sharing in governance of extractive industries
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.
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