This report comes at a time when the three multi-stakeholder initiatives it is concerned with [The Voluntary Principles on Security and Human Rights, The Extractive Industries Transparency Initiative, and Transparency International’s Business Principles on Countering Bribery] face significant challenges...This report reflects on the role of multi-stakeholder initiatives in filling governance gaps, the value they bring and the lessons for those involved in, and managing the initiatives. It concludes that while each has delivered notable value to date, there are two fundamental challenges that the initiatives need to show real progress on in 2007: 1. Clearly demonstrating that the initiatives make a difference in the lives of individuals and communities where oil and gas companies operate; 2. Integrating Chinese, Indian, Russian and Latin American oil and gas companies, and their corresponding governments, into the process...[stakeholders interviewed: BP, Cairn Energy, Chevron Texaco, ENI, Exxon Mobil, Foley Hoag, Norsk Hydro, Talisman, Shell, Statoil]