In response to concerns over the expansion of sovereign wealth fund (SWF) investments in the western world, the IMF created an international working group to design an accountability and governance framework for SWFs. In October the working group released generally accepted principles and practises (GAPP), consisting of 24 voluntary principles, endorsed by the IMFC at the annual meetings. The principles focus on legal frameworks, risk management and investment policies, all emphasising timely disclosure and transparency of funding sources, risk management frameworks and financial statements.
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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