The EBRD’s Board of Directors approved the Bank’s revised Environmental and Social Policy (ESP) on 12 May 2008. The Policy establishes the broad framework which governs how projects are appraised and monitored by the Bank. In addition, ten Performance Requirements (PRs) have been developed which set out the requirements and standards the EBRD requires of its clients and projects. Along with the EBRD’s Public Information Policy (2008) and Independent Recourse Mechanism, the ESP is a key reflection of the Bank’s commitment to the principles of environmentally sound and sustainable development and good corporate citizenship. The Environmental and Social Procedures (herein referred to as the “Procedures”) outline the process by which Bank staff process and monitor projects in accordance with the overall ESP framework. The Procedures apply to the full range of the Bank’s activities, including direct investment operations, Financial Intermediary (FI) operations, Technical Cooperation (TC) projects, and projects financed through Special Funds.