Original disclosure @ EBRD website
Updated in EWS Dec 9, 2022
Disclosed by Bank Dec 7, 2022
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As part of its Legal Transition Programme, the EBRD conducts corporate governance reviews ("CG Review") of its selected investee companies, which enables an assessment of the basic corporate governance structure of a potential client in a consistent and impartial manner. This enables Banking teams to identify possible improvements of the clients' corporate governance practices either as a source of transition impact or as a response to particular governance risks that have been identified.
These improvements can then be defined as standalone measures or as more comprehensive Corporate Governance Action Plans ("CGAP") which the client is expected to implement during the life of EBRD investment. The CG review process is predominantly conducted in-house by the Legal Transition Team ("LTT"). In recent years, prompted by the climate change crisis and supported by the emergence of environmental, social and governance ("ESG") considerations in investments, investors and other stakeholders are putting ever-increasing pressure on companies to take into account the impact of their business operations on the environment, society, human rights aspects and the broader economy. The global regulatory landscape around sustainability is shifting rapidly, with new climate-related disclosure requirements being developed and implemented in the UK, EU, Australia, New Zealand, Japan, China, Hong Kong, Canada and the USA. In view of the above, EBRD now intends to enhance and adapt its existing Corporate Governance Toolkit ("CG Toolkit") to the new realities, which will entail digitalising the CG review process to the maximum possible extent and ensure that data collected are captured into a database. This will serve to effectively evaluate and enhance governance practices in a larger number of EBRD's investee companies in order to support its further activities in policy reform and draw lessons learned and policy directions for future activities.
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ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
You can contact the PCM at: firstname.lastname@example.org or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html