Oil Funding and International Financial Arrangements

The traditional source of funds for exploration and development of petroleum resources has been privately-owned petroleum companies. However, many of these same companies have recently borrowed heavily to finance their acquisitions of other petroleum companies. This may limit the ability of those companies to finance future exploration and development efforts, particularly in developing countries. Special financial arrangements may be needed if the funds required are to be available. The form of such arrangements is discussed, and emphasis is placed on the need to reconcile the differing needs of borrowers and lenders.     

Mining investment in Africa

Since 1985, there has been rapid growth in the presence of Australian exploration and mining companies in Africa. This paper sets out the reasons for the interest of those companies, now 20 in number, in various African mineral opportunities. Australian companies spent about US$16 million in 1992 on African exploration and evaluation, with over US$130 million spent on new mine development or expansion. The 20 Australian companies operate in 16 African countries, with two areas of focus, West Africa and Southern Africa. Using the responses to a survey sent to Australian companies operating in Africa in 1991, and to companies known to be interested in prospects there, the paper identifies and categorizes the policy and regulatory requirements needed by investors. Although a gloomy picture has often been painted of investment in Africa, Australian companies recognize that their risk taking, in the light of a declining investment climate in other mining areas, could promote a renaissance of world-scale mining in Africa.     

Insurance sector management of climate change adaptation in three Nordic countries: the influence of policy and market factors

The insurance industry is important for facilitating climate change adaptation. Insurance companies’ involvement is, however, influenced by national adaptation policy. The literature suggests that especially policy factors – government interventions, political priorities and public–private cooperation – and market factors – cost offset, cost mitigation, planning flexibility and business opportunities – shape private actor approaches. To increase the understanding of insurance company involvement in adaptation, this study examines how insurance companies’ approaches are influenced by policy and market factors in three countries: Denmark, Norway and Sweden. The study found that the policy factors tested significantly shaped the approaches of the companies assessed, while market factors currently appear less influential. This is likely due to the absence of climate risk and adaptation in political debates and among insurance policyholders. The study discusses the potential role of the insurance industry in adaptation governance and suggests how barriers facing insurance companies could be overcome.     

NATURAL RESOURCES AND THE CENTRE ON TRANSNATIONAL CORPORATIONS

The international community has a stake in reducing certain avoidable risks of mineral development in developing countries and in promoting more advantageous relations between these countries and transnational mining companies. In the following article, the author examines various programmes of the United Nations Centre on Transnational Corporations which contribute to the achievement of these objectives.     

Adding public value: The limits of corporate responsibility

It is suggested that natural resource companies undertaking large-scale projects may be expanding the scope of corporate social responsibility by working to enhance the capabilities of the public sector. Naturally companies are concerned to protect their investments, and to ensure their viability. They will therefore invest in necessary infrastructure and facilities of all types, where those are lacking. Such investment often provides benefits to the wider community, but with a few exceptions these are normally incidental byproducts rather than inherent objectives. The motivation for companies to provide resources of all types in order to enhance the capabilities of the public sector to provide public services is usually an expectation is that the tangible benefits will exceed the costs, rather than altruism. One driving force is to secure and maintain a company's social licence to operate. More recently competition from Chinese firms is prompting private sector companies to offer comparable investments in infrastructure. It is unclear whether investment in public sector capabilities is cyclical and liable to cutbacks when market conditions deteriorate. Changing market conditions affect not just corporate willingness to spend but also host countries’ bargaining strengths. In boom periods host countries will be more able to secure straightforward financial benefits through higher tax receipts than when markets are weak. Beyond the specific needs of individual projects corporate policies are strongly influenced by the beliefs of senior managers. External pressures both from international institutions and from NGOs also drive corporate behaviour. The success of investment in public sector capabilities relies in the end on the responses of host countries, and on how closely the objectives and interests of the government are aligned with maximising the nation's long term wealth and welfare. Where they are not corporate resources may be frittered away. There are also questions over the legitimacy of corporate investments, especially by foreign-owned companies. They have a right to offer advice and protect their legitimate interests, but these may not always coincide with those of their host countries. There is a range of questions about the appropriate role of companies, which lead on to feasible and effective ways of improving weak governance.     

跨国公司对东道国的环境法律责任问题研究

随着经济全球化的发展,跨国公司的经济影响力剧增,成为众多发展中国家外资的主要来源,然而与之伴随的＂三高＂产业的转移给主要东道国的发展中国家造成了巨大的环境问题,再加上发展中国家地方政府政绩观的错位、公众环保意识的欠缺,这一问题更加凸显,而有限责任的原则使得各跨国公司母公司避开了责任的承担。对此,必须借助＂公司法人格否认＂制度,＂揭开公司面纱＂,将公司是否滥用控制权的举证责任赋予母公司,并考虑环境侵权的特殊性,以无过错责任原则和因果关系推定为基础完善对跨国公司环境法律责任的追究机制。     

Ranking countries for minerals exploration

This paper presents the results of a survey of multinational mining companies pertaining to the ranking of countries for non-fuel minerals exploration in the early 1990s. It ranks countries in order of greatest exploration interest in the early 1990s, as well as countries that have geologic potential but unacceptable investment climates. It provides a list of priority commodities for exploration, the criteria for exploration levels, critical and negotiable factors in selecting countries for exploration, and the investment climate ratings of countries where exploration is probable in the early 1990s. The results of the survey indicate that major minerals exploration activities are concentrated in a small number of countries. Political and economic reforms around the world should increase the number of countries receiving active private sector minerals exploration in the 1990s.     

THE STATE PETROLEUM ENTERPRISE AND THE TRANSFER OF TECHNOLOGY

This article examines the potential of State Petroleum Enterprises in the developing countries for taking a lead in transfer of technology. After examining the reasons behind the growing demands for technology transfer, the paper defines the content of this technology and the means by which it can be transferred. In spite of reluctance on the part of the developed nations and the multinational oil companies to part with petroleum technology without an economic or political concession from the developing countries, much of this technology is either in the public domain or for sale by small speciality companies. The Enterprises can buy this technology and they can contract with specialty firms for operation with their countries. Of foremost importance is the education of nationals and development of indigenous group familiar with the scientific basis and specific techniques of petroleum technology.     

我国上市公司资产负债率偏低的原因解析

我国上市公司的资产负债率大大低于美英等七国的平均水平,具有很强的股权融资偏好。形成这种状况的原因有政策方面、融资成本原因和公司治理结构方面等。股权融资偏好能够带来很大的金融风险。     

开源与教育

开源教育对于学校和学生均具有明显的获益。我国开源教育发展了数年时间，政府和众多开源企业也一直在摸索一条适合我国开源教育的道路，但整体看来，发展较慢。本文分析了开源在我国的发展情况，结合高等教育，通过与国外发展的对比，指出了开源在我国、在教育领域发展缓慢的主要因素，并就此提出了建议措施。     

Enclave development and ‘offshore corporate social responsibility’: Implications for oil-rich sub-Saharan Africa

This paper critically reflects on the challenges of engaging, proactively, in Corporate Social Responsibility (CSR) in oil-rich sub-Saharan Africa. Most of the region's oil production takes place in enclave-type environments offshore and in countries ruled by autocratic governments which generally exert minimal pressure on companies to embrace CSR. With companies having little sense of who to target in their local economic development policies and programs, there is always a possibility of ‘offshore CSR’ – recognized here as potentially-effective ideas for improving social welfare that linger within the enclave and never fully materialize – surfacing. The aim is to conceptualize and broaden understanding of the challenge of developing CSR programs in these settings, where there are no clear linkages to communities or local economies more generally.     

Economic rent : Incidence in selected metals and minerals

The magnitude of the ‘economic rent’ and its distribution among producing countries, mineral exploitation companies and consumers has become a dominant issue in national and international policy formulation, but the difficulties in measuring the rent add to the problems of determining its equitable distribution. This paper examines the nature of the rent and estimates its incidence in bauxite, copper, iron ore, phosphate rock, tin and petroleum. Rents were found to be low for bauxite and iron ore. Bauxite, phosphates and petroleum producers have increased their share of the rent, though this trend now seems to be reversing for bauxite and phosphates. Only in tin, and to a lesser extent petroleum, have the exporting countries captured significant shares in total rent. Otherwise, the rent is largely concentrated at the processing stage, which suggests that processing plant would have to shift to the producing countries if they are to claim a larger share.     

Corporate Social Responsibility in the extractive industries: Experiences from developing countries

This paper introduces a special issue on ‘Corporate Social Responsibility in the extractive industries: experiences from developing countries’. Drawing upon case study analysis from Latin America, sub-Saharan Africa and Asia, the papers in this issue broaden understanding of how multinational mining and oil and gas companies have embraced the CSR challenge and responded to criticisms of their performance in developing countries. This paper provides an introduction to the debate on CSR in the extractive industries in developing countries, reviewing the key issues examined on this subject to date.     

How can public–private partnerships contribute to security and human rights policy and practice in the extractive industries? A case study of The Democratic Republic of Congo (DRC)

Across sub-Saharan Africa, the presence of foreign large-scale mining companies is increasing. This is in part a result of depleting resources in countries such as Canada, United States and Australia, and in part from a more favorable national mine investment climate in several mineral-rich African countries. Their increased presence raises important questions around the potential role and function of Corporate Social Responsibility (CSR) in the sector. In post-conflict and/or fragile states, CSR has further implications for conflict and risk mitigation strategies to ensure the protection of human rights. One CSR approach increasingly being considered is the public–private partnership, whereby companies, public donors, and development agencies leverage their relationships for mutual benefit. There is merit in exploring its function in post-conflict fragile states, where socio-economic needs are high and the capacity of the state to respond to a variety of mine governance challenges is limited. Two case studies from the Democratic Republic of Congo (DRC) are presented, and their policy implications, discussed.     

Chinese construction companies in Angola: A local linkages perspective

China tends to spearhead its economic overtures to African countries through high-level bilateral negotiations. These are frequently in the form of China Exim Bank loans for large-scale infrastructure projects, repaid by resource exports to China. While much is made of China's resource-based activities in Africa, less focus is placed on the converse of this relationship—the infrastructure provision that African resources buy from China. This article takes the positions that local linkages development is one of the clearest ways that African countries can benefit from Chinese construction companies' market engagement. The prevailing view is that Chinese companies contracted to undertake the construction projects financed in this way do not use local labour, materials or any other inputs in the undertaking of their contracts. Focusing on the strategic orientation of large Chinese companies state-owned enterprises (SOEs) operating in Angola's construction sector, this article seeks to uncover the determinants of their sourcing behaviour, and the manner in which this is reflected in their use of local inputs.     

Soviet resources policy: Foreign investment,resources and the tenth five-year plan

The author examines the plans for natural resources embodied in the USSR's 10th five year plan, 1975–1980. Problems of capital and manpower have forced the USSR to curtail the very ambitious resources programmes which were mooted in the early 1960s. Foreign investment is seen as one possible means of raising production and agreements have been signed with Western companies for over 50 development projects. More important still, the countries of Comecon have invested heavily in Soviet natural resources.     

Community-company relations in gold mining in Ghana

As a result of Structural Adjustment Programme from the 1980s, many developing countries have experienced an increase in resource extraction activities by international and transnational corporations. The work reported here examines the perceived impacts of gold mining at the community level in the Wassa West District of Ghana, Africa and discusses those perceived impacts in the context of globalization processes and growing multinational corporate interest in Corporate Social Responsibility (CSR). Interview data compared community members' perceptions with those of company representatives in three communities. The results indicate that communities held companies responsible for a series of economic, social, and environmental changes. While recognizing some of the benefits brought by the mines, communities felt that the companies did not live up to their responsibility to support local development. Companies responded by denying, dismissing concerns, or shifting blame. Findings from this work show that lack of engagement and action by government agencies at all levels resulted in companies acting in a surrogate governmental capacity. In such situations, managing expectations is key to community-company relations.     

Private and public interests in water and energy

Based on empirical evidence from developed, transition and developing countries, the article looks at how the introduction of private operators’ interests into the water supply/sanitation and energy sectors may conflict with public interests in socio‐economic, environmental and political dimensions. Case studies are used to illustrate the dynamics of these interactions, covering phenomena such as unsolicited proposals, misrepresentation and corruption; the exploitation of established positions by taking advantage of asymmetry of information and negotiating capacity in relation to public authorities; and exit from contracts or concessions when acceptable profitability cannot be attained. This experience indicates that the introduction of private companies into these sectors creates the permanent possibility of conflict between private and public interests. The services are too vital both socially and economically to rely on corporate self‐regulation, and countries lack effective capacity to regulate such corporations. The authors conclude that policies relying on corporate activity in these sectors are unnecessarily risky, and that policy development should focus on building strong public sector institutions to provide these services.     

What drives large South African corporations to invest in sub‐Saharan Africa? CEO's perspectives and implications for FDI policies

Foreign direct investment (FDI) flowing into Africa is highly diverse in terms of the origin of the investors, size of the firms, and the sectors of activity. The motivations and factors driving firms' decisions to invest in Africa are equally diverse. A direct survey of senior management in South African firms that are operating in sub-Saharan Africa reveals that the drivers of foreign investment as well as the risks and the strategies to overcome them differ markedly between sectors. A further finding is that there is a limited pool of FDI promotion policies and incentives that governments can institute that are effective in impacting South African corporations' investment decisions. As a consequence, broad-based FDI promotion policies aimed at attracting FDI across all investor groups are likely to have limited impact in attracting FDI from any particular investor group, or in attracting any FDI from multinational companies similar to the South African companies studied here. Such broad based policies probably need to be complemented with policies targeting those specific firms or sectors which countries hope to attract.