diff --git a/README.md b/README.md
index 54ee49f..855f3fa 100644
--- a/README.md
+++ b/README.md
@@ -137,6 +137,22 @@ $ forge test
 2. You don't have to create a `.env` file, but filling in the environment variables may be useful when debugging and
    testing against a fork.
 
+## Owner privileges
+
+The contract implementation aims to follow the [specification](https://github.com/waku-org/specs/blob/81b9fd588bff39894608746774b0903b067b5cdf/standards/core/rln-contract.md) that also describes ownership (see [Governance and upgradability](https://github.com/waku-org/specs/blob/81b9fd588bff39894608746774b0903b067b5cdf/standards/core/rln-contract.md#governance-and-upgradability) section).
+
+As of commit afb858, the `Owner` privileges are assigned to the `msg.sender` of the membership registration transaction.
+The `Owner` has the following privileges:
+
+- set the token and price of one message published per epoch ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/LinearPriceCalculator.sol#L25));
+- authorize upgrades to a new implementation contract ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L99));
+- set the price calculator contract address ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L267));
+- set the maximum total rate limit of all memberships in the membership set ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L273));
+- set the minimum ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L287)) and maximum ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L280)) rate limit of one membership;
+- set the duration of the active period ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L295)) and grace period ([link](https://github.com/waku-org/waku-rlnv2-contract/blob/main/src/WakuRlnV2.sol#L302)) of new memberships (see the [state transition diagram of a membership](https://github.com/waku-org/specs/blob/81b9fd588bff39894608746774b0903b067b5cdf/standards/core/rln-contract.md#membership-lifecycle)).
+
+The pause functionality for contract functions is not yet implemented.
+
 ## License
 
 This project is licensed under MIT.