The EBRD is taking further steps to strengthen its sustainability, transparency and accountability, by launching the new Independent Project Accountability Mechanism (IPAM) on 1 July 2020.
Replacing the current Project Complaint Mechanism (PCM), the IPAM will work collaboratively with external stakeholders and the Bank’s management and clients to impartially and independently:
- review environmental, social and transparency-related concerns raised regarding EBRD projects
- facilitate the resolution of disputes among project stakeholders
- determine whether the Bank has complied with its Environmental and Social Policy and Access to Information Policy, and
- promote project performance and institutional learning.
The IPAM has been developed to align with international best practice and introduce innovative approaches into the accountability of international financial institutions’ (IFIs) accountability space.
The mechanism reflects extensive internal and external stakeholder feedback provided during its 17-month design process, which included two public consultation periods, in-person consultation events in eight EBRD countries of operations, and in-depth consultations with Bank staff, clients, peer IFIs and international organisations.
The process resulted in significant changes to the structure, governance and operational procedures of the EBRD’s accountability mechanism, strengthening the Bank’s accountability mandate and promoting greater efficiency and effectiveness.
The IPAM is governed by the Project Accountability Policy, which is a fundamental governance policy of the Bank.
The EBRD has appointed Victoria Márquez-Mees as its first Managing Director, Chief Accountability Officer to lead the transition to and subsequent implementation of the IPAM.
Prior to joining the EBRD, Ms Márquez-Mees led the Inter-American Development Bank’s independent accountability mechanism for over 10 years and chaired the Independent Accountability Mechanisms Network of international financial institutions from 2017-19.
Ms Márquez-Mees’ experience of leading the IADB’s 2014 accountability policy transition will be integral to the implementation of the IPAM’s revised mandate.