Natural Resource Charter Discussion Group

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A group for discussing the Natural Resource Charter.
In particular this a forum is open to users to provide input and feedback on the Charter text and the project as a whole.

Website: http://www.naturalresourcecharter.org
Members: 51
Latest Activity: May 11

The Charter Precepts

Precept 1: The development of a country’s natural resources should be designed to secure the greatest social and economic benefit for its people. This requires a comprehensive approach in which every stage of the decision chain is understood and addressed.

Precept 2: Successful natural resource management requires government accountability to an informed public.

Precept 3: Fiscal policies and contractual terms should ensure that the country gets full benefit from the resource, subject to attracting the investment necessary to realize that benefit. The long-term nature of resource extraction requires policies and contracts that are robust to changing and uncertain circumstances.

Precept 4: Competition in the award of contracts and development rights can be an effective mechanism to secure value and integrity.

Precept 5: Resource projects can have significant positive or negative local economic, environmental and social effects which should be identified, explored, accounted, mitigated or compensated for at all stages of the project cycle. The decision to extract should be considered carefully.

Precept 6: Nationally owned resource companies should operate transparently with the objective of being commercially viable in a competitive environment.

Precept 7: Resource revenues should be used primarily to promote sustained, inclusive economic development through enabling and maintaining high levels of investment in the country.

Precept 8: Effective utilization of resource revenues requires that domestic expenditure and investment be built up gradually and be smoothed to take account of revenue volatility.

Precept 9: Government should use resource wealth as an opportunityto increase the efficiency and equity of public spending and enable the private sector to respond to structural changes in the economy.

Precept 10: Government should facilitate private sector investments at the national and local levels for the purposes of diversification, as well as for exploiting the opportunities for domestic value added.

Precept 11: The home governments of extractive companies and international capital centers should require and enforcebest practice.

Precept 12: All extraction companies should follow best practice incontracting, operations and payments.

Discussion Forum

Invitation for inputs to the Natural Resource Charter 4 Replies

The Natural Resource Charter invites contributions from all stakeholders as part of its annual consultation and revision process.The Charter is a ‘living document’; it is open for submissions to…Continue

Started by Jim Cust. Last reply by Jim Cust Jul 8, 2011.

Uploading Audo - A Test 3 Replies

Audio from release of PRT Index, RWI and Transparency International.

Started by Jed Miller. Last reply by Kobina Aidoo Jan 11, 2011.

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Comment by Jim Cust on March 21, 2012 at 14:47: Hear Prof Michael Ross (member of NRC technical advisory group) talking about 'The Oil Curse': http://www.ustream.tv/recorded/20803045

Comment by Jim Cust on March 21, 2012 at 14:44: Consultation on IMF's Board Papers on Natural Resources:

http://www.imf.org/external/np/exr/consult/2012/NR/index.htm

Comment by Jim Cust on September 15, 2011 at 15:37: New video from this year's NRC workshop:

Comment by Deval Desai on July 19, 2011 at 1:38: Quick link to my blog post on the NRC Annual Workshop this year. Look forward to everyone's thoughts.

Deval

Comment by Ahmed Finoh on June 14, 2011 at 14:58: Jim, thanks.

Now I know, the rest of the story. Let us atay in touch.

Eng. Ahmed Finoh

Comment by Jim Cust on June 14, 2011 at 11:36: Thanks for the comments Mr Finoh. I will ensure these are raised with the Technical Advisory Group, and considered during the workshop.

I know one important consideration in keeping these as separate discussions was the desire to emphasise the importance of promoting growth and balancing investments versus 'consumption' spending - P7, and the challenges of dealing with revenue volatility, (via instruments such as Sovereign Wealth Funds and stabilization funds- P8), without detracting from the vital discussion of public spending efficiency - P9. The feedback we have had suggests a strong demand (from governments) for extra detail and specificity on these aspects. However your comments could suggest helpful streamlining of the Precepts, by merging those addressing closely inter-related issues.

Comment by Ahmed Finoh on June 14, 2011 at 3:19: My dear members:

I believe that Precept#7, Precept#8 & Precept#9 all allude to the same issue, i.e. government budgetary and financial management.

Therefore, I wish to suggest that the above 3 precepts(7,8,9) be combined to say:

Governments will be expected to utilize the new resource wealth to improve on the effective and equitable delivery of public services countrywide.

The above suggestion averts the wrong perception by governments of the goals of the NRC thereby making them assume an antagonistic stand vis a vis our precepts. Governments could perceive it as our talking down to them about what they already know they should do.

Sincerely, in godd spirit.

Eng. Ahmed Finoh, MPA

Durham, North Carolina, USA

919-225-5107

Comment by Jim Cust on February 28, 2011 at 21:09: Thanks

Comment by Kobina Aidoo on February 28, 2011 at 21:02: @Jim: If you scroll down the bottom right, right below the featured videos, you will see a link to "Add Video." Just click on it and upload from your computer or use the appropriate embed function at the bottom.