The extractives industry sector can generate significant revenues contributing to the economic growth and social development of resource-rich countries. However, without good governance, the exploitation of these resources can contribute to poverty, corruption and conflict. In this context, voluntary international standards are essential, in that they provide the frameworks and guidelines to improve governance and transparency of companies and governments with the aim of ensuring sustainable development for communities impacted by the extractives industry. The main organizations which led in the development of voluntary internaional standards include:
- International Finance Corporation(IFC)
- United Nations(UN)
- International Labor Organization(ILO)
- Organisation for Economic Cooperation and Development(OECD)
- Global Reporting Initiative(GRI)
International standards can be largely grouped into the following four categories:
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