§ Dr. TongeTo ask the Secretary of State for International Development how many meetings she has had with (a) companies, (b) governments and (c) new governmental organisations regarding the Extractive Industries Transparency Initiative since the World Summit on Sustainable Development. [87212]
§ Clare ShortThe Extractive Industries Transparency Initiative team hosted the first UK stakeholders' meeting on 26 November. Forty participants attended with approximately equal representation from extractive companies, investors, international agencies, NGOs and other UK Government departments.
Many other bilateral meetings have taken place with other Government officials, companies and NGOs to raise awareness of the initiative. In addition, the Extractive Industries Transparency Initiative was presented at the launch workshop of the World bank's research into the Governance of Natural Resources, held in Paris, 9–10 December.
An international meeting will take place on 11–12 February to draw in wider, international support for the initiative and to discuss the substance of mechanisms to make transparency a reality. This will be followed by a ministerial-level conference in April 2003.
§ Dr. TongeTo ask the Secretary of State for International Development pursuant to her answer to the hon. Member for Lancaster and Wyre (Mr. Dawson) of 2 December 2002,Official Report, column 530W, if she will list the principles underpinning the Extractive Industries Transparency Initiative. [87221]
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§ Clare ShortThe draft principles adopted by the stakeholders meeting which we hosted on 26 November are as follows
We recognise that revenues from natural resources should be an important engine for economic growth, social development and poverty eradication, but, if not managed properly, can create negative economic and social impacts.We recognise that the benefits of resource extraction occur as revenue streams over many years and that, although highly price dependent, a public understanding of current and future revenue streams would help inform the choice of appropriate and realistic development options.We support the principle and practice of accountability for the stewardship of revenue streams—from their receipt to their eventual end use.We are committed to honest, legal and transparent behaviour.We support the principle and practise of financial transparency--as a necessary condition for good governance.We believe that a comprehensive, consistent and workable approach to the disclosure of payments and revenues is required.In seeking solutions, we believe that all stakeholders have important and relevant contributions to make—including host and home governments, multilateral organisations, regulatory agencies, financial and lending organisations, nongovernmental organisations and industry.We commit to develop effective mechanisms to achieve transparency of payments and revenues in the extractive industries. This will entail disclosure by oil, gas and mining companies of tax and non-tax payments to host country governments and government-linked entities, and transparency by governments over revenues from this sector. We encourage other Governments, national and multinational extractive companies and other interested parties to join us to develop effective and lasting solutions.