Kofi Annan talks at Geneva's Graduate Institute

Author: Kofi Annan, Africa Progress Panel, Published on: 27 September 2013

The wise management of Africa’s incredible natural wealth is a high priority...Africa’s governments must manage these resource revenues wisely to lift millions of people out of poverty...Africa’s natural resource wealth rightly belongs to the continent’s citizens, but these citizens are being robbed of its benefits by revenue diversion, corruption, jobless growth, and rising inequality...Some multinationals continue to impress with their commitment to transparency. Rio Tinto, for example, publishes details about its payments to governments, together with other tax and net earnings details. Since 2007, Norway’s Statoil has also been reporting payments made to governments...I urge other multinationals to do what is right without waiting for governments to pass laws. Multinationals need to recognize that they also play a critical social role – and that doing good is ultimately good for business. Transparent corporate governance builds reputations, reduces political risk, and may ultimately win more extractive contracts, too.

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Related companies: Equinor (formerly Statoil) Rio Tinto