Governments of producer countries in the south should:
- Remove legal and extra-legal obstacles to transparent disclosure of company payments and government revenues from the extractives sector. This would include removing non-disclosure clauses in production sharing agreements. Such measures such be applied to all existing and future contractual agreements with companies.
- Collaborate with citizen groups monitoring the management and allocation of resource wealth including the development of revenue oversight mechanisms involving both government and civil society.
- Publish the results of regular independent audits of national resource companies.
- Include and identify resource revenues in the national budget.
- Participate meaningfully in international efforts aiming to enhance transparency in the extractive industries and work with all relevant stakeholders to implement such initiatives.
Governments in Europe, North America & other developed countries should:
- Attach conditionality to non-humanitarian development assistance to resource-rich developing countries, which would require the publication of company payments information and government receipts from the oil, gas and mining sectors.
- Emphasise transparent, fair, and accountable management of resource revenues in their bilateral relationships with all developing countries.
- Use their influence to prioritise transparent, fair and accountable revenue management within the World Bank Group and IMF and push for transparency to be mainstreamed across all lending, development and technical assistance programmes.
- Support an International Financial Reporting Standard for the extractive industries that requires country-by-country breakdown of company payments to all foreign governments.
- Work with financial market regulatory authorities to include a requirement in the listing rules for publicly traded extractive companies for the country-by-country breakdown of their payments to national governments.
- Require Export Credit Agencies extending support to extractive industry companies to implement transparency criteria as a condition for such lending.
- Through development assistance and other programs, support both the ability of governments to manage resource revenues and the ability of civil society organizations to monitor and hold their governments accountable.
- Support effective international efforts aimed at increased transparency of resource revenue payments by companies to developing countries.