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From: Semirnna Adhanom (semirnna@yahoo.com)
Date: Tue Aug 24 2010 - 19:49:52 EDT
Source: http://www.naturalresourcecharter.org/
Precept 1
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The development of natural resources should be designed to secure maximum
benefit the for the citizens of the host country.
Precept 2Read more...
Extractive resources are public assets and decisions around their exploitation
should be transparent and subject to informed public oversight.
Precept 3
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Competition is a critical mechanism to secure value and integrity.
Precept 4
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Fiscal terms must be robust to changing circumstances and ensure the country
gets the full value from its resources.
Precept 5Read more...
National resource companies should be competitive and commercial operations.
They should avoid conducting regulatory functions or other activities.
Precept 6Read more...
Resource projects may have serious environmental and social effects which must
be accounted for and mitigated at all stages of the project cycle.
Precept 7Read more...
Resource revenues should be used primarily to promote sustained economic growth
through enabling and maintaining high levels of domestic investment.
Precept 8
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Effective utilization of resource revenues requires that domestic expenditure be
built up gradually smoothedto take account of revenue volatility.
Precept 9
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Government should use resource wealth as an opportunity to secure effective
public expenditure and to increase theefficiency of public spending.
Precept 10
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Government policy shouldfacilitate private sector investments in response to new
opportunities and structural changes associated with resource wealth.
Precept 11
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The home governments of extractive companies and international capital centers
should require and enforce best practice.
Precept 12
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All extraction companies should follow best practice in contracting, operations
and payments.