CAO to Host 6th Annual Meeting of Independent Accountability Mechanisms
The Compliance Advisor Ombudsman for the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will host directors and principal staff of the independent accountability mechanisms from 8 international financial institutions on June 24 and 25 in Washington, D.C.
The 6th Annual Meeting of the independent accountability mechanisms will bring together more than 30 representatives from the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and United States Overseas Private Investment Corporation. The meeting includes the two World Bank Group mechanisms – the Inspection Panel and Compliance Advisor/Ombudsman.
The mechanisms were set up in response to external demands for greater public accountability of the international financial institutions. They provide an avenue of recourse for people who believe they have been harmed by projects financed by these institutions when the application of appropriate operational standards, procedures, and safeguards are perceived to have failed. While the mechanisms differ in the way they process complaints, they all provide an independent body to investigate compliance issues and address social and environmental harm at the project level.
Topics for discussion at the meeting include collaborative complaint-handling on projects involving multiple financial institutions and strategies for improving people’s accessibility to the mechanisms. Participants will also examine how effective the mechanisms are in influencing the financial institutions they serve, and explore the different opportunities dispute resolution practices and compliance investigations present in improving outcomes for people affected by projects.
“Actions taken by the international financial institutions in response to their accountability mechanisms are the measure of their commitment to the citizens that play host to their projects.” said Meg Taylor, CAO Vice-President. “Delivering results for shareholders and clients, while upholding public accountability and transparency to stakeholders are challenges that most financiers are grappling with in the current climate. For the IFIs - as public institutions, most of which have a development mission – demonstrating commitment to these issues is of utmost importance.”
In Washington, D.C.:
Emily Horgan
T: +1 202 473 8353
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