"UN: Declaration on Permanent Sovereignty over Natural Resources, 1962" [2005] ELECD 227; in Tully, Stephen (ed), "International Documents on Corporate Responsibility" (Edward Elgar Publishing, 2005)

Book Title: International Documents on Corporate Responsibility

Editor(s): Tully, Stephen

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843768197

Section: Chapter 4

Section Title: UN: Declaration on Permanent Sovereignty over Natural Resources, 1962

Number of pages: 2

Extract:

4. UN: Declaration on Permanent Sovereignty
over Natural Resources, 1962

Commentary: As a corollary to territorial sovereignty, UNGA Resolution 1803
(1962) expresses the right of self-determination of peoples and has since been
affirmed inter alia by the ICCPR and ICESCR (below). The Declaration reflects
customary international law: Texaco v Libya (1978) 17 ILM 1: paras 87­8; Kuwait v
AMINOIL (1982) 21 ILM 976: para 143. However, the scope and implications of the
principle of permanent sovereignty over natural resources are still debatable: see
further ICJ, the East Timor Case (Portugal v Australia) (1995) ICJ Rep 90; Case Concerning
Certain Phosphate Lands in Nauru (Nauru v Australia) (1992) ICJ Rep 240.
See further, Schrijver N. (1997), Sovereignty over Natural Resources: Balancing Rights
and Duties, Cambridge: Cambridge University Press.



2. The exploration, development and disposition of such resources, as well as the
import of the foreign capital required for these purposes, should be in conformity
with the rules and conditions which the peoples and nations freely consider to be
necessary or desirable with regard to the authorization, restriction or prohibition of
such activities.
3. In cases where authorization is granted, the capital imported and the earnings on that
capital shall be governed by the terms thereof, by the national legislation in force, and
by international law. The profits derived must be shared in the proportions freely agreed
upon, in each case, between the investors and the recipient State, due care being taken
to ensure that there is no impairment, for ...