REGULATORY DIPLOMACY

While the definition of regulatory excellence itself will continuously be challenged and updated, our duty as regulators is to transform alongside this definition. To do this. regulators across the world must utilize current partnerships, as well as seek new relationships through regulatory diplomacy. This is defined as:

"A guiding method of conduct – built on the principles of trust, continuous improvement, and knowledge sharing – that facilitates cooperative and collaborative relationships between a regulatory agency and various stakeholders to produce positive outcomes. This is essential to the journey of achieving regulatory excellence."

The Paris Agreement is changing the energy landscape drastically, with greater focus towards building a low carbon, resilient and sustainable future. To guide this process, joint efforts of upstream regulators will be required. I warmly welcome the ICORE initiative, which will be instrumental in spreading best practices, collaboration and innovation around the globe. Driving international regulatory excellence - by enabling nations, industry leaders, and global citizens - will contribute to responsible resource development.”
— Dr. Fatih Birol, Executive Director, International Energy Agency (IEA)

 

REGULATORY EXCELLENCE

The mandate for extractive industry regulators in all jurisdictions is to provide for the efficient, safe, orderly, and environmentally responsible development of energy resources. To do this, access to information is paramount. By engaging proactively with stakeholders, ICORE strives to elevate regulatory practices globally; learn from other jurisdictions, earn credibility, and address misconceptions. In order to achieve this, the question becomes “What does regulatory excellence actually mean and how can it be measured?” Through collaboration between the Alberta Energy Regulator and the Penn Program on Regulation at the University of Pennsylvania, three core attributes of regulatory excellence has been identified. These serve as the core principles of ICORE.

STELLAR COMPETENCE

Focused on the actual delivery of outcomes that maximize public value and the capacities built and actions taken to achieve a high level of performance.

EMPATHETIC ENGAGEMENT

Focused on transparency and public engagement, but also about how respectfully the regulator and its personnel treat regulated entities, affected landowners, and all other concerned individuals.

UTMOST INTEGRITY

Focused on the regulator’s commitment to serving the public interest, to respecting the law, and to working with duly elected representatives.