Implementation of good governance principles
SNH’s good governance is six-fold:
- Participatory and objective-based management;
- Codification of administrative, financial and accounting procedures;
- Negotiation and signing of oil contracts within the framework of a permanent commission chaired by SNH, and comprised of representatives of public administrations concerned by the different aspects of the contracts;
- Marketing of crude oil through contracts;
- Regular transfer of oil revenues to the Public Treasury, which are included in the Government’s financial operations table;
- Regular audit of corporate accounts by renowned firms.
Cameroon has been a member of the Extractive Industries Transparency Initiative (EITI) since 2005, and was granted compliant country status in 2013. This international forum aims at transparency in the management of revenues from extractive industries and their judicious use by governments. SNH is a member of the Monitoring Committee for the implementation of EITI principles in Cameroon.