Promoting Transparency and Monitoring of Contracts

Members of parliament play a key role in monitoring the implementation of oil, gas, and mineral contracts. Public disclosure of such contracts is a critical prerequisite for parliamentary oversight. Contract transparency also provides an incentive for the negotiating parties to improve the quality of their agreements through increased public scrutiny. Contract disclosure is an emerging norm, and each year more and more governments opt to publish their agreements, and more companies and international institutions embrace the value of contract transparency. Parliamentarians are increasingly advocating contract transparency. They are also among its key beneficiaries as it brings about better legislative oversight, reduces corruption, and creates a stronger negotiating position for the state.