Tuesday, December 2, 2008

Have you heard about the CoST Initiative?

The Construction Sector Transparency Initiative (CoST) Criteria represent seven core requirements that will form the Pilot Phase. These criteria will be reviewed during the Pilot Phase, and will be amended, if necessary, before the design of CoST is finalised. The Criteria are:

1. For public-sector construction projects above an agreed threshold, there is regular disclosure of material project information to a wide audience in a publicly accessible, comprehensive and comprehensible manner.
2. Procuring bodies are subject to a credible audit process and, as far as possible, projects are subject to credible, independent financial and technical audits.
3. The adequacy of material project disclosures and audits are assessed by an independent, objective and technically competent Assurance Team, and reports published. The membership, terms of reference and activities of this team must be publicly disclosed.
4. The application of this approach is extended to the main procuring bodies responsible for public-sector procurement, and related contractors.
5. A Multi-Stakeholder Group (MSG) representing the interests of stakeholders has oversight of the implementation of CoST. The membership, terms of reference and activities of the MSG must be publicly disclosed.
6. Civil society is actively engaged as a participant in the design, monitoring and evaluation of this process.
7. A public, financially sustainable work plan for all the above is developed by the host government, including measurable targets, a timetable for implementation, and an assessment of potential capacity constraints.

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