Panel Chairman Participates in Workshops in China to Enhance FIs’ Understanding of Environmental and Social Compliance
Inspection Panel Chairman Gonzalo Castro de la Mata took part in two workshops in China designed to enhance financial intermediaries’ (FIs) understanding of environmental and social compliance and accountability to project-affected people. The first workshop – co-organized by the Policy Research Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) and the Office of Compliance Review Panel (OCRP) of the Asian Development Bank (ADB) – took place on June 12 in Beijing and was attended by representatives of government agencies, institutes and banks in China; ADB and ADB member countries; and other multilateral development banks (MDBs) and international institutions. A similar group of participants attended a regional workshop on June 14 and 15 in Xiamen that was co-organized by China’s Ministry of Finance, as well as the Policy Research Bureau of CBIRC and OCRP. During the workshops, Mr. Castro de la Mata spoke on the topic of safeguard compliance and accountability practices, took part in a discussion on the operations of accountability mechanisms within MDBs, and chaired a discussion on how to establish an environmental and social safeguard framework in FIs. The purpose of the two workshops was to promote accountability and management of environmental social risks by financial institutions, and to guide the establishment of a complaint mechanism for compliance review and accountability within those institutions if necessary to ensure that relevant safeguard policies and international best practices are implemented. The Panel chairman attended a similar accountability workshop last November in China, which is investing heavily in infrastructure development in several countries under its “One Belt, One Road” initiative.