Principles
Principles on which CoST is based
CoST is a voluntary initiative applicable to any country and any government department or agency with responsibility for public-sector construction projects. The principles which underpin CoST reflect a shared stakeholder commitment to transparency and accountability. They are:
- Projects should promote sustainability. Public sector infrastructure projects should support sustainable economic growth that contributes to sustainable development and poverty reduction. Mismanagement during construction can undermine potential social and economic benefits and value for money.
- Governments should be accountable. Citizens have a right to know that their money is being used wisely. The procurement and management of public sector construction projects should be sufficiently transparent for government to be held accountable.
- Transparency can improve efficiency. Basic project information, disclosed throughout the entire project cycle, can provide an effective way to improve value for money in construction by reducing opportunities for corruption and increasing scrutiny. ·
- Transparency promotes investor confidence. Domestic and foreign direct investment is likely to be increased by transparency in the management of construction projects. ·
- Multi-stakeholder co-operation is important. Experience shows that multi-stakeholder working between the public and private and sectors and civil society improves transparency and gives greater confidence to citizens that all points of view are being taken into account. A multi-stakeholder group (MSG) oversees the implementation of CoST in each country. It is formed from representatives of government and procuring agencies, the construction industry, professional associations, financial organisations, investors and civil society organisations.
