Complaint > Ficohsa-01/ CAO Vice President Request

Monitoring: English

...financial intermediary clients, and their exposure to high-risk subprojects. While IFC’s consultant reached broadly positive conclusions regarding the project’s social performance, the methodology employed did not provide sufficient evidence that IFC’s FI client had properly: a) applied IFC’s E&S requirements to Indura; or b) supervised PS compliance with regard to the issues raised in the Indura complaint. Upon review of available documentation, CAO concludes that IFC lacked sufficient evidence...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Review: Terms of Reference for Compliance Investigation of IFC Investment in Banco Ficohsa

...Financial Intermediary clients • Identification and management of E&S risks around Financial Intermediary clients. • Knowledge of IFC’s Performance Standards, as well as applicable Environmental and Social Review Procedures. • Experience and knowledge of compliance investigations. • Demonstrated ability to analyze policies and practices and develop proposals for reform in complex institutional contexts. CAO terms of reference for Compliance Investigation ...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Report: English

...Financial Intermediary clients  Identification and management of E&S risks around Financial Intermediary clients.  Knowledge of IFC’s Performance Standards, as well as applicable Environmental and Social Review Procedures.  Experience and knowledge of compliance investigations.  Demonstrated ability to analyze policies and practices and develop proposals for reform in complex institutional contexts. ...

Complaint > Ficohsa-01/ CAO Vice President Request

Monitoring: English

...Financial Intermediaries (the FI Audit), published in February 2013.2 The systemic findings of the Ficohsa Investigation are thus addressed in CAO’s monitoring of the FI Audit.3 This monitoring report considers actions taken by IFC in response to the project level findings of the Ficohsa Investigation. Background 5. Between October and November 2011, IFC’s Asset Management Company made an equity and subordinated debt investme...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Review: English

...Financial Intermediaries, and suggest the need for a reassessment of IFC’s approach to the identification and management of environmental and social risk in its financial markets business. IFC has issued a formal response to CAO’s investigation. CAO will monitor IFC actions in response to the CAO findings and issue a monitoring report within the next year. Full details in relation to this report are available at: www.cao-ombudsman.org Contact in Washington, DC: Emily Horgan, CAO Communications S...

Complaint > Ficohsa-01/ CAO Vice President Request

Appraisal: CAO Compliance Appraisal of IFC investments in Banco Ficohsa - December 4, 2013

...Financial Intermediary (FI) client, (b) IFC’s approach to the assessment of the client’s capacity to manage and mitigate these risks; and, (c) the measures that IFC required of the client to ensure appropriate management of E&S risk. At appraisal, IFC is required to review “the business of its FI clients to identify activities where the FI could be exposed to social and environmental risk as a result of its investments.”8 IFC’s E&S requirements are expected to be “proportional to the level of po...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Report: Spanish

...Financial Intermediaries, p.38. 64 IFC, ESRP (versión 4), agosto de 2009, párrafo 7.2.19. 65 Ibid. 66 IFC, ESRP 7 (versión 4), párrafo 2.19 67 CAO (2012) Audit of a Sample of IFC Investments in Third Party Financial Intermediaries, p.38f. 68 IFC, ESRP (versión 4), agosto de 2009, párrafo 7.2.18. 31 Informe de investigación de la CAO C-I-R9-Y13-F190 IFC no cumplió los req...