BSTDB Board of Directors Approves an Updated Public Information Policy

News | 23-Sep-2013

The Bank’s Board of Directors approved an updated Public Information Policy, which reflects good practices of peer international financial institutions. First introduced in 2005, the BSTDB Policy has undergone an extensive review and now includes a number of new public disclosure categories and revised provisions promoting BSTDB’s better transparency and public accountability.

In particular, the updated Policy envisages public consultations for draft policy documents that have a broad impact on the Bank’s operations, countries and communities concerned.  Environmental and Social Information with respect to operations with significant environmental and social impact and risks (Category A) will be disclosed for public consultation before approval by the Bank’s Board of Directors.  The disclosure periods are 30 days for private sector operations and 60 days for public sector operations.  A summary of the Bank’s budget will be posted on the website after approval by the Board.  Under the new Policy, the Bank will also disclose summary information on the results of the meetings of its Governing Bodies – the Board of Directors and the Board of Governors.  A more comprehensive appeals procedure will enable applicants not satisfied with the Bank’s reply to information requests, to submit a complaint for an independent review.