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EBRD launches new good governance policies

By Maria Rozanova

  • EBRD unveils good governance policies at the EBRD Annual Meeting and Business Forum
  • The three policies represent the fundamental governance policies of the Bank
  • Over 500 EBRD stakeholders provided comments and feedback to shape these policies

The EBRD is taking further steps to strengthen its sustainability, transparency and accountability by launching an updated set of good governance policies.

The three policies launched today at the EBRD Annual Meeting and Business Forum - the Environmental and Social Policy, the Access to Information Policy, and the Project Accountability Policy - represent the fundamental governance policies of the Bank. They outline the Bank’s commitments in these areas while promoting better awareness and understanding of the EBRD’s procedures and operations.

The Environmental and Social Policy (ESP) guides the EBRD’s commitment to promoting “environmentally sound and sustainable development” in the full range of its investment and technical cooperation activities.

The Access to Information Policy (AIP) translates the Bank’s commitment to enhance the transparency of its activities and promote good governance into concrete actions.

The Project Accountability Policy (PAP) (formerly the PCM Rules of Procedure) outlines how environmental, social and transparency concerns regarding Bank Projects can be independently reviewed and addressed. The Project Accountability Policy will be implemented by the Independent Project Accountability Mechanism (IPAM), which is replacing the current Project Complaint Mechanism (PCM) as the accountability mechanism of the Bank.

The revision of these policies represented the most extensive policy consultation process the Bank has undertaken to date, taking into account lessons learned during implementation, the evolution of international practice and consultation feedback from stakeholders. Public consultations on the draft policies were conducted across 8 cities (Almaty, Belgrade, Cairo, Casablanca, Istanbul, Kiev, London and Tbilisi) with outreach to civil society organisations, industry associations, community representatives from countries of operations, clients, other international financial institutions and international organisations. Over 500 EBRD stakeholders provided comments and feedback.

Alistair Clark, EBRD Managing Director, Environment and Sustainability Department commented: “We are very pleased to launch our new good governance policies resulting from an outstanding engagement of our stakeholders throughout the extensive consultation process. These policies represent an important milestone in our continuous efforts to create more transparency, help improve our operations and build the trust necessary for better cooperation with our stakeholders.”

The EBRD is a multilateral development bank owned by 67 countries as well as the EU and the EIB. The Bank promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents.

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