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Concept
Create a public company owned by Iraqi citizens as exclusive shareholders, with shares allocated equally to each Iraqi citizen.
The concept is described in detail in the 15 March 2008 white paper titled “Iraq Oil Revenue Directly To Iraqi Citizens - Bypass Government”
Objective
Institute Iraq, Incorporated as described in the 15 March 2008 white paper.
Constitutional Amendment
The formation of Iraq, Incorporated and transferring ownership of the Iraq’s oil resources and production/transport assets will require an amendment to the Iraq Constitution.
The Iraq Constitution (Article 108) states that, “Oil and gas are the ownership of all the people of Iraq in all the regions and governorates.”
Article 109 states:
First: The federal government with the producing governorates and regional governments shall undertake the management of oil and gas extracted from current fields provided that it distributes oil and gas revenues in a fair manner in proportion to the population distribution in all parts of the country with a set allotment for a set time for the damaged regions that were unjustly deprived by the former regime and the regions that were damaged later on, and in a way that assures balanced development in different areas of the country, and this will be regulated by law.
Second: The federal government with the producing regional and governorate governments shall together formulate the necessary strategic policies to develop the oil and gas wealth in a way that achieves the highest benefit to the Iraqi people using the most advanced techniques of the market principles and encourages investment.
The formation of Iraq, Incorporated would achieve these goals and is consistent with the Iraq Constitution, but would require a Constitutional Amendment approved by “the people in a general referendum” (Article 122)
Gather Support for Referendum
1. Pressure US Government to put serious pressure on Iraq Government. US Government would fund these development phases.
2. Public relations campaign in Iraq
a. Radio
b. TV
c. Print media
d. Internet
3. Identify and sell concept to:
a. Iraqi candidates for local office
b. Iraqi religious leaders
c. Iraqi government leaders
d. Iraqi leaders with connections to Iraq community in Michigan
4. Start petition to hold referendum
Formation of Corporation
1. Charter or Registration of Corporation
a. Articles of Incorporation/Bylaws
i. Each Iraqi citizen of voting age, residing in Iraq will be issued one share of non-transferable stock.
ii. Future dividends may not be pledged or garnished
iii. The share holders each year will:
1. Elect members of the board of directors by cumulative voting
2. Approve executive compensation
3. Appoint domestic auditor
4. Appoint foreign auditor
iv. The directors will manage the corporation
1. The directors will choose a Chairman and a CEO.
2. Determine amount of quarterly dividends
v. There will be one non-voting director chosen by the government
vi. There will be one non-voting professional engineering advisor chosen by the Engineering Society of Iraq.
vii. There will be one non-voting lawyer chosen by the Iraq Bar Association.
viii. There will be one non-voting foreign petroleum executive chosen by the Iraq Government
ix. There will be one non-voting CPA chosen by Iraq Association of Public Accountants.
2. Issuing Stock
Each citizen would be given an identification number similar to a Social Security Number and an ID card similar to an ATM card with some security measures such as picture and fingerprint. Each citizen would have to establish his/her citizenship in a similar fashion to voter registration.
3. Paying Quarterly Dividends
There would be a savings account established for each citizen. The dividends would be electronically credited to these accounts by Iraq, Incorporated. The citizen would access these funds by means of bank branches, post offices or ATM's.
As of March 2007 there were 500 branch banks in Iraq. Traditionally post offices in Iraq have also provided savings accounts. This year there has been a big push by the banks to establish ATMs throughout the country.
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