CoST core principles
The principles which underpin CoST reflect a shared stakeholder commitment to transparency and accountability.
- We share a belief that public sector infrastructure projects should support sustainable economic growth that contributes to sustainable development and poverty reduction, but that mismanagement during construction can undermine their potential social and economic benefits and value for money
- We believe in accountability by government to all citizens for public expenditure on construction projects, and are committed to encouraging high standards of transparency and accountability in all parts of the construction sector, both public and private
- We consider that disclosure of basic project information throughout the project cycle could be an effective and efficient way to improve value for money of construction projects over time, and that greater transparency during project implementation should be supported by open and transparent tendering processes
- We recognise the enhanced environment for domestic and foreign direct investment that transparency may bring
- In seeking solutions, we believe that a collaborative multi-stakeholder group can play an important oversight and interpretative role in ensuring greater transparency and public understanding of information disclosed on projects.
