We have more than 15 employees dedicated to Corporate Social Responsibility (CSR), including a team of seven specialists who are directly responsible for reviewing projects against the requirements of our Environmental and Social Risk Management policy. The members of this Environmental Advisory Services (EAS) team have diverse backgrounds in environmental and social impact assessment, biodiversity conservation and management, human rights, community development and stakeholder engagement, environmental management systems and engineering. This team represents one of the largest in-house environmental departments of any Equator Principles Financial Institution (EPFI) or export credit agency.
The Environmental Advisory Services team plays a pivotal role in ensuring that we conduct our business in an environmentally and socially responsible manner in accordance with our corporate policies, legal environmental obligations and international commitments. In doing so, the team is responsible for categorizing and reviewing all projects that we support against applicable standards, including the IFC Performance Standards and Equator Principles. Accordingly, this team works closely with our project finance teams to negotiate and structure environmental covenants, Action Plans and annual monitoring and reporting requirements in our loan agreements. The EAS team also provides guidance to our business teams, reviews environmental documentation, carries out site visits, ensures project compliance with environmental covenants, and communicates with exporters as well as external consultants working on projects.
Adopted in 2006, the International Finance Corporation's (IFC) Performance Standards on Environmental and Social Sustainability ("Performance Standards" for short) provide guidance to the IFC's clients on how to design and operate projects in a way that avoids, mitigates, manages and/or offsets their environmental and social impacts.
Taken together, the eight IFC Performance Standards:
The Government of Canada promotes these standards in Building the Canadian Advantage: A CSR Strategy for the Canadian International Extractive Industry, its CSR Strategy, and several global companies have based their corporate policies on them.
To help incorporate environmental and social risk assessment into our credit and risk management processes, we have adopted and implemented the OECD Recommendation on Common Approaches on Environment and the Equator Principles, which use the International Finance Corporation’s Performance Standards for Environmental and Social Sustainability as guidance.