Submitted by: International Finance Corporation
Posted: Oct 16, 2008 – 11:55 AM EST
WASHINGTON D.C. - October 16, 2008 – IFC, a member of the World Bank Group, today announced a partnership with AccountAbility to develop a unique corporate management system that will help companies based in emerging markets strengthen their businesses through corporate social responsibility.
The new system will enable firms to build corporate-level strategies that support business development and link performance in social responsibility to quality, productivity, and efficiency.
The main components are:
Steve Rochlin, Head of AccountAbility North America, said "IFC's leadership as a sustainability standard-setter and its global reach make it an ideal channel for CSR expertise. We see this partnership as a way to bring the cutting-edge practices and experiences of leading international companies to companies in emerging markets that are ready to leap ahead of the curve and achieve real business value."
As part of a new IFC advisory service on CSR, the partnership will develop and test tools in key markets such as Brazil, China, and India. It also aims to enable investors and other stakeholders to better assess corporate performance through innovative approaches to analyzing environmental, social, and governance aspects.
The partnership with Accountability adds leverage to IFC's efforts to help companies proactively manage their environmental and social impacts and seek out business opportunities linked to sustainability. A growing number of companies in emerging markets are turning to CSR to address their own particular social and environmental challenges. They are discovering that CSR maximizes business value because it is an avenue for product innovation and a way to differentiate their business.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
AccountAbility is a global non-profit network with representatives in London, Washington, Beijing, Geneva, Sao Paulo, and San Francisco. It was established in 1995 to promote accountability innovations that advance sustainable development. AccountAbility works with business, government, and civil society organizations to advance responsible business practices and the governance of collaborations between public and private institutions. For more information, visit www.accountability21.net
For more information, please contact:
For more from this organization:International Finance Corporation