Ernesto Zedillo Named to Lead Natural Resource Charter Oversight Board

Ernesto Zedillo, President of Mexico between 1994 and 2000, has been named as the Chair of the board overseeing the Natural Resource Charter. The Natural Resource Charter is a set of twelve principles for governments and societies on how to effectively harness the opportunities created by natural resources. The other members of the Oversight Board are Yegor Gaidar, former Acting Russian Prime Minister and Charles Soludo. Charles Soludo was the Central Bank Governor of Nigeria until May 2009. The Board responsibilities will include championing the Natural Resource Charter internationally and overseeing the consultation process.

The announcement of composition of the Oversight Board coincides with the launch of the formal consultation process on the Natural Resource Charter on October 4, 2009 during the annual IMF/World Bank meeting in Istanbul.

The consultation process will continue until at least January 2010. Comments can be made online at www.naturalresourcecharter.org or at the regional stakeholder workshops. The first of the regional workshops will be held in Africa. The Natural Resource Charter has the support of the UK government, UNIDO, the African Development Bank, and the African Economic Research Consortium.

Gareth Thomas, Minister of State for International Development, Department for International Development (DFID) reiterated the UK government support for the Natural Resource Charter: "The UK, through DFID, is supporting this important initiative which will help to harness the wealth from natural resources for all citizens of resource-rich countries—bringing growth, reducing the risk of conflict, and ultimately reducing the reliance on aid."

Professor Paul Collier, Director of the Centre for the Study of African Economies at Oxford University, and one of co-authors of the Natural Resource Charter said: "For many of the poorest countries, natural resources can be a lifeline to prosperity. But harnessing their potential is both technically and politically challenging. The Charter aims to furnish governments and societies with the key information they need."

The administration of the Natural Resource Charter will be carried out by the Technical Board on behalf of the Oversight Board. The Technical Board will be headed by Michael Spence, Nobel Laureate in Economics.

LEARN MORE

• Drafting a Charter to Guide the World's Use of Natural Resources
• Website for the Natural Resource Charter

Notes:

1. Ernesto Zedillo was the President of Mexico from 1 December 1994 to 30 November 2000. He is currently Director of the Center for the Study of Globalization at Yale University. For further information see here.
2. Yegor Gaidar, was the Acting Russian Prime Minister from June to December 1992, and Vice Premier from September 1993 until he resigned in January 1994. He became well-known for implementing market based reforms during the Yeltsin presidency. He is now the Director of the Institute for the Economy in Transition in Russia. For more information see here.
3. Charles Soludo was the Central Bank governor of Nigeria from May 2004 until May 2009.
4. The first parts of the Natural Resource Charter, called Level 1 and Level 2, were launched in draft in February 2009 and formally in May 2009. October 4, 2009 marks the launch of the consultation process of the full Natural Resource Charter which is comprised of Levels 1, 2 and 3. The Natural Resource Charter has been drafted by a group of independent economists, lawyers and political scientists. More information on the Natural Resource Charter and the individuals involved can be found here.
5. The UK government's endorsement of the Natural Resource Charter was made on p. 78 of the White Paper "Building our Common Future," published by the Department for International Development on July 6, 2009. It can be downloaded here.
6. The African Development Bank's (AfDB) support for the Natural Resource Charter was made in May 2009 at its annual meeting. For more information see here.
7. UNIDO's support was expressed at the formal launch of the Natural Resource Charter in May 2009. See second press release under 9).
8. Michael Spence is currently the Chairman of the Commission on Growth and Development. He was awarded the Nobel Prize in Economics in 2001. For more information please see here.