Ethical, Social and Environmental Standards and Practices of World Essay

Ethical, Social and Environmental Standards and Practices of World Bank - Essay Example The World Bank cordinates with a multiplicity of actors that include government agencies, civil society organization and private sector; thus, high degree of Ethical, Social and Environmental Standards and Practices should be maintained by the World Bank. Social and Environmental Standards and Practices The World Bank has received serious criticism from international and internal level because of the inequality of distributing funds to the need countries. Thus, it has changed its policies as it has persistently been developing new and diverse methods to support socially and environmentally sustainable development by involvement in World Bank projects. There are formulated safeguard policies that are compulsory strategies for every decision, or measure undertaken by the World Bank representatives (Marshall, 2008). The aim of these safeguards is to keep certain social and environmental standards in projects that are managed by the World Bank. Thus, social and environmental soundness is currently a crucial requirement in the project’s valuation of progress, especially for the loan agreement. Although, there is always interference of political and economic activities, the World Bank article of agreement demand that a measure be economically efficient and avoid political considerations. Meanwhile, there is a stronger connection between social and environmental considerations; the World Bank gives the social and environmental rights more weight than the economic development. Manske and Frey (2004) indicate that the environmental standards have to be compiled in every internal or external of World Bank decision and development measures with emphasis on the ecological aspect that act as conditions in a loan agreement. The environmental standards comprise the considerations of labor, health, safety gender and community issues of the developing countries. They contribute to promotion of democracy and human rights because the political awareness and participation i n activities of ecological concern is maintained. Thus, the World Bank has active responsibilities in setting social and environmental standards and promoting exceptional corporate governance. Its key principles are a standard for the financial industry in managing social and environmental issues in projects financing. The organization supports the management of social, environmental of its members, and signed corporate governance approach to promote reasonable governance practices. The approach supports the right and equitable treatment of its members on matters of social and environmental issues. Meanwhile, it supports the disclosure and transparency of the information to its members with a suggestion of the duties of representatives. According to Manske and Frey (2004), the transparency and disclosure of the information provides extra reputation to transparency for the natural resource development among the members. The disclosure of information of dangerous population to its mem bers has helped these members to implement various measures to stop the carbon emulsion into the environment. The organization has managed to introduce flexibility that is vital to customers because it comprises varying capacities and diverse financing products to its members. It enhances effectiveness and strengthens the significance of safeguards in changing its member’