2021 Round Up
Happy New Year! We debuted the Console Newsletter in January of last year, using information from over 1,600 complaints about 1,004 projects, spanning 20 IAMs tied to 19 banks. Over the past year the newsletter has covered a wide range of topics related to impacts and harms from development finance, as well as highlighting functionality and use cases for a number of new Console features. We're showcasing the 10 most popular newsletter articles of 2021 below.
We hope that in the coming year, the newsletter continues to be a resource for our collective efforts toward greater accountability and community centered development. In the coming months we'll be publishing articles on the disproportionately low number of successful complaints in the Middle East and North Africa, deeper dives into complaint outcomes and remedy across the IAM system, and descriptions of upcoming Console features. Are there other topics you'd like to see covered? Do you have research you'd like to share with our subscribers? Send us a message and let us know!
By Samer Araabi — Jan. 10, 2022
Noteworthy updates on Bank and IAM policy and practice
The Good Policy Paper, published on 13 December 2021, is a roadmap for financial institutions setting up new IAMs, as well as a tool for existing IAMs to evaluate the effectiveness of their current policies. Some of the key recommendations include: An IAM should have a two-fold mandate: (1) to prevent harm and provide effective remedy to project-affected people and the environment, and (2) to ensure institutional accountability and continuous improvement for the financial institution; An IAM should have three functions: (1) Compliance Review, (2) Dispute Resolution, and (3) Advisory; An IAM’s structure should maximize its impartiality, credibility, legitimacy, and independence from the financial institution’s management; An IAM’s scope and admissibility rules should minimize barriers to accessing the mechanism’s complaint process and allow complaints to proceed in a predictable, transparent, and effective manner; and, Financial institutions should transparently disclose information about the IAM’s procedures, operations, and cases.