Accountability

IFC is delivering on a series of accountability and transparency reforms, including in response to the External Review on IFC’s environmental and social (E&S) accountability. In late June 2021, the Boards of IFC and MIGA approved a new Policy for the Compliance Advisor Ombudsman (CAO), ensuring people’s access to a predictable and transparent complaints process, with an increased focus on outcomes for communities, IFC/MIGA clients, and other stakeholders. The CAO Policy, which was developed following an external public consultation, puts greater emphasis on resolving complaints early and proactively, including remedial management action plans developed in consultation with complainants and clients.

Additionally, efforts are underway to strengthen IFC’s overall approach to accountability E&S risk management, including improving systems and procedures for E&S due diligence and supervision; strengthening grievance responsiveness both at the institutional and project levels; and developing a potential approach to enabling remedial solutions for stakeholders negatively impacted by projects.

Our work is evaluated by two independent accountability mechanisms:

1. The Compliance Advisor Ombudsman (CAO) is mandated to address complaints from people affected by IFC projects in a manner that is fair, objective, and equitable — with the objective of enhancing environmental and social project outcomes and fostering greater public accountability of IFC.
2. The Independent Evaluation Group is an independent unit reporting directly to IFC’s Board of Directors. IEG’s mission is to strengthen World Bank Group institutions through evaluations that inform strategies and future work — and lead ultimately to greater development effectiveness.
3. The Integrity Vice Presidency is an independent unit that investigates and pursues sanctions related to allegations of fraud and corruption in World Bank Group-financed projects.

Ultimately, the 186 countries represented on IFC’s Board of Directors provide the highest layer of accountability and oversight for the institution.

Engagement is critical to our ability to deliver results. Through regular consultations and partnerships with civil society organizations, the private sector, and others, we form a continuous feedback loop with our stakeholders about key sustainability issues.

We are accountable to the people that are affected by the projects we finance. Stakeholders must also be able to provide feedback and raise concerns with our clients and with IFC when necessary to ensure that environmental and social impacts in IFC-financed projects are avoided, minimized or mitigated and that the project achieves its intended development impact.

IFC has developed internal systems and policies to work for early resolution and prevention of complaints. For example, every issue raised with IFC is documented and assigned to a case officer who facilitates the resolution of complaints. These processes also ensure that those who raise concerns with IFC receive a timely response and are provided a point of contact during the process.

IFC Position Statement on Retaliation Against Civil Society and Project Stakeholders (English | French | Spanish)

We believe that learning from our experience and gathering feedback from stakeholders is critical to achieving our mandate. We are continually improving our procedures, good-practice guidance, and learning materials based on our engagement with partners, analytical work, and operational experience. We also help clients understand and find solutions to difficult challenges they face.