In February 2004, the IFC launched a review of its information disclosure policy. In a parallel process, the IFC is also revising its main social and environmental policies (the Safeguard Policies) and over 70 technical pollutant standards contained in the World Bank Group Pollution Prevention and Abatement Handbook. The Disclosure and Safeguard Policies along with the IFC's proposal for changes to these policies will be discussed in a series of face-to-face consultations starting in September and running through December 2004.
In November 2004, the International Finance Corporation (IFC) released a Framework for Discussion Regarding Disclosure of Information for public comment as part of their Disclosure of Information policy review process.
Bank Information Center (BIC) has submitted comments to the IFC on the framework paper. BIC's recommendations focus on strengthening disclosure requirements in three key areas: disclosure principles, procedures and constraints; increased institutional transparency; and increased investment-specific transparency. A summary of BIC's recommendations is listed below. Between May and September, the IFC will present a revised draft disclosure policy to Management and then to the Board Committee on Development Effectiveness (CODE). After the CODE meeting the revised draft will be disclosed for 30 days for public comment. The Board will then meet in September to discuss the final draft policy for approval.
To read BIC's comments, click on the link below:
The review process
The IFC accepted comments on the Disclosure Policy Concept Paper until December 17, 2004. Comments can be sent to:
•Julia Lewis, Policy Officer, Disclosure Policy Review
International Finance Corporation
2121 Pennsylvania Avenue, NW
Washington, DC 20433, USA
E-mail:
Fax: +1 202 974 4349
Below is a summary of the disclosure policy review timeline. In the first several months of the review, there was little civil society engagement.
- February 2004: The IFC announces on its website that it will review its disclosure policy and launches a Web page for the review.
- Through March 12: The IFC accepts comments on its current disclosure policy and practices. However, only one civil society organization provided feedback at this time.
- Through April 5: The IFC invites comment on the disclosure policy review process. At this time, 27 civil society organizations sent a joint letter to the IFC outlining their concerns with the proposed process. The IFC responded to this letter on May 19. See both letters in Resources below.
- From May 10-12: IFC hosts an online discussion of its disclosure practices. Summaries, a list of participants, and a complete transcript of this discussion are available on the IFC's e-discussion Web page.
- August 16: IFC releases a Concept Paper on the disclosure policy review. This paper will serve as the basis of five, regional consultations, the first of which is scheduled to take place in Latin America in mid-September.
- September 1: IFC launches a web page to receive electronic comments.
- September 16-17: IFC conducts a press conference in London, UK.
- September 27-29: Regional consultation for Latin America and the Caribbean in Buenos Aires, Argentina.
- October 27-29: Regional consultation for Africa, including North Africa, in Nairobi, Kenya.
- November 29-December 1: Regional consultation for Eastern Europe, Central Asia and the Middle East in Istanbul, Turkey.
- December 17: Deadline for comments on Disclosure Policy Concept Paper.
- January 2005: Public posting of draft Disclosure Policy for comment.
- February 2005: Final approval of the Disclosure Policy by IFC's Board of Directors.
For more information on the review, including a consultation plan and external comments the IFC has already received; see the IFC's policy review Web page.