Showing posts with label Financial Sector. Show all posts
Showing posts with label Financial Sector. Show all posts

Tuesday, July 2, 2013

Natural Justice Submits Letter to US Secretary of the Treasury Regarding World Bank Safeguard Policies

Natural Justice, along with several other organizations, endorsed a July 1, 2013 letter to US Secretary of the Treasury Jacob Lew regarding the ongoing review and update of the World Bank safeguard policies. The letter asks Secretary Lew, who is responsible for the management of the United States’ interests in the World Bank, to support four threshold issues during an upcoming World Bank Board meeting on July 23, 2013 where the safeguards review will be addressed. These threshold issues include: The safeguard policies and procedures, to avoid weakening, must continue to be based on mandatory, detailed, enforceable, time-bound requirements; the Bank’s Board needs an informed basis for making decisions on the scope of application of the safeguard policies; the review must continue to focus attention on the emerging areas identified by the Bank; and the updated safeguards must be accompanied by a detailed implementation plan.

Saturday, February 9, 2013

CAO Audit of IFC Investments

The Compliance Advisor Ombudsman (CAO), the independent recourse mechanism of the International Finance Corporation (IFC), has released an audit of the IFC’s financial sector investments together with a response from the IFC. The audit considered 188 of the IFC’s 844 financial sector investments and has revealed significant risks from these investments as they potentially cause environmental and/or social harm. 

The audit determines that while the IFC has followed its environmental and social policy and procedural requirements, the methodology does not determine whether environmental and social management systems in place by clients actually fulfil the ‘do no harm’ objective. Further, CAO questions whether IFC’s procedures support broader social and environmental outcomes “commensurate with IFC’s prominent leadership role as a promoter of environmental and social responsibility.” 

The full audit can be accessed here.