Background to Consultation on IFC's Disclosure Policy

IFC's Policy on Disclosure of Information was last revised in 1998 and sets out the policy of the IFC on disclosure of information and describes the materials that will be made publicly available. The policy applies to IFC at the corporate level as well as the disclosure and consultation issues relating to its client companies. Since the policy was put in place, there has been a shift in expectations regarding transparency and building trust, and IFC procedures and documentation have changed. Recognizing that transparency promotes efficiency of process, accountability, and helps achieve better development outcomes, IFC is conducting a review of its 1998 Policy on Disclosure of Information.

IFC is making this working draft 'Disclosure Policy Framework' available to the public as part of its ongoing consultation on the concept paper on review of IFC's Policy on Disclosure of information dated August 12, 2004. Comments received on this framework will be considered by IFC in preparing the draft of the revised Policy on Disclosure of Information to be presented to the IFC board committee on development effectiveness for its review. Thereafter, IFC will release a draft policy to the public for a 30-day comment period prior to consideration and action by IFC ’s board of directors.

By reviewing its Disclosure Policy, IFC aims to:

• 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 sponsor's 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
  

A Concept Paper on the Review of the IFC's 1998 Policy on Disclosure of Information provides useful background for consultation particpants. Further information and background reading can be found at IFC's Policy Review website