|
Corporate Social Responsibility
News
10.31.2005 ET
|
CSR News from:
|
|
|
News Category:
|
|
60-Day Public Comment Period Reaches Halfway Point for Input on the New Draft Sustainability Policy and Performance Standards and the draft Disclosure Policy
IFC Releases Additional Background Materials to the Public
(CSRwire) Consultation Advisory No. 11 - International Finance Corporation
marked the halfway point of its 60-day public comment period on its latest
draft
Policy and Performance Standards on Social and Environmental
Sustainability, and
draft Disclosure Policy, by publicly releasing four new background
documents:
A Summary of the Committee on Development Effectiveness
(CODE) meeting on September 7, 2005. CODE, a subcommittee of the IFC
Board, discussed the draft policies at the meeting and prepared a summary
of their discussion, which the full IFC Board agreed to release on
October 25, 2005.
A Memorandum produced by the World Bank's
Environmentally and Socially Sustainable Development (ESSD) network in
preparation for CODE's meeting on September 7, 2005, which is accompanied
by an IFC Cover Note.
A Comparison Matrix showing the commitments made in the
Extractive Industry Review (EIR) Management Response and the way they have
been addressed in the draft policies. The matrix was produced following
meetings in mid-October with stakeholders who were part of the EIR.
The new documents provide stakeholders with additional context for
understanding IFC's policy approach, and reflect IF''s commitment to a
transparent policy review. These documents can be found on the policy
review website, www.ifc.org/policyreview,
together with the policy documents and supporting materials that were
released on September 22, 2005. It is important to note the draft
policies that have been posted on the IFC website for public comment have
incorporated some of the comments from CODE and ESSD.
The public comment period ends on November 25, 2005. IFC will then review
all comments submitted and revise the draft policies accordingly. The IFC
Board is expected to consider final drafts in January 2006.
Background on IFC's Policy Review
IFC adopted the current Environmental and Social Safeguard Policies and
its Disclosure Policy in 1998. In 2003, following a review of the
policies by Office of the Compliance Adviser/Ombudsman, IFC launched an
update of its Safeguard Policies and Disclosure Policy.
IFC has recast the Safeguard Policies into a "Sustainability Policy" and
eight "Performance Standards". The Sustainability Policy speaks to IFC's
roles and responsibilities in ensuring project performance in partnership
with clients; the Performance Standards clarifies what is required of
clients in order to receive and retain IFC's support.
IFC is taking a new, outcomes-based approach to environmental and social
performance. This approach is based on clients establishing effective
management systems to ensure compliance with IFC requirements and improve
results on the ground. The Performance Standards also add new
requirements relating to integrated social and environmental assessment,
early and ongoing community engagement, core labor standards, greenhouse
gas emissions, and community health and safety standards.
The new draft Disclosure Policy clarifies and expands the responsibilities
of IFC to disclose institutional information to the public. The disclosure
requirements for clients are found in the draft Performance Standards.
There is an emphasis on early and ongoing engagement with communities that
are affected by projects.
In August 2004, IFC released an initial draft of the IFC Policy and
Performance Standards, and a Disclosure Policy Framework for public
consultation. After eight-months of formal and informal consultation and
thousands of comments in person, online and on paper, IFC then revised the
drafts to take into account the wide range of views about the new approach
and specific policy language.
The new drafts have been significantly improved as a result of this
consultation, and IFC is grateful to those who have engaged in the
consultation process. Multiple changes have been made to incorporate many
of the comments received, balancing the concerns of IFC government
shareholders, staff, its clients, civil society organizations and others.
An "IFC Response to Stakeholder Comments," which explains IFC's rationale
behind the changes to the initial draft policies and responds broadly to
the wide range of comments and suggestions during consultations, is
available on IFC's policy review website www.ifc.org/policyreview.
The International Finance Corporation, the private sector
arm of the World Bank Group, promotes sustainable private sector
investment in developing and transition countries, helping to reduce
poverty and improve people's lives. IFC finances private sector
investments, mobilizes capital in the international financial markets,
helps clients improve social and environmental sustainability, and
provides technical assistance and advice to governments and businesses.
Its 178 member countries provide its share capital and collectively
determine its policies. IFC's worldwide committed portfolio as of FY05 was
$19.3 billion for its own account and $5.3 billion held for participants in
loan syndications. For more information, visit www.ifc.org.
|
|
