The General Assembly adopted resolution 1803 (XVII) on the “Permanent Sovereignty over Natural Resources” on 14 December 1962 by 87 votes in favour to 2 against, with 12 abstentions. The resolution had resulted from the General Assembly’s focus on, firstly, the promotion and financing of economic development in under-developed countries and, secondly, in connection with the right of peoples to self-determination in the draft international covenants on human rights. In 1952, the General Assembly requested the Commission on Human Rights to prepare recommendations concerning international respect for the right of peoples to self-determination. The Commission on Human Rights recommended the establishment of a commission to conduct a full survey of the right of peoples and nations to permanent sovereignty over their natural wealth and resources, having noted that this right formed a “basic constituent of the right to self-determination”. In accordance with this recommendation, the General Assembly established the United Nations Commission on Permanent Sovereignty over Natural Resources on 12 December 1958 under resolution 1314 (XIII). In 1961, this Commission adopted a draft resolution outlining principles concerning permanent sovereignty over natural resources. Following consideration of this draft resolution by the Economic and Social Council and the Second Committee of the General Assembly, the General Assembly adopted resolution 1803 (XVII). Resolution 1803 (XVII) provides that States and international organizations shall strictly and conscientiously respect the sovereignty of peoples and nations over their natural wealth and resources in accordance with the Charter of the United Nations and the principles contained in the resolution. These principles are set out in eight articles concerning, inter alia, the exploration, development and disposition of natural resources, nationalization and expropriation, foreign investment, the sharing of profits, and other related issues.