IFC has finished taking comments from its stakeholders on its draft Policy on Disclosure of Information. These comments have been posted on the Policy Review homepage. IFC will review all stakeholder comments and make final revisions to the draft Disclosure Policy for IFC Board consideration in late January.
The draft Disclosure Policy focuses on disclosure of information only as it relates to IFC as an institution. Requirements on IFC clients to disclose project related information are found in the draft IFC Policy and Performance Standards.
For a full discussion of the changes in the September draft policy, see the IFC Response. This explains IFC’s rationale behind the changes to the initial draft policy and responds to the wide range of comments and suggestions provided by stakeholders during the eight-month consultation period. Highlights include:
Routine disclosure of an expanded group of documents including IFC’s budget and business plan; minutes from IFC’s Board Meetings; and additional information on the anticipated development impacts in the Summary of Proposed Investment released to the public.
AnnualDevelopment Impact Reporting on the aggregate impact of IFC's activities.
A new, request-driven disclosure process making it easier for the public to request information; to receive a timely response, or an explanation if any of the request is denied.
An internal review mechanism, enabling the public to request reconsidertion of IFC disclosure decisions by filing a complaint with the proposed Disclosure Policy Advisor, whose role would be to review these decisions and advise IFC.
For Category A projects, release of the Summary of Proposed Investment 60 days prior to Board consideration.
