 Mining companies have used this oversight from the financial sector to argue for some level of industry self-regulation.In 1992, a Draft Code of Conduct for Transnational Corporations was proposed at the Rio Earth Summit by the UN Centre for Transnational Corporations (UNCTC), but the Business Council for Sustainable Development (BCSD) together with the International Chamber of Commerce (ICC) argued successfully for self-regulation instead.This was followed by the Global Mining Initiative which was begun by nine of the largest metals and mining companies and which led to the formation of the International Council on Mining and Metals, whose purpose was to "act as a catalyst" in an effort to improve social and environmental performance in the mining and metals industry internationally.