Fair Finance International (FFI) is an international civil society network of over 100 civil society organization (CSO) partners and allies, initiated by Oxfam1, that seeks to strengthen the commitment of banks and other financial institutions to social, environmental and human rights standards.
As a global network FFI uses a rigorous methodology to assess, report on, and campaign for more responsible investment policies & practices called the Fair Finance Guide International (FFGI)2 Methodology. By benchmarking the investment policies and practices of financial institutions in critical areas such as human rights and climate impact, FFI enables consumers and policy holders to demand more socially responsible, fair, and sustainable investments.
FFI builds on a pioneering model developed in the Netherlands since 2009, followed by a similar initiative in Brazil in 2011, which demonstrated the potential for bringing about positive change in the ways the financial sector invests.
Currently, the FFI project is operational in 7 countries globally, namely – Belgium, Brazil, Germany, the Netherlands, Norway, South Africa, and Sweden. New Fair Finance coalitions are starting up in Peru, Bolivia and Colombia. FFI’s project management unit, the FFI Secretariat, is based in Oxfam Novib in the Hague, the Netherlands.
The FFI project is part of a wider network, including the Fair Finance Asia project, which is active in 8 countries across the South and South-east Asia. The current phase of the FFI project is from 2021-2023, with plans for the project to expand the countries of operation in the regions of South America and Africa in the coming years.
The FFI 2021-2023 project aims to reduce poverty, ensure greater respect for human rights, gender equality and protection of the environment for people living in developing countries, by engaging with financial institutions and regulators that have an impact on these issues.
See below a description of the Theory of Change.
For the current phase of the FFI project, there are two distinct pathways for developed and developing countries, comprised of long-term outcomes, intermediate outcomes, and short-term outcomes. The two pathways are: I: In developing countries and II: In developed countries.
For I Developing countries the outcomes are:
- Long-Term Outcome 1: Companies (not FIs) in developing countries reduce poverty and respect human rights, gender equality and the environment
- Long-Term Outcome 2: 50 financial institutions in developing countries reduce poverty and respect human rights, gender equality and/or the environment and/or demand that the companies they finance to do the same
- Intermediate Outcome 1: Governments in developing countries and regional institutions adopt policies that are pro-poor and regulate the behaviour of financial institutions and companies
- Intermediate Outcome 2: CSOs, citizens and media in developing countries demand responsible and well-regulated financial institutions and companies
- Short-Term Outcome 1: FFI coalitions in developing countries support other CSOs and convince media, citizens and government to be allies in influencing or regulating financial institutions and companies
- Short-Term Outcome 2: Agendas of FFI coalitions are set by people in developing countries and the CSOs that represent them
For II Developing countries the outcomes are:
- Long-Term Outcome 3: Multinationals and international buyers use their power in the value chain to reduce poverty and respect human rights, gender equality and the environment
- Long-Term Outcome 4: 40 financial institutions in developed countries use their leverage to demand that companies and financial institutions in developing countries reduce poverty and respect human rights, gender equality and the environment
- Intermediate Outcome 3: Governments in developed countries and institutions at national, regional and global levels adopt policies that are pro-poor and regulate the behaviour of financial institutions and companies
- Intermediate Outcome 4: CSOs, citizens and media in developed countries demand responsible and well-regulated finance
- Short-Term Outcome 2: Agendas of FFI coalitions are set by people in developing countries and the CSOs that represent them
- Short-Term Outcome 3: FFI coalitions in developed countries support other CSOS and convince media, citizens and government to be allies in influencing or to regulate financial institutions
s the Fair Finance International project is nearing the end of the current phase of implementation in December 2023, an evaluation is being sought to, primarily, follow up on and review the progress made towards the recommendations and action points identified since the Oxfam Fair Financial Flows Evaluation, completed in July 2019. Moreover, this review process is also envisaged to conduct an assessment of the outcomes harvesting in the FFI project. Furthermore, this Endline Review is intended to contribute to the development of a strategic approach for the next phase of implementation of the FFI project, planned for the period 2024-27.
This evaluation is being commissioned by the Fair Finance International Secretariat, based in the Netherlands, and is to be conducted in accordance with the Organisation for Economic Co-operation and Development (OECD) Development Assistant Committee (DAC) Principles for Evaluation of Development Assistance (DAC, 1991). As per these Principles, it is expected that the evaluation will be conducted by a team of independent, external professionals, in conjunction with partners of the Secretariat and coalitions in the various countries in a participatory and collaborative manner.
This request for proposal is intended for seeking quotations according to Oxfam procedures in order to identify and select the most appropriate evaluation team. This ToR describes formal and procedural requirements, as well as details specifications of the evaluation and serves as the primary source of information for parties in conducting the evaluation.
For more information please refere to:
2. Terms of Reference
• To comprehensively follow up on and review the progress made towards the recommendations and action points relevant to the Fair Finance International project identified since the Oxfam Fair Financial Flows Evaluation, completed in July 2019.
• To conduct a comprehensive review of the outcomes harvesting process (conducted by country coalitions) to assess the overall achievements and impacts of the project.
• To provide concrete advice for overall project enhancement and actionable recommendations to contribute to the planning for next phase of the project, intended for the 2024-27 period
- A report in the English language with a maximum of 40 pages for the core part (excluding annexes, title page, and table of contents.
- An executive summary of key findings and recommendations no longer than 5 pages.
2.2 Key questions
Here are some of the basic evaluation questions to consider for the purpose of this request for proposal (RFP). There are potentially other key questions that could require greater attention during the review process which can be identified following consultations between the FFI Secretariat and the selected evaluator/s.
- What real difference have the project activities made to the influencing targets (e.g. financial institutions and regulators (direct targets), companies in developing countries and in developed countries (indirect targets)?
- How effectively have FFI partner countries collaborated within their own coalitions and partner organizations, as well as with other FFI countries, to achieve sustainable finance both nationally and regionally? How has this changed since the Oxfam Fair Financial Flows Evaluation in 2019?
- What has been the added value of the FFI project to stakeholders at the national (in developed and developing countries) and global level in contributing to sustainable finance objectives?
- To what extent has the project integrated gender justice issues into the outputs and outcomes?
- To what extent were the project objectives achieved? What is the level of realization of the key indicators (of the two pathways, for developed and developing countries) since the Oxfam Fair Financial Flows Evaluation in 2019?
- What are the major achievements and impact of the project, particularly with respect to developing countries (considering both the impact by developed and developing countries)? Where did the project have room for improvement?
- To what extent has FFI contributed to policy change, influencing, and project outcomes? How have country coalitions in developed countries contributed to policy and practice changes in actors in developing countries?
- How adaptive is the project to changes, in terms of modifying activities/operations in order to meet planned outputs and outcomes?
- What are the main factors (both within the project and externally) that led to overperformance and/or underperformance in specific result areas? Were there any other factors influencing the achievement or non-achievement of the objectives of result areas?
- What are the (un)intended changes achieved, directly or indirectly, as a result of the activities implemented? What additional (unforeseen) results can be identified?
- Does the project’s Theory of Change (ToC) adequately address the many facets of sustainable finance, particularly with respect to the assumptions and mechanisms of impact? Does the ToC need adaptation to improve future impact and resilience of the project?
- To what extent, and how, have external factors and the country contexts influenced the achievement and/or failure of the intended outcomes and the project goal? How have they been managed and what could be improved?
- What are the lessons which can be drawn and which should be borne in mind when embarking on the next phase of the FFI project?
2.3 Scope and focus
It is expected that the external evaluators will work in coordination with the FFI Secretariat and partners in national FFI coalitions (including both coalition leads and members). It is expected that the evaluators will also engage financial sector actors and regulators, facilitated by national coalitions in FFI countries, to understand the broader impact of the project on sustainable finance, as well as the contribution of case studies and policy assessments on the improvement of financial policies and practices.
The evaluation will be based on desk research, semi-structured/structured interviews, and secondary data analysis. The interviews may be in the form of key informant interviews, one-on-one semi-structured/structured interviews, and/or focus group discussions. It is unlikely that international travel to all country partners will be possible for the duration of the data collection period due to budget limitations. It is encouraged that the team of consultants factor in online mechanisms of evaluation as the predominant way of working.
List of documents to be used as a base (not exhaustive):
o Donor approved proposal for the current phase of the FFI project (2021)
o The Oxfam Fair Financial Flows Evaluation in 2019 report and Management Response
o Annual reports – 2019, 2020, 2021, potentially the 2022 Annual Report if scheduling permits (overall and per country)
o Websites and other communication materials
o Report meetings: FFI General Assemblies (2019, 2020, 2022)
o Methodology documents FFGI / FFI, guidelines, finance documents, and other relevant project documents
o Case study reports (selection of 6-10 cases); selection in consultation with Fair Finance International’s Secretariat
o FFI monitoring sheets and newsletters (on the Project’s reach on social media, meetings with banks / regulators etc.)
o Outcome harvesting statements by national coalitions
Although most members of the FFI coalitions can communicate in English, written materials and websites in some countries (Brazil, Belgium, Germany, Norway, Netherlands, Sweden) are only in the local language. No specific resources are foreseen for hiring translators. Costs of coping mechanisms, such as transcription/translation (if required) should be part of the budget offer, though it is unlikely that these will be required with the English language proficiency of all coalitions.
2.5 Schedule, budget, timeline, and deliverables
- Contract signature: 16 December 2022
- Induction: 2 hours
- Inception report: An inception report, including the planning of the evaluation process and methodology agreed upon by evaluation coordination team. 7 working days. Within 7 working days after contract start
- Review secondary data and develop interview questions: Semi-structured/structured interview questions developed, agreed and ready to be sent to local actors in each country; questions based on preliminary findings of analysis of secondary data and preliminary interviews. 13 working days. Deadline for submission: 6 January 2023
- Interviews: In selection of countries; questions based on review of secondary data; can be on-line. 15 working days
- Draft report: Draft version report submitted to Evaluation Manager and presented (face to face, or online) to FFI staff and country coalitions for feedback and possible adjustments in further research. 6 working days. Deadline for submission: 17 March 2023
- Final report: 3.5 working days. Deadline for submission: 28 April 2023, followed by final report approval
- Presentation of findings to FFI network: 0,5 working days. Deadline for submission: End of April 2023
3. Process of procurement, selection of evaluator
This procurement procedure is organized to contract a consultant(s) for the Fair Finance International Endline Evaluation. Selected potential suppliers are asked to take part in the competitive procedure for the above mentioned contract. Potential suppliers are asked to present a proposition and make a quotation based in the administrative criteria, selection criteria and the award criteria mentioned below. These quotations are assessed on their compliance, quality and price. The contract will in principle be awarded to the organization with the quotation that has the greatest value for money. This means that not only the price, but all award criteria and expertise will be taken into consideration. A panel will conduct interviews with the suppliers with the highest scoring quotations before an award decision is made. The purpose of the interview is to seek further understanding and clarification on the submitted quotations and learn more about the background and previous experiences of the potential suppliers and their teams.
7.2 Administrative criteria
• Any questions, remarks or requests for clarification can be sent to Mr. Pavle Vizintin (firstname.lastname@example.org) and Ms. Nina Rodriguez Dubsky (email@example.com).
• Quotations should reach Oxfam Novib no later than December 4th, 2022
7.2.2 Contents of quotation
The following should be included in applications:
• Full proposal tailored to the assignment detailed herewith including an approach paper, and timeline and
milestone planning based on this ToR;
• At least two relevant reference assignment previously performed by the supplier that are comparable in content, time and budget;
• Copy of the registration with the Chamber of Commerce, clearly indicating the VAT number and physical address of the applicant;
• CV(s) of the proposed consultant(s), proving relevant experience and/or diplomas. See also Assessment of the CVs (7.3.2).
• Total price. Accompanied with a cost breakdown, showing days or hours spent (per consultant involved) and the related fee, as well as out-of-pocket costs (costs other than fees).
Quotations should be submitted by e-mail with the subject line “Fair Finance International Endline Evaluation RFP” to: firstname.lastname@example.org and email@example.com
7.3 Award criteria
The evaluation of the quotations will be based on the best value for money criterion covering technical quality (the evaluation methodology and the best combination of CVs of the consultant presented) and price of the quotation.
7.3.1 Assessment of the approach paper
The assessment of the approach paper will be based on the criteria below. The best fitting approach paper for the assignment will be given the most points.
1) Understanding of the assignment (this includes familiarity with countries / region, their reality, political trends, financial sector and advocacy approach of the FFI project)
2) Realistic time planning, given the ToR as described above;
3) Attention for the international and participative character of the evaluation;
4) References from similar assignments;
7.3.2 Assessment of the CVs
The assessment of the CVs will be based on appropriateness of the proposed consultant(s) based on the criteria below. The best fitting CVs for the assignment will be given the most points. The following competencies should be made clear in the CVs provided:
• >8 year experience in international program evaluation, with significant knowledge and experience of evaluation concepts and approaches;
• Academic degree (Masters as minimum) focused on financial sector sustainability, ESG transparency and accountability, international development, or relevant fields;
• Experience within and up-to-date knowledge of developments on the financial sector in Europe, Latin America, and Africa, as well as the international debate and measures on private capital mobilization, and sustainable finance;
• Knowledge on governance and transparency issues within local / national governments and the financial sector;
• Experience with integration of ESG and Human Rights criteria in business performance;
• Experience with integration of a gender lens in development and campaigning work;
• Knowledge and experience in organizational development and management of networks / platform structures;
• Experience with (inter)national (I)NGOs and NGO platforms;
• Experience in quantitative and qualitative results measurement
• Excellent analytical skills;
• Excellent writing and presentation skills;
• Excellent command of English.
• Knowledge of interaction between CSOs, authorities and the private sector (specifically financial sector)
• Experience with ranking and indexing tools similar to the Fair Finance Guide International Methodology;
• Experience in conducting international research
• Good understanding of Corporate Social Responsibility (CSR) policies in general and international guidelines for the financial sector in particular
• Good understanding of roles of and relations between governmental, financial, corporate and civil society sector
• Prior experience in research on countries in which FFI operates
• Knowledge of tendencies in development cooperation donor community
7.3.3 Assessment of the Prices
The contractor will have to make provisions for covering all costs associated with the assignment. This includes, but is not limited to, the following:
• Research, data collection and analysis, survey development, report writing and editing costs.
• Secretarial / office-related costs which may include communications (phone, skype, telecommunications, mail, photocopying, courier etc.), report production, secretarial services, including potential translation / interpretation costs. No costs of this nature may be charged in addition to the offer submitted with the quotation. No office, secretarial or communication facilities will be provided by Fair Finance International or partner NGOs.
• The consultant will be in charge of the secretarial and logistic arrangements for all consultations with stakeholders.
• In case travel is foreseen by the contractor, the contractor is responsible for arranging and paying for any required security trainings and / or safety measures prior, during and after the trips.
In the event of a calculation error in the quotation, the unit price will prevail. Remuneration is based on submission of final deliverables as mentioned in chapter 2.5.
7.4 Selection and assessment
The assessment of the quotations will start with an assessment of the administrative criteria. These criteria are all knock-out criteria. That means that if these criteria aren’t met in a supplier’s quotation, this quotation will be put aside and the award criteria of this quotation will not be assessed.
The quotations that meet the administrative criteria will be assessed against the award criteria. The award criteria are assessed according to the following distribution of points.
- Quotation received within deadline: KO
- Copy of the registration with the Chamber of Commerce, clearly indicating the VAT number and physical address of the lead applicant: KO
- Evidence of financial stability (e.g. audited financial statement): KO
- At least two relevant reference assignment previously performed by the supplier that are comparable in content, time and money: KO
- An approach paper, including a time planning based on this ToR: KO
- CV(s) of the proposed consultant(s), proving relevant experience and/or diplomas. See also Assessment of the CVs: KO
- Total price. Accompanied with a cost breakdown in days or hours spent and the related fee: KO
- Technical criteria: Approach paper: 40 out of 100 and CVs: 45 out of 100.
- Price: 15 out of 100
Only quotations with combined scores of at least 70 points (out of 85) for the technical award criteria (approach paper and CV) qualify for the financial evaluation.
Interviews will be organized with the 2-3 suppliers with the highest scoring quotations from 07/12/2022. The purpose of the interview is to seek further clarification on the submitted quotations and learn more about the background and previous experiences of proposed consultants and their competencies. After the interviews the total points scored on the award criteria can be reassessed.
Oxfam Novib reserves the right to stop the purchase procedure completely or partly, temporarily or permanently, at any moment before the signing of a contract. In these situations, suppliers are not entitled to reimbursement of any costs or damages incurred in connection with this purchase procedure.
Quotations should be valid until at least three months after the deadline for handing in quotations mentioned above.
Oxfam Novib cannot be charged in any way for costs related to preparation and submission of a quotation. This can also include interviews and/or providing further information about the quotation.
The risk of any costs and/or damages which may arise by not awarding this contract to a supplier lay solely with the supplier. Oxfam Novib cannot be held responsible for any such costs or damages.
By submitting a quotation, the Supplier agrees to all the terms and conditions specified in this procedure and the provisions of the contract template. The quotation will not contain any reservation(s) to these terms and conditions. A quotation with one or more reservations can be excluded from the procedure.