Law360, New York (September 7, 2011, 1:53 PM EDT) -- The International Finance Corporation ("IFC") recently released an updated version of its Performance Standards on Environmental and Social Sustainability. The IFC uses the Performance Standards to manage the social and environmental risks and impacts associated with projects receiving IFC financing. The revised standards reflect a number of important changes, particularly on the topic of engaging with communities, with special guidance related to indigenous peoples.
The Performance Standards, in essence, lay out three tiers of community engagement:
1) Baseline Consultation
Pursuant to Performance Standard 1, companies are required...