Best 50
Named among Corporate Knights’ Best 50 Corporate Citizens in Canada
LEAD
LEAD
Building leaders in sustainability and responsibility
Building leaders in sustainability and responsibility
We consider Corporate Sustainability and Responsibility a strategic priority
CSR framework
Along with a new Corporate Sustainability and Responsibility (CSR) vision, we launched a new CSR strategy that connects EDC’s corporate vision to the broader CSR landscape through a coherent, interlinked, measurable and easy-to-articulate framework.
Each of the four pillars—business integrity, environment and people, our workplace and our communities—has specific priorities and strategic measures for tracking progress.
1ST
Export credit agency to announce its support for the TCFD recommendations
177
Transactions underwent enhanced anti-corruption and sanctions due diligence
We act on what matters most
Business integrity
Our priorities under the business integrity pillar are conducting our business with honesty, integrity and transparency; and implementing a robust approach to combatting financial crimes. In 2018, we strengthened our “know your customer” onboarding process for financing products, so that we get to know our customers better and consider additional financial crime risk indicators.
Environment and people
Our board approved a new Climate Change Policy, another significant step in our contribution to the global transition to a lower carbon, sustainable economy, and toward our having a more sustainable book of business. We have included our first climate-related financial disclosure in our 2018 Annual Report.
Marina Textiles: Weaving CSR into the textile industry
Based in Mississauga, Marina Textiles is a global importer, distributor and exporter of textile products, specializing in hospitality, health care and home linens. Early in EDC’s relationship with Marina Textiles, a concerned was raised in our pre-screening process—not because of anything the company had done, but rather because it was operating in an industry known for human rights violations (such as child labour, forced labour and illegal migrant workers) and sourcing some of its products from countries where such abuses more commonly occurred.
When EDC’S environmental and social risk advisors conducted enhanced due diligence on the company, they discovered that Marina Textiles had a good track record. However, it was missing a policy to ensure social and environmental responsibility within its supply chain. This meant that if EDC was to do business with Marina Textiles, social and environmental commitments would be included in the contract—one of which included developing, publishing and adhering to a supply chain management policy consistent with OECD Due Diligence Guidance for Responsible Supply Chains. Marina Textiles fulfilled the requirement without delay and to our satisfaction.
“We saw this as an opportunity to improve our business practices and help our industry take a step in the right direction,” says Faheem Adam, CEO, Marina Textiles. To guide Marina Textiles in developing a supply chain policy, EDC provided examples of similar policies used by other companies in the industry.
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