As part of its goal to attain more legitimacy for the private social investment sector in Brazil, GIFE has begun a movement for transparency and accountability among foundations. The first step was to send all members a letter recommending that by 30 June every year all foundations should have an accountability report for the previous year posted on their websites.
‘We are proposing self-regulation for the sector. Initially we propose very basic accountability items should be published by all. With time, we will probably raise the standards of transparency and accountability, increasing the demands and complexity of what should be published,’ says Fernando Rossetti, GIFE’s secretary-general.
The range of items described on the document is huge and includes activity reports, auditor’s reports and financial statements from the previous year, as well as action plans, indicators and strategies for the current/next year.
The movement started when, in September 2010, research conducted by GIFE revealed that only 15 per cent of the members had published their audited financial statement report. For Rossetti, ‘this is a serious and worrying fact, as well as serving as a bad example for the rest of the organizations in the social sector.’
These initiatives to improve transparency in organizations linked to GIFE aim to achieve the objectives of the Social Private Investment Vision for 2020. With this plan, GIFE hopes to contribute to the building of a relevant social sector that embraces many fields, regions and audiences, and is formed of a sustainable and diversified group of investors.
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