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The Natural Resource Charter is a set of economic principles for governments and societies on how to best manage the opportunities created by natural resources for development. The Charter comprises twelve precepts, or principles, that encapsulate the choices and suggested strategies that governments might pursue to increase the prospects of sustained economic development from natural resource exploitation.
You can read the Preamble to the Charter here.
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The development of natural resources should be designed to secure maximum benefit the for the citizens of the host country.
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Extractive resources are public assets and decisions around their exploitation should be transparent and subject to informed public oversight.
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Competition is a critical mechanism to secure value and integrity.
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Fiscal terms must be robust to changing circumstances and ensure the country gets the full value from its resources.
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National resource companies should be competitive and commercial operations. They should avoid conducting regulatory functions or other activities.
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Resource projects may have serious environmental and social effects which must be accounted for and mitigated at all stages of the project cycle.
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Resource revenues should be used primarily to promote sustained economic growth through enabling and maintaining high levels of domestic investment.
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Effective utilization of resource revenues requires that domestic expenditure be built up gradually smoothed to take account of revenue volatility.
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Government should use resource wealth as an opportunity to secure effective public expenditure and to increase the efficiency of public spending.
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Government policy should facilitate private sector investments in response to new opportunities and structural changes associated with resource wealth.
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The home governments of extractive companies and international capital centers should require and enforce best practice.
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All extraction companies should follow best practice in contracting, operations and payments.
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Comments
I heard about the Natural Resource Charter after attending a talk by Paul Collier in Oxford. As a non-specialist I find the website a bit difficult to connect with. I would like to see some video-talks that explain what the charter is about.
I would also like to see more information about how individuals can become involved in furthering the objectives of the Natural Resource Charter. You should think about how you can facilitate mass-participat ion.
Also, a brief comment about your short survey. It is always good to start a survey with some multiple choice questions. It helps to 'hook' people and makes them more likely to finish the survey.
Regards,
Philip Maybank (graduate student at Oxford University)
philip.maybank@linacre.ox.ac.uk