The revised IFAD Evaluation Policy, approved by the Executive Board in May 2011, provides further clarification and guidance on the purpose and role of independent evaluation at IFAD. It aims at strengthening both accountability and learning for better development results on the ground. While the fundamental principles and operational policies of the 2003 Evaluation Policy remain largely valid - independence, accountability, partnership, and learning -, the new policy incorporates the recent changes that have taken place in IFAD since this first Evaluation Policy, such as the approval of the Fund's direct supervision and implementation support policy, and the introduction of country presence. The revision also reflects the most up-to-date evolution of the evaluation function in development organizations, in particular within other international financial institutions.
A distinct new feature of the 2011 Evaluation Policy, compared with the 2003 Evaluation Policy, is the integration of IFAD's self-evaluation system. The policy for the first time stipulates the definition and policy provisions of IFAD's self-evaluation functions.
The revision also refers to the new Terms of Reference and Rules of Procedure of the Evaluation Committee approved in May 2011, which, inter alia, re-define the objectives and scope of work of the Committee as well as its oversight responsibilities in relation to IFAD's evaluation function.
Subsequent amendments to the Evaluation Policy have been approved by the Executive Board on December 2013, April 2014, September and December 2015 on issues such as the revision of the procedures for selecting and appointing the Director, revision to the procedures for handling disciplinary measures following integrity investigations and the revised timeline for the Annual Report on Results and Impact of IFAD Operations.