The International Finance Corporation, a private sector arm of the World Bank, plans to include corporate governance clauses in loan agreements. IFC Executive Vice President Peter Woicke told the Financial Times (21/2/01), that projects supported by the IFC have “to meet strict environmental and social requirements” adding that there was now “tremendous pressure” from governments to add corporate governance to the list. “We want to push for corporate governance, transparency and minority shareholder protection in our loan agreements”, he claimed.
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.
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