The practice of Independent Accountability Mechanisms (IAMs): Towards good governance in development finance

Abstract

Multilateral development banks and other development agencies have adopted environmental and social safeguard policies setting due diligence standards for the provision of project finance. Such policies are evolving in terms of the activities covered and in their normative requirements. Recent iterations incorporate human rights requirements, recognising the imperative of adopting human rights-based approaches to development. Each institution has also established independent accountability mechanisms (IAM), variously functioning to ensure compliance with the applicable safeguards, to advise management regarding the application of the obligations involved, and to facilitate communication with affected communities and individuals with a view to resolving project-related disputes. IAMs are central to the implementation, interpretation, and ongoing elaboration of safeguard policies, and thus to the environmental and social good governance so essential for sustainable development. This edited volume presents a series of in-depth examinations by leading experts from banking institutions, academia and civil society, of key aspects of the rapidly evolving practice of IAMs, and of the implications of such practice for environmental and social governance.