The Asian Infrastructure Investment Bank’s (AIIB) Policy on Public Information (PPI) has been approved by its Board of Directors, enhancing the transparency and accountability of AIIB.
The PPI replaces an interim policy adopted at the first meeting of the Board of Directors in January 2016 and builds upon AIIB’s early operational experience. The PPI is required by AIIB’s Articles of Agreement (Article 34(4)) and adopts a principles-based approach, underpinned by a presumption of disclosure and a duty of proactive disclosure. The PPI also protects other legitimate interests with a series of exceptions to disclosure.
This principles-based approach was adopted in order to promote maximum transparency. It is also scalable and sustainable as AIIB grows. The PPI also facilitates AIIB’s role as a preferred investment partner by enabling the bank to protect legitimate interests and so command widespread stakeholder confidence.
"Transparency and accountability are the two main pillars of AIIB’s governance," said AIIB President Jin Liqun. "The adoption of this new principles-based Policy on Public Information is further proof of our resolve to be a 21st century bank of high multilateral standards."
Key features of the PPI, which defines what kind of information AIIB is required to disclose, and when, include:
- A governing first principle: "Presumption in Favor of Disclosure."
- Interest-based exceptions to disclosure, instead of static and prescriptive positive and negative lists.
- A mechanism for appeals if a disclosure request is denied.
- A quarterly report by the President to the Board of Directors on the implementation of the PPI.
The PPI was developed after a comprehensive review and reflection upon the Public Information Interim Policy adopted in January 2016. A diverse group of stakeholders, including government agencies, the banking sector, business communities, project implementation agencies, civil society organizations, nongovernmental organizations, multilateral development banks and academics, actively participated in the public consultations held from Jan. 22 to Mar. 16, 2018.
"The insights we received from public consultations were instrumental in helping us draft a policy that better reflects taxpayers’ expectations of how AIIB should live up to its transparency commitment," said AIIB Head of Communications Laurel Ostfield. "As we now move towards implementation of the policy, we aim to create a culture of transparency at AIIB, supported by technology, to make accessing information by the public easy and efficient."
For more information on the Policy on Public Information, please visit www.aiib.org.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 87 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.