The cyanide spill from the Aurul gold works into the Tisza River in Baia Mare, Romania, in February 2000 has been called the worst ecological disaster in the region since Chernobyl. Since then similar accidents have occurred in Kazakhstan and elsewhere. As part of its response, the Regional Environmental Center for Central and Eastern Europe (REC) presented a revised version of its Governance Principles on Foreign Direct Investment in Hazardous Activities at a plenary session of the global forum at the World Summit on Sustainable Development in Johannesburg.  The REC has also undertaken various background studies in collaboration with Central European University, including a Review and Analysis of Voluntary Codes of Corporate Conduct and other Instruments. The governance principles were well received in Johannesburg because they related directly to the topics of corporate governance and accountability that were high on the summit's agenda. Now that the principles have been introduced to a wider global audience, they can be expected to garner broader attention. Experts, policy-makers and stakeholders will be invited to comment on the principles during a revision process intended to improve their applicability.  Since corporate governance and accountability are under-represented on the Kiev agenda, this event represents an excellent opportunity for the countries of the United Nations Economic Commission for Europe (UN/ECE) region. In unofficial meetings, strong interest has been expressed for including a discussion of the principles, including their presentation as a Category II document and the organisation of a side event involving business leaders and NGOs representatives. The host country, Ukraine, is a fitting site for an event related to an initiative arising out of the Baia Mare context, since it is a Tisza country and a member of the relevant international commission. The United Nations Development Programme (UNDP) has also expressed a willingness to participate and support the process, linked with the Tisza River Basin Sustainable Development Programme. This initiative represents a continuation of earlier partnerships involving the REC, UNDP, the British Embassy in Budapest and the government of the Flemish region of Belgium. This side event will foster international dialogue on the issues of corporate governance and accountability, especially as relates to foreign direct investment in hazardous activities. It will contribute to rounding out the agenda of the Kiev Ministerial Conference through the inclusion of issues that have been highlighted on the global level at the WSSD in Johannesburg, and by ensuring the involvement of high level business representatives.

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