A/HRC/4/35 page 18 56. These initiatives may be seen as still largely experimental expressions of an emerging practice of voluntary global administrative rulemaking and implementation, which exist in a number of areas where the intergovernmental system has not kept pace with rapid changes in social expectations. Because they are relatively new and few in number, no definitive standards exist yet by which to assess them. But among the key criteria suggested by those who study them professionally are the perceived credibility of their governance structures, and their effectiveness.50 57. The credibility of their governance structures, in turn, is said to hinge on three factors: participation, transparency, and ongoing status reviews. Thus, regarding participation, civil society and industry members collaborated with States to develop the standards for, and now participate in, the governance of the Voluntary Principles, EITI and Kimberley. Concerning transparency, EITI and Kimberley have established detailed public reporting requirements for participants, as well as multi-stakeholder monitoring. And in terms of participant compliance, Kimberley carries out peer reviews of member States, often spurred by civil society reports of government-related performance shortfalls; EITI recently established a validation process by which non-compliant members may have their status publicly reduced; and Kimberley actually removed one Government, effectively shutting it out of the international diamond trade - a measure permitted under World Trade Organization rules. 58. None of the initiatives examined here embodies all of these standards fully. But each exhibits some, and participants appear to realize, albeit sometimes reluctantly, that the credibility of these initiatives rests on them.51 59. The effectiveness of these initiatives can be measured in two ways. One is their operational impact on the ground. It is generally acknowledged that Kimberley has reduced the flow of conflict diamonds from 3 or 4 per cent to 1 per cent of the total market, the Nigeria Extractive Industries Transparency Initiative reports that it gained taxpayers the equivalent of US$ 1 billion in 2004 and 2005;52 and the Voluntary Principles have been implemented most extensively at the country level in Colombia, which is not yet even a formal participant in 50 For case studies and discussions of advantages and risks of these novel approaches to international regulation, see the symposium on “Global Governance and Global Administrative Law in the International Legal Order”, European Journal of International Law, vol. 17, No. 1 (February, 2006). 51 The Voluntary Principles plenary is going through a difficult period of persuading all companies that the credibility of the initiative depends on explicit participation criteria. Even the strictly voluntary Global Compact adopted such criteria; as a result several hundred companies have been “delisted”. 52 Luka Binniyat, “NEITI Saves Nigeria $1 Billion - Okogwu”, Vanguard (Lagos), 2 January 2007.