Policies approved by Board (Feb 21)

The Disclosure Policy Review Process and Timetable The Disclosure Policy Review is now in its final phase. The timetable below outlines the key steps of the Disclosure Policy Review. Additional background information can be found in the Terms of Reference (TOR) for the review. It is important to note that the timetable for the final phase outlined below reflects IFC expectations for completing this part of the process. The timetable provides the public a snapshot of all the steps the Safeguards team took in revising the current Disclosure Policy and consulting on it. A more detailed explanation of each phase of the policy review process can be found below. For those who wish to know more about the consultation process, see the Archived Consultation Process page.

	ACTIVITY		TARGET DATES
PHASE V:	FOLLOW-UP — IMPLEMENTATION MECHANISMS		September 2005 -
	Policy Effective		early 2006
	Develop tools to facilitate client implementation
	Establish internal change mechanisms
	Board discussion of Final Draft Disclosure Policy		February 21, 2006
	Comment Period Ends		November 25, 2005
	Post IFC responses to stakeholder views and begin public comment period on Final Draft Disclosure Policy		September 22, 2005
	Briefing for IFC Board - Committee on Development Effectiveness		September 7, 2005
PHASE IV:	FORMAL EXTERNAL CONSULTATION PERIOD		August 2004 - March 2005
	Preparation of draft Disclosure Policy		April - September 2005
	End of Public Consultation on Disclosure Policy Framework		March 31, 2005
	End of Online Consultation on Disclosure Policy Framework		February 28, 2005
	Regional Consultation 4 (Istanbul, Turkey)		December 2004
	Start of Online Consultation on Disclosure Policy Framework		December 8, 2004
	Regional Consultation 3 (Nairobi, Kenya)		November 2004
	Public Release of Disclosure Policy Framework		November 24, 2004
	Regional Consultation 2 (Manila, Philippines)		October 2004
	Regional Consultation 1 (Rio de Janeiro, Brazil)		September 2004
	Plan External Consultation Process
	Public Release of draft Disclosure Policy Approach paper		August 16, 2004
PHASE III:	POLICY DEVELOPMENT		July - August 2004
	Present draft Disclosure Policy Approach paper to IFC’s Board Committee on Development Effectiveness		July 26,2004
	Prepare draft Disclosure Policy Approach paper
PHASE II:	INITIAL COMMENT PERIOD & 'FACT FINDING' EXERCISES		February - June 2004
	Survey of IFC’s borrowers		May 10-24, 2004
	E-discussions held on key issues/challenges		May 10-21, 2004
	Public invited to comment on process and timetable		April 5, 2004
	Public invited to comment on current Disclosure Policy – comments posted on website		Until March 12, 2004
PHASE I:	PREPARATION		January - February 2004
	Established internal Working Group		February 2004
	Website established		January 2004
	Scoping study completed		January 2004
	Press release announcing Disclosure Policy Review		January 2004
	BACKGROUND CONTEXT
	Report to the IFC Board on the Management Response to the CAO's Review of the Safeguard Policies		January 2004
	Management Group Response to the CAO Report		December 2004
	Compliance Advisor Ombudsman publish report ‘A Review of IFC’s Safeguard Policies’		January 2003
Rationale for Disclosure Review Process In Phase I of the review process, the 'preparation' phase, a scoping assessment was conducted which included a benchmarking exercise of comparator organizations, and outlined the key objectives and scope of the review. During this time a public announcement of the review was released and interested stakeholders were referred to this website. To aid internal dialogue, a working group of IFC staff was established with representatives from a broad range of IFC departments. To provide expertise, advice and insight an external Advisory Group is being created. The final task of this phase is the design of a review process that should provide IFC stakeholders with ample and successive opportunities to contribute their ideas towards the development of the new policy. Phase II, provided an opportunity for stakeholders to comment on the IFC’s existing Policy on Disclosure of Information and the proposed process for reviewing it. A ‘fact finding’ exercise was conducted by engaging with key external stakeholders (government, civil society and private sector) through a two week long e-discussion. At the same time, IFC’s private sector clients were surveyed on their practical experience of applying the existing policy as well as their understanding of the benefits and risks associated with disclosure and consultation. Phase III began with the preparation of the draft Concept Paper on the Review of IFC's Policy on Disclosure of Information, which was considered by IFC management and the Board Committee on Development Effectiveness (CODE) in July 2004. Phase IV began in August 2004 when, after revision of the Concept Paper to reflect comments from CODE, it was made available online and comments were invited from IFC stakeholders. In November 2004, the Concept Paper was expanded into a Disclosure Policy Framework which formed the basis for further consultations with stakeholders. In Phase V, stakeholder feedback will be reviewed and taken into account in the new draft policy. A final 60-day comment period for stakeholders to comment on the revised policy was launched on September 22. After that a final draft will be prepared and sent to the IFC’s Board of Directors for approval in January.