IFC's Policy on Disclosure of Information, last revised in 1998, sets out the policy of the International Finance Corporation (IFC) on disclosure of information and describes the materials made available to the public.
Under a new policy framework, the new Disclosure Policy addresses IFC’s commitments and responsibility to disclose information about itself as an institution. Public disclosure requirements for IFC clients are integrated in the proposed Performance Standards.
IFC has undertaken an integrated review process to update the Disclosure Policy in a comprehensive way. The outcome is a new policy framework that comprises the:
The new Policy and Performance Standards on Social and Environmental Sustainability manage the social and environmental risks of the project sector investments IFC finances in emerging markets.
The EHS Guidelines are technical reference documents that address IFC’s expectations regarding the industrial pollution management performance of its projects.
Goals of the Disclosure Policy Review and Guiding Principles
The Disclosure Policy Review, which was launched in October 2003, first carried out a scoping exercise to determine the objectives of the review. These key objectives for the review process are:
Determine the appropriate level of disclosure for IFC as a publicly-owned institution working in the private sector and respecting the business confidentiality of its client companies;
Distinguish between IFC's corporate disclosure and sponsors' project-level disclosure;
Reduce risk and improve development impact of IFC investments through consultation and its resulting dialogue;
Encourage transparency by project sponsors and in member countries;
Build trust, consistency and efficiency;
Increase appreciation of IFC's development impact and business performance.
IFC aims to address these important issues in considering changes to the Disclosure Policy:
Distinguishing between the role of IFC and the role of project sponsors in disclosure;
Clarifying when there is a need for disclosure and when there is a need for consultation;
Defining the role of IFC in preparing and approving project-related information for disclosure;
Understanding the impact of IFC's disclosure requirements on its clients and their legitimate business confidentiality concerns, and on IFC’s market position;
Determining the appropriate timing for release of information.
