Strengthening Transparency in Industries

United Nations General Assembly
Sixty-second session
Agenda item 56
Globalisation and interdependence

Australia, Azerbaijan, Belgium, Canada, Congo, France, Germany, Iraq, Italy, Kazakhstan, Kyrgyzstan, Liberia, Moldova, Netherlands, Nigeria, Norway, Peru, Sierra Leone, Spain, Timor-Leste, Turkey, United Kingdom of Great Britain and Northern Ireland and Yemen: draft resolution

Strengthening transparency in industries

The General Assembly,

Recalling the 2005 World Summit Outcome,

Reaffirming the Accra Accord, the outcome of the twelfth session of the United Nations Conference on Trade and Development,

Recalling the United Nations Convention against Corruption, which reaffirms that corruption is no longer a local matter but a transnational phenomenon that affects all societies and economies, making international cooperation to prevent and control it essential,

Further recalling the resolution 1803 of 14 December 1962, in which it declared that the right of peoples and nations to permanent sovereignty over their natural wealth and resources must be exercised in the interest of their national development and of the well-being of the people of the State concerned,

Reaffirming that every State has and shall freely exercise full permanent sovereignty over all its wealth, natural resources and economic activities,

Taking note of all relevant voluntary initiatives, including the Extractive Industries Transparency Initiative, aimed at improving transparency in the extractive industries,

Convinced that rule-based and predictable trade and financial systems are essential to promote transparency in trade and financial industries and combat corruption in commercial and financial transactions in all countries,

1. Emphasizes that transparency and accountability are objectives that should be embraced and promoted by all Member States, regardless of their size, level of development or resource endowment.
2. Reaffirms, as stated in the UN Convention against Corruption, the need to combat corruption and enhance transparency, in accordance with the fundamental principles of domestic law and take such measures as may be necessary to enhance transparency in public administration, including with regard to organization, functioning and decision-making processes, where appropriate.
3. Encourages the international community to strengthen, as appropriate, upon request, capacity building of natural resources endowed States, especially those emerging from conflict situations to negotiate mutually satisfactory, transparent and equitable contractual terms for the use, extraction and processing of their natural resources.
4. Notes the efforts of countries that are participating in all relevant voluntary initiatives, to improve transparency and accountability in industries, including the Extractive Industries Transparency Initiative in the extractive sector and to share their experience with the interested Member States.
5. Reaffirms its commitment to governance, equity and transparency in the financial, monetary and trading systems, as well as its commitment to open, equitable, rule-based, predictable and non-discriminatory multilateral trading and financial systems.
6. Encourages business and industry, in particular transnational corporations, to establish world-wide corporate policies on sustainable development, arrange for environmentally sound technologies to be available to affiliates owned substantially by their parent company in developing countries without extra external charges, to modify procedures in order to reflect local ecological conditions and share experiences with local authorities, national Governments and international organizations.
7. Urges the private sectors, including corporations engaged in the extractive industries to ensure transparency and verifiable processes, while adhering to and promoting the principles of honesty, transparency and accountability, in order to maximise private sector’s contribution to the realisation of social and people-centred sustainable development.