Steve Gibbons summarises the changes to the IFC's Performance Standards, Read Steve's blog here.
The influential guidelines that set out its sustainability requirements for clients, and which are also used as a benchmark by many other financial institutions.The new Performance Standards are the result of extensive consultation, and will become effective from 1 January 2012
On labour issues (in PS2), the main changes are around:
• Requirements on migrant labour
• Provision of accommodation
• Retrenchment provisions
• Third party contractor rules including access to a grievance mechanisms
• Clarifications on trafficked workers
• Amendments to supply chain provisions.
Steve's blog summarises these changes, as well as highlighting the more substantive new clauses that extend the human rights requirements within the Standards.
