Financial Transparency Coalition

There is big news today on both sides of the Atlantic for campaigners – including ONE – in the Publish What You Pay coalition for transparency in oil, gas and mining. The major Norwegian oil company Statoil has withheld their support from last-ditch attempts to overturn the new US rules on transparency, and a former Shell executive has declared his support for similar laws in Europe.

Say that your country is blessed with natural resources. Oil, gas, minerals – it has it all. The future looks good. But deep down you worry that the bonanza could turn into a bust – maybe you live in Africa and have seen how windfalls have been wasted before. How do you know that’s not going to happen now? Are there any tell-tale signs of sound management of “commodity wealth”?