also continued to invest in building strong relationships with donors who share our goals. SOMO continues to benefit from a Ford Foundation BUILD grant which provides five years of general operating support, combined with targeted organisational strengthening support. In 2023, Ford awarded USD 1,620,000 for 2023-2026.
Budget 2025
| Amounts in euros | |
|---|---|
| Income | |
| Government grants | 2,288,317 |
| Private foundations | 2,077,159 |
| Lottery organisations | 305,920 |
| Other income | 216,000 |
| Highly likely income | 200,573 |
| To raise | 941,377 |
| Total income | 6,089,346 |
| Expenditure | |
| Personnel Costs | 4,149,154 |
| Direct Project Costs | 1,334,929 |
| General expenses | 587,263 |
| Total Expenditure | 6,071,346 |
| Financial expenses | -18,000 |
| Result | - |
Risk management
SOMO has a risk management policy and maintains a risk register. Risks are discussed with the Supervisory Board at regular meetings. In 2024, SOMO’s risks increased from the previous year. After achieving relative financial stability and diversifying funding in 2023, it became clear that the Dutch Ministry of Foreign Affairs was not going to renew its subsidy framework ending in 2025. SOMO’s Management Team had put in place a strategy to mitigate this risk, and over the past number of years, SOMO had already reduced its dependency on funding from the Dutch Ministry of Foreign Affairs from approximately 65 per cent in 2017 and 2018 to just over 35 per cent in 2024. In addition, SOMO invested significantly in fundraising in 2024, and moved organisational development reserves into SOMO’s continuity reserves in 2023. This was, however, not sufficient to fully absorb the loss of funding from the Ministry of Foreign Affairs. After careful consideration, SOMO’s management announced the need to reduce the organisation’s headcount. A voluntary departure process was launched in early November, and eight colleagues made use of this offer. Additionally, two colleagues on temporary contracts ending in 2025 received a notification that their contracts would not be renewed once they expire. Acting swiftly resulted in a significantly reduced salary bill for 2025 and beyond, allowing the organisation to focus on the delivery of work. The costs involved with the voluntary departure scheme have been recognised in the statement of income and expenditure for 2024.
Financial risks
SOMO made progress on stabilising its Finance team in 2024 with the recruitment of a new financial controller early in the year. The team is now complete, which has allowed the team to perform effectively, leading to faster insights into our financial situation. This also allows the Management Team to respond quickly to relevant developments.
There is still a need to further update finance policies and processes. Work in this area has already commenced and will continue in 2025.
SOMO was well-funded in 2024 but faces significant funding challenges after 2025. Increased fundraising efforts should mitigate these challenges. The voluntary departure compensation of colleagues leaving the organisation is partly paid for by the SOMO reserves. This reduced the continuity reserve to EUR 958,722. SOMO’s management regards the current level of reserves as suboptimal for ensuring a financially healthy and resilient organisation and will continue its efforts to strengthen them.
IT and digital security
Digital security is constantly on our radar, including when working with partners. Ensuring that communications, personal data and sensitive information are secure is a priority for SOMO.
The main focus in 2024 was initially to complete the changes to our IT environment. Initial assessments were carried out in early 2024, but due to the long-term absence of the IT administrator, the process of implementation was delayed. SOMO managed to contract a capable consultant to ensure the functioning of the current infrastructure and adequate user support, but did not manage to transition our IT infrastructure. The focus in 2025 will therefore be primarily on this transition, with a focus on ensuring SOMO staff can work securely and effectively.
Staff wellbeing
SOMO continued to prioritise staff well-being in 2024 by initiating a continuous employee satisfaction survey. SOMO also introduced a more straightforward appraisal process that facilitates increased personal reflection and goal setting.
Organisation
At SOMO, we endeavour to align our internal organisation with our core values. We are proud to be a non-hierarchical organisation where staff members jointly make decisions on strategic matters.
SOMO aims to be a good employer and a reliable partner in cooperation. As a research organisation, it is our first responsibility to be accountable for our research and network-related activities. During 2024 we reviewed and updated our research procedures including safeguarding processes relevant for research work.
From January 2024 onwards, SOMO stopped carrying out paid service assignments, allowing the organisation to focus on more strategic, long-term work.
SOMO strives to ensure that our suppliers and service providers are of the most sustainable nature possible. Wherever possible, SOMO chooses fair trade, green, organic, recycled or second-hand items.
SOMO’s travel policy takes climate change and sustainability into account. SOMO employees are reimbursed for commuting costs by public transport. For work-related travel, people are strongly discouraged from flying within a 700-kilometre radius of Amsterdam.
SOMO renewed its two quality certificates in 2024: the international NEN-EN-ISO 9001:2015 certification and the Dutch Partos 9001:2015 certificate, which is a specific application of the ISO 9001:2015 standard for the development sector.
Human resources
SOMO prioritises staff wellbeing and workplace safety. We have mechanisms in place to support staff in this regard that meet, and in some cases exceed, the requirements of Dutch labour law. This includes a confidential counsellor, whom staff can contact for any reason, to discuss difficulties in their work or personal life. The confidential counsellor provides an annual report to the Management Team, including any advice for necessary action.
In early 2024, the HR department initiated the process of updating job descriptions within SOMO. Funding for organisational development was secured, enabling the engagement of an external consultant to facilitate the revision process. The process was concluded by October.
By the end of 2023, SOMO’s staff and management reached an agreement to establish a Works Council. A dedicated working group was formed, and with the support of an external expert, all necessary preparatory work was completed. This process culminated in the establishment of SOMO’s first official Works Council by the end of 2024. To support effective collaboration, the Works Council, along with the Executive Director and the rest of the Management Team, participated in a collective training on cooperation.
Additionally, during 2024, SOMO continued to facilitate and fund coaching sessions and trainings for professional development for SOMO employees on their work, career or working relationships.
During 2024, SOMO’s Management Team benefitted from the support of a coach specialising in organisational health.
Anti-racism, diversity, equality and inclusion
SOMO is deeply committed to anti-racism, decolonisation and improving diversity, equality and inclusion (DEI) in the workplace, as well as in how we work as a research organisation and a civil society partner. SOMO engaged an expert trainer and adviser on anti-racism and DEI who worked with the whole SOMO team throughout 2024 to support the organisation in embedding anti-racism more deeply across all of our work and practices.
Financial statements 2024
Balance sheet as of 31st of December 2024
| Amounts in euros | 31/12/2024 | 31/12/2023 | ||
|---|---|---|---|---|
| Assets | ||||
| Fixed assets | ||||
| Intangible fixed assets | 75,306 | 101,701 | ||
| Tangible fixed assets | 161,706 | 199,901 | ||
| 237,012 | 301,602 | |||
| Current assets | ||||
| Receivables, prepayments and accrued income | ||||
| Debtors | 25,700 | 33,326 | ||
| Subsidies receivable | 1,130,971 | 1,249,652 | ||
| Prepayments and accrued income | 46,784 | 31,919 | ||
| 1,203,455 | 1,314,897 | |||
| Securities | 2,759 | 1,974 | ||
| Cash and bank balances | 3,578,696 | 3,464,601 | ||
| Total assets | 5,021,922 | 5,083,074 | ||
| Liabilities | ||||
| Equity | ||||
| Continuity reserve | 958,722 | 1,075,167 | ||
| Designated reserve organisational strenghtening | 80,000 | 150,000 | ||
| Designated reserve strategic initiatives | 504,450 | - | ||
| 1,543,172 | 1,225,167 | |||
| Current liabilities, accurals and deferred income | ||||
| Creditors | 216,455 | 143,652 | ||
| Outstanding payments to partners | 293,899 | 441,761 | ||
| Subsidies spendable | 1,409,931 | 2,427,031 | ||
| Taxation and social securities payable | 215,272 | 245,235 | ||
| Accruals and deferred income | 1,343,193 | 600,228 | ||
| 3,478,750 | 3,857,907 | |||
| Total liabilities | 5,021,922 | 5,083,074 | ||
Statement of income and expenditure 2024
| Amounts in Euros | 2024 Actual | 2024 Budget | 2023 Actual |
|---|---|---|---|
| Income | |||
| Government grants | 4,265,165 | 4,381,745 | 4,699,437 |
| Income from foundations and charitable funds | 2,600,431 | 1,413,589 | 1,883,261 |
| Income from lottery organisations | 455,642 | 300,000 | 238,033 |
| Other grants | 34,150 | 772,978 | 44,153 |
| Other income | 1,358,518 | 302,500 | 360,878 |
| Total income | 8,713,906 | 7,170,812 | 7,225,762 |
| Expenditures | |||
| Direct project costs | 2,666,484 | 1,800,000 | 3,058,163 |
| Personnel costs | 5,221,643 | 4,746,573 | 3,616,854 |
| General expenses | 593,050 | 593,500 | 539,413 |
| Total expenditure | 8,481,177 | 7,140,073 | 7,214,430 |
| Operation result | 232,729 | 30,739 | 11,332 |
| Financial income and expenditure | |||
| Interest income | 5,697 | - | 12,979 |
| Financial income and expenses | 74,920 | -18,000 | -51,089 |
| 80,617 | -18,000 | -38,110 | |
| Result on ordinary activities before taxation | 313,346 | 12,739 | -26,778 |
| Taxation on ordinary activities | 4,659 | - | 2,503 |
| Result after taxation | 318,005 | 12,739 | -24,275 |
| Appropriation of result | |||
| Continuity reserve | -116,445 | 12,739 | -24,275 |
| Designated reserve organisational strenghtening | -70,000 | - | - |
| Designated reserve for strategic initiatives | 504,450 | - | - |
| Total | 318,005 | 12,739 | -24,275 |
Organisational result
The Executive and Supervisory Board of SOMO have decided to allocate the result after taxation in 2024 as follows: EUR 504,450 is added to a new designated reserve for strategic initiatives. With approval of the Supervisory Board, the Executive Board has decided to withdraw EUR 70,000 from the designated reserve for organisational strenghtening and add it to the continuity reserve. Finally EUR 116,445 is charged to continuity reserves.
Cash flow statement 2024
| Amounts in Euros | 2024 Actual | 2023 Actual |
|---|---|---|
| Cash flow from operating activities | ||
| Result from the statement of income and expenditure | 318,005 | -24,275 |
| Adjustments for: | ||
| Depreciation | 64,750 | 61,712 |
| Total adjustments | 64,750 | 61,712 |
| Changes in working capital: | ||
| Short-term receivables | 111,442 | -535,416 |
| Short-term debts | -379,157 | 604,637 |
| Total changes in working capital | -267,715 | 69,221 |
| Total cash flow from operating activities | 115,040 | 106,658 |
| Cash flow from investment activities | ||
| Investments in intangible fixed assets | - | -101,821 |
| Investments in tangible fixed assets | -999 | -17,896 |
| Desinvestments in intangible fixed assets | - | - |
| Desinvestments in tangible fixed assets | 839 | - |
| Total cash flow from operating activities | -160 | -119,717 |
| Cash flow from financial activities | ||
| Financial activities | - | - |
| Total cash flow from financial activities | - | - |
| Changes in cash and cash equivalents | 114,880 | -13,059 |
| Cash and cash equivalents | ||
| Balance per 1 January | 3,466,575 | 3,479,634 |
| Balance per 31 December | 3,581,455 | 3,466,575 |
| Changes in cash and cash equivalents | 114,880 | -13,059 |
Accounting principles for financial reporting
General accounting principles for the preparation of the financial statements
The financial statements have been prepared in accordance with Title 9, Book 2 of the Dutch Civil Code. For the preparation and presentation of the financial statements, SOMO uses the Guidelines for annual reporting of the Dutch Accounting Standards Board as well, especially Guideline 640 “Organisations not for profit”.
Valuation of assets and liabilities and determination of the result takes place under the historical cost convention. Unless presented otherwise, the relevant principle for the specific balance sheet item, assets and liabilities is presented at amortised cost price. Income and expenses are accounted for on an accrual basis.
Expenses are determined by taking the mentioned valuation principle into account. Profit is only included when realised on the balance sheet date. Losses originating before the end of the financial year are taken into account when ascertained before preparation of the financial statements. The general accounting principles for the valuation of assets and liabilities and the determination of the result are unchanged compared to last year.
Comparative figures are, where appropriate, adjusted in terms of classification only for comparison purposes.
Principles of valuation of assets and liabilities
Fixed assets: Intangible and tangible fixed assets are presented at cost less accumulated depreciation and, if applicable, less impairments in value. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost. Depreciation is provided from the date an asset comes into use.
The following fixed percentages of cost are used for depreciation:
Intangible assets
- Software: 20 per cent a year
Tangible fixed assets
- Rebuilding: 10 per cent a year
- Computers and software: 20 per cent a year
- Office equipment: 20 per cent a year
Receivables: Receivables are included at face value, less any provision for doubtful accounts. These provisions are determined by individual assessment of the receivables.
Securities: The listed shares are valued at the market value as at the balance sheet date, with which both realised and unrealised changes in value are directly accounted for in the profit and loss account.
Principles for the determination of the result
Government grants / contributions (allowances): Allowances are included in the statement of income and expenses for the year in which the subsidised expenses are realised.
Professional services: Revenues from professional services are recognised in proportion to the services rendered. The direct costs of these services are allocated to the same period.
Taxation: Corporate income tax is calculated at the applicable rate on the result for the financial year, taking into account permanent differences between profit calculated according to the financial statements and profit calculated for taxation purposes.
Notes to the balance sheet as of 31st December 2024
Assets
Fixed assets
| Amounts in Euros | Intangible fixed assets | Tangible fixed assets | ||
|---|---|---|---|---|
| Fixed assets | Software | Renovations | Inventory | 2024 Total |
| Purchase value at historical cost | 341.509 | 221,725 | 99,802 | 321,526 |
| Accumulated depreciation | -239,808 | -60,605 | -61,021 | -121,626 |
| Balance as of 1 January | 101,701 | 161,120 | 38,781 | 199,901 |
| Investments | - | - | 999 | 999 |
| Desinvestments | - | - | -1,399 | -1,399 |
| Depreciations | -26,395 | -22,551 | -15,804 | -38,355 |
| Depreciation desinvestments | 560 | 560 | ||
| Total movements 2024 | -26,395 | -22,551 | -15,644 | -38,195 |
| Purchase value at historical cost | 341,509 | 221,725 | 99,402 | 321,127 |
| Accumulated depreciation | -266,203 | -83,156 | -76,265 | -159,421 |
| Balance as of 31 December | 75,306 | 138,569 | 23,137 | 161,706 |
Current assets
Subsidies receivable
Details of receivable subsidies can be found in the project balance overview.
Prepayments and accrued income
| Amounts in Euros | 31-12-2024 | 31-12-2023 |
|---|---|---|
| Assets | ||
| Prepayments and accrued income | ||
| Professional services to invoice | 5,243 | - |
| Other prepayments and accrued income | 41,541 | 31,919 |
| Total prepayments and accrued income | 46,784 | 31,919 |
For the development of project management software SOMO joined the user platform of supplier Matthat. Together with nine other organisations, SOMO invests in the development of tailor-made project management software. The user platform agreement with Matthat was on a Return on Investment basis, in case Matthat is able to sell the software also to other clients. This agreement runs for five years after the investment is made. SOMO’s last investments were made in 2020.
Cash and bank balances
| Amounts in Euros | 31-12-2024 | 31-12-2023 |
|---|---|---|
| Assets | ||
| Securities | ||
| Stocks | 2,759 | 1,974 |
| Total securities | 2,759 | 1,974 |
| Cash and bank balances | ||
| Current accounts | 1,663,290 | 2,084,979 |
| Interest accounts | 1,915,406 | 1,378,959 |
| Money in transit | - | 663 |
| Total cash and bank balances | 3,578,696 | 3,464,601 |
Except for a bank guarantee for the lease of our building (with the sum of EUR 19,147), all cash and bank balances are available for expenditure by SOMO.
SOMO only buys shares when this is necessary in the context of a project, for instance, in order to be able to attend a general shareholders’ meeting. All dividend and currency profits are reserved as gifts for third parties. SOMO does not buy shares as an investment policy.
Liabilities
Reserves and funds
| Amounts in Euros | 31-12-2024 | Additions | Withdrawals | 31-12-2023 |
|---|---|---|---|---|
| Liabilities | ||||
| Equity | ||||
| Continuity reserve | 958,722 | 70,000 | -186,445 | 1,075,167 |
| Designated reserve organisational strenghtening | 80,000 | - | -70,000 | 150,000 |
| Designated reserve for strategic initiatives | 504,450 | 1,000,000 | -495,550 | |
| Total equity | 1,543,172 | 1,000,000 | -681,995 | 1,225,167 |
Continuity reserve: SOMO builds its continuity reserves in line with the Erkenningsregeling Goede Doelen, which recommends that continuity reserves are based on a risk assessment. SOMO prepared a risk assessment to determine the necessary level of continuity reserve. Most important risks are related to high donor dependency and litigation because of our projects. SOMO has determined that it should have in place a minimum continuity reserve of EUR 1,250,000 and an optimal continuity reserve of EUR 1,750,000.
In 2022, SOMO established a designated organisational strengthening reserve for three key areas: increasing the capacity of key support services, developing innovations in research and communications, and completing transition processes. In 2024 most of the objectives were reached, except for the IT renewal process, which was delayed. This will be carried out in 2025 and the budget for this is EUR 80,000. Therefore, EUR 70,000 of this reserve was transferred to the continuity reserve.
Designated reserve for strategic initiatives: In 2024, SOMO received a donation of EUR 1,000,000 from an anonymous donor for 2 years, to spend on strategic initiatives. The total amount is included in the ‘Other income’ category for 2024. An amount of EUR 495,550 was spent on the voluntary departure package of the employees leaving the organisation, securing the future of the organisation.
Current liabilities, accruals and deferred income
Subsidies spendable
Details of the spendable subsidies can be found in the project balance overview.
For the subsidies of Oxfam Novib (Fair 4 All – MoFA Strategic Partnership 2021-2026), Both ENDS (Fair, Green & Global – MoFA Strategic Partnership 2021-2026), Brot für die Welt (Battery Supply Chain), and MoFa Finland (From the Ground) an auditors’ report is required.
Taxes and premiums
| Amounts in Euros | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Liabilities | ||
| Taxation and social securities | ||
| VAT | 2,263 | 45,016 |
| Payroll tax | 94,406 | 93,799 |
| Social securities | 4,921 | 6,396 |
| Pension premiums | 113,682 | 100,024 |
| Total taxation and social securities | 215,272 | 245,235 |
Other debts
| Amounts in Euros | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Liabilities | ||
| Other accruals and deffered income | ||
| Salaries, holiday pay and bonuses | 415,968 | 334,288 |
| Provision for holidays not taken | 127,200 | 158,649 |
| Audit costs | 60,720 | - |
| Other debts | 43,163 | 107,291 |
| Voluntary departure plan | 696,142 | - |
| Total other accruals and deffered income | 1,343,193 | 600,228 |
In 2025, two multi-annual grants from the Dutch Ministry of Foreign Affairs will come to an end. In the last quarter of 2024, it became clear that these grants would not be renewed. SOMO’s Management Team and Supervisory Board concluded that expenditure had to be reduced to deal with this setback. In November 2024, a voluntary departure package was proposed to the entire staff. Eight staff members decided to accept this package. The costs involved with the package (transition allowance, education allowance and legal advice) will be paid out in 2025 and are included in the other accruals. Also included in the other accruals are the value of salaries and charges for the notice period during which these staff members are exempted from work.
Contingent assets and liabilities
At the end of 2024, there is one bank guarantee for the sum of EUR 19,147. This relates to the lease for the building of SOMO at KNSM-laan 17 in Amsterdam.
SOMO has a defined benefit pension plan for its employees on retirement with the pension fund Zorg en Welzijn. SOMO pays two-thirds of the premium, and one-third is paid by the employee. SOMO has no obligation to pay additional contributions to the pension fund other than higher future premiums. Therefore the premiums due until the end of the period are reported in the financial statements.
The contracts with project partners refer to short-term debts (generally one year; in a small number of cases, two years) for cooperation in joint projects or subcontracting in services delivery.
The financial commitment for the programmes SOMO conducts with consortium partners is on an annual basis. For the period of the programme, SOMO signed a Memorandum of Understanding with the consortium partners. In the case of the programme commissioned by the Dutch Ministry of Foreign Affairs, SOMO also signed a Memorandum of Understanding with the project partners. Financial commitments have only been agreed on an annual basis. Cooperation for the entire programme period is conditional on the timely delivery of results and reporting.
Liabilities not shown in the balance sheet
A rent agreement was signed April 15 2021 for the location KNSM-laan 17 in Amsterdam. The rent agreement is for a period of five years as from 1 August 2021. The annual rent for 2024 amounts to EUR 101,382 (2023: EUR 99,591).
Notes to the statement of income and expenditure 2024
Income
| Amounts in Euros | 2024 Actual | 2024 Budget | 2023 Actual |
|---|---|---|---|
| Income | |||
| Grants | |||
| Governments | 4,265,165 | 4,381,745 | 4,699,437 |
| Private funds | 2,600,431 | 1,413,589 | 1,883,261 |
| Lottery organisations | 455,642 | 300,000 | 238,033 |
| Other grants | 34,150 | 772,978 | 44,153 |
| Total Grants | 7,355,388 | 6,868,312 | 6,864,884 |
| Other income | 1,358,518 | 302,500 | 360,878 |
| 8,713,906 | 7,170,812 | 7,225,762 | |
Other income
In 2024, SOMO received a donation of EUR 1,000, 000 from an anonymous donor for 2 years, to spend on strategic goals and objectives. The total amount is included in the ‘Other income’ category for 2024. Also included are member contributions for networks and other donations.
Other donations
In 2024, SOMO received EUR 2,788 in donations (2023: EUR 2,037). For the use of this income, the following parameters apply:
- Where a donation is received with a clear preference expressed as to how it is used, SOMO will use this income in the programme that best fits this preference.
- Where SOMO receives general donations, this income will be used to cover the general costs of programme delivery.
Expenditures
Direct project costs
| Amounts in Euros | 2024 Actual | 2024 Budget | 2023 Actual |
|---|---|---|---|
| Expenditure | |||
| Direct project costs | |||
| Contracted work | 1,443,241 | 764,187 | 1.104.518 |
| Travel costs | 137,967 | - | 293,029 |
| Office expenditure | 281,109 | 176,326 | 394,538 |
| Freelance project staff | 685,805 | - | 1,078,550 |
| Other direct project costs | 118,362 | 859,487 | 187,528 |
| Total Direct project costs | 2,666,484 | 1,800,000 | 3,058,163 |
Personnel costs
| Amounts in Euros | 2024 Actual | 2024 Budget | 2023 Actual |
|---|---|---|---|
| Expenditure | |||
| Personnel costs | |||
| Salaries | |||
| Gross wages | 2,775,577 | 3,058,660 | 2,166,922 |
| Social security | 541,446 | 583,453 | 400,638 |
| End of year bonus | 254,608 | 190,776 | 195,224 |
| Pension contributions | 397,813 | 425,305 | 315,170 |
| Change in debt holiday pay/leave days | 180,981 | - | 178,007 |
| Total salaries | 4,150,425 | 4,258,193 | 3,255,961 |
| Remaining personnel expenditure | |||
| Personal development | 94,844 | 45,900 | 85,505 |
| Sick leave insurance | 177,044 | 201,048 | 117,480 |
| Commute costs | 46,391 | 76,410 | 37,400 |
| Voluntary departure plan | 696,142 | - | - |
| Miscellaneous personnel expenditure | 131,948 | 165,022 | 154,135 |
| Total Remaining personnel expenditure | 1,146,369 | 488,380 | 394,520 |
| Minus received payment for sick leave | -75,151 | - | -33,627 |
| Total Personnel costs | 5,221,643 | 4,746,573 | 3,616,854 |
Two multi-annual grants from the Dutch Ministry of Foreign Affairs will come to an end in 2025 and will not be renewed. SOMO’s Management Team and Supervisory Board concluded that expenditure had to be reduced to deal with this setback. In November 2024 a voluntary departure package was proposed to the entire staff. Eight staff members decided to accept this package. The costs involved with the package (transition allowance, education allowance and legal advice) are included in the personnel costs. Also included in these costs is the value of salaries and charges for the notice period during which these staff members are exempted from work.
On average in 2024, SOMO was employed 48 people (2023: 42) with an average full-time equivalent (FTE) of 40.5 (2023: 33.5 FTE).
SOMO has insurance for long-term sick leave. As such, amounts have been received for EUR 52,634 (2023: EUR 33,627).
Remuneration Executive Director
Although SOMO is not legally bound to disclose management remuneration according to the Dutch Law Executives’ Remuneration Financed from Public Funds (Disclosure) Act (Wet normering bezoldiging topfunctionarissen publieke en semipublieke sector (WNT)), we think it is important to do so to be transparent. Therefore, below we provide an overview of the amounts paid (including long-term remuneration) to our Executive Director.
| Amounts in euros | ||
|---|---|---|
| Overview remuneration Executive Director 2024 | 2024 | 2023 |
| Name | Audrey Gaughran | Audrey Gaughran |
| Title | Executive Director | Executive Director |
| Contract | Employment Contract | Employment Contract |
| Start and end date performance | January 1st - December 31st 2024 | January 1st - December 31st 2023 |
| No. of months performed 2024 | 12 | 12 |
| FTE | 1.0 | 1.0 |
| Remuneration plus taxable expenses | 138,477 | 127,478 |
| Remuneration payable in the future | ||
| Remuneration | 138,477 | 127,748 |
Based on the WNT, the income of top officials in the (semi) public sector may not exceed the maximum of 100% of the minister’s salary. For 2024, the maximum amount is EUR 233,000 including taxable allowances and employer pension contributions.
Our Supervisory Board members are unpaid.
General expenses
| Amounts in Euros | 2024 Actual | 2024 Budget | 2023 Actual |
|---|---|---|---|
| Expenditure | |||
| General expenses | |||
| Software and hardware | |||
| Software and development | 102,694 | 50,000 | 80,988 |
| Hardware | 1,452 | 5,000 | 635 |
| System management IT | 20,966 | 15,000 | 10,444 |
| Total Software and hardware | 125,112 | 70,000 | 92,067 |
| Housing expenses | |||
| Rent and energy | 99,294 | 122,000 | 90,161 |
| Insurance and taxes | 2,412 | 4,000 | 2,666 |
| Maintenance and cleaning | 18,538 | 17,500 | 16,500 |
| Other housing expenses | 3,419 | 5,000 | 3,230 |
| Total Housing expenses | 123,663 | 148,500 | 112,557 |
| PR, communications and fund raising | |||
| PR, communications and fund raising | 5,463 | 83,000 | 72,574 |
| Total PR, communications and fund raising | 5,463 | 83,000 | 72,574 |
| Office expenses | |||
| Catering | 19,045 | 10,000 | 17,464 |
| Telephone and internet | 6,425 | 3,000 | 4,532 |
| Office supplies | 1,461 | 2,500 | 627 |
| Databanks, subscriptions, literature | 98,382 | 84,000 | 79,364 |
| Other office expenses | 11,958 | 15,500 | 37,615 |
| Total Office expenses | 137,271 | 115,000 | 139,602 |
| Organisation and administration expenses | |||
| Advice | 38,761 | 24,000 | 39,505 |
| Audit fee | 52,309 | 60,000 | 42,229 |
| Administration costs | 34,668 | 20,000 | -18,033 |
| Other general expenses | 11,053 | 16,000 | -2,801 |
| Total Organisation and administration expenses | 136,791 | 120,000 | 60,900 |
| Depreciation | |||
| Software and hardware | 13,704 | 11,000 | 12,533 |
| IT development | 26,395 | 19,000 | 24,506 |
| Rebuilding | 22,551 | 24,000 | 22,551 |
| Equipment | 2,100 | 3,000 | 2,123 |
| Total Depreciation | 64,750 | 57,000 | 61,713 |
| Total General expenses | 593,050 | 593,500 | 539,413 |
Taxation on ordinary activities
Since the start of 2024, SOMO is no longer carrying out commercial service assignments. Therefore, no Corporate Income Tax is due. Additionally, SOMO’s VAT registration was cancelled. SOMO, therefore, pays VAT on all VAT-taxable purchases without being able to recover this VAT.
Explanation of differences between realisation and budget 2024
Income
The income is higher than budgeted, in particular, the income from foundations and charitable funds. This is thanks to very successful fundraising in 2024. The other income has also exceeded the budgeted amount. This is mainly thanks to a large donation from an anonymous funder for two years.
Expenditure
The main difference between realisation and budget 2024 is related to the execution of more project activities than what was budgeted for in 2024. Additional income from our fundraising activities allowed SOMO to execute more work than initially expected.
Costs for personnel were higher than budgeted. This is solely related to the costs of EUR 696,142 reserved for the voluntary departure process to reduce the organisation’s headcount. Without these costs, the operational personnel costs were slightly lower than the budgeted amount.
The total amount of general expenditures was as budgeted. There is overspending in some areas, which is compensated by underspending in other areas. IT is overspent due to additional costs for system administration. The budget for PR, communication and fundraising was over-estimated and key communication costs were covered by projects.
Overall, this led to an increase in our reserves of EUR 318,005.
Other information
Subsequent events
On 25 January 2025, we were informed by our funder, the US Government Bureau of Democracy, Human Rights and Labor Affairs, that all activities for our project ‘Promoting labour rights in China’ (2022-2025) had to stop with immediate effect. We have since been informed that we may resume our activities for the project. We have submitted a payment request for the last quarter of 2024 in 2025. The amount due is recognised in subsidies receivable.
Appropriation of result 2024
The result after taxation in 2024 is EUR 318,005 positive (2023: EUR 24,275 negative). EUR 504,450 is deposited in a designated reserve for strategic initiatives. The Executive and Supervisory Board of SOMO have decided to withdraw EUR 70,000 from the designated reserve for organisational strengthening and add this amount to the continuity reserve. As a result, the continuity reserve decreased in total by EUR 116,445 and amounts to EUR 958,722 at the end of 2024.
Independent auditor’s report
About SOMO
The Centre for Research on Multinational Corporations (SOMO) investigates the impacts and enablers of unjustified corporate power. Independent, factual, and critical, we have a clear goal – a fair and sustainable world in which public interests outweigh corporate interests.
Since our establishment in 1973, we have been dedicated to reshaping the economic framework by restraining corporate power and championing social equity.
Headquartered in Amsterdam, we work with hundreds of organisations worldwide, acting as a knowledge, research and communications hub.
SOMO’s Vision and Mission
We envision a global economic, political, and legal system that is equitable, democratic, transparent, and environmentally sustainable.
Organisation
The outsized and harmful power of multinational companies and the structures that enable them to stand in the way. A shift in power balance is urgently needed. To address this, SOMO investigates multinationals: we expose their impact, their structures, and the systems they operate in. We develop alternatives and carry out advocacy work.
We do that as part of a civil society movement in deep collaborations and alliances with partners all over the world, always seeing our role as part of an ecosystem of stakeholders. We deliver the knowledge that fuels far-reaching change.
Statutory bodies
