CAO releases Compliance Audit Report of IFC’s Financial Sector Investments – February 5, 2013

On February 5, 2013 the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for the International Finance Corporation (IFC), released its Compliance Audit Report of the IFC’s Financial Sector Investments.

According to the media communique released by the CAO on the same day, “CAO’s audit shows that IFC’s approach is not designed to support the broader outcomes that are commensurate with IFC’s prominent leadership role as a promoter of environmental and social responsibility in the private sector,” said Meg Taylor, CAO head and Vice President of the World Bank Group. “To achieve the aspirational objectives of IFC’s policy framework and meet the expectations of external stakeholders requires IFC to expand its approach. We look forward to working constructively with IFC to address the audit findings.

The CAO audit and IFC’s official response were cleared by World Bank Group President, Jim Kim on February 4, 2013. The audit will remain open while CAO monitors IFC’s implementation of actions to address the audit findings.”

You may download the audit report from the CAO internet site.