Governments, international organizations and other actors can improve transparency by establishing and enforcing a set of international standards for financial and accounting records, as well by disclosing contractual terms. Public disclosure of information throughout an extractive project, from exploration licensing to project clean-up, is a vital mechanism for helping citizens and investors to hold governments and companies to account.

KEY MESSAGES

• Transparency is a fundamental tool to promote efficiency and accountability in converting natural resource wealth into long term social and economic development.
• For transparency to be effective, information disclosures must be relevant, accessible, timely, and accurate.
• Transparency is the root of many campaigns to reform the management of extractive industries.
• There are numerous mechanisms and movements for transparency that often have overlapping and mutually reinforcing aims.