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Background: Addressing a Complex Issue
Approach: Participating in Voluntary Initiatives
Background: Addressing a Complex Issue
Governments in some countries where energy development takes place - particularly those in the developing world - have been accused of lacking sound governance systems, condoning corruption and failing to distribute the benefits of their energy resources to their citizens. This is an enormously complex issue that straddles subjects such as sovereignty of foreign governments, the "ownership" of the resources themselves, sanctity of contracts and the appropriate role of companies in seeking to influence governments to better account for and manage these significant sums.
Over the past few years, a variety of efforts have emerged advocating for greater transparency about the amounts and sources of revenues generated by the extractive industries. Many believe that such transparency would increase the accountability of governments to demonstrate how those funds are used for the benefit of their citizens.
Approach: Participating in Voluntary Initiatives
Transparency is one of the fundamental values that guide ChevronTexaco's business conduct, and we have participated in the dialogue associated with many recent revenue transparency initiatives. A consistent message from ChevronTexaco has been that for any of these initiatives to be meaningful and achievable, they must honor the sanctity of contracts; be inclusive of governments, nongovernmental organizations and companies, without a unilateral focus on any one; and remain voluntary.
ChevronTexaco views the Extractive Industry Transparency Initiative (EITI), sponsored by U.K. Prime Minister Tony Blair, as a meaningful attempt to tackle this difficult issue. ChevronTexaco is proud to have participated in the constructive dialogue process that EITI launched, one that brought together governments, industry, international financial institutions (IFIs) and nongovernmental organizations to address a difficult global issue.
ChevronTexaco has pledged its support to the Blair EITI, while at the same time issuing a challenge to all participants:
- that the G8 Governments who now drive the EITI initiative be prepared to share leadership with host governments;
- that the IFIs, especially the International Monetary Fund, be prepared to dedicate the resources and commit the necessary political will and persuasive powers to carry it forward;
- that civil society organize and engage constructively, while continuing to monitor the process and remind its participants of the opportunity we all have to work together to affect real change;
- that private-sector companies continue to demonstrate their commitment to implement the agreed-upon aims of the EITI initiative. For our part, we have pledged our own commitment to do so.
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