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.
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.