Who and where are the Equator Banks? - IILJ

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= tÜÉêÉ=åÉñí=Ñçê=íÜÉ=bèì~íçê=mêáåÅáéäÉë\=EÅçåíáåìÉÇF= There was general concern among the Equator Banks, not only about the review process within the IFC, but also at the lack of information provided to them to assess the merits of the proposed reforms. The revised policies will, when finalised, probably require the revision of the Principles and financial institutions expressed the need for their own consultation process with their stakeholders on the revised Principles before the new Principles are implemented. It is quite possible that the IFC review will cause a schism among the Equator Banks. While some Equator Banks may accept the new performance standards, particularly if the IFC takes on board the views of the Equator Banks’ lobby, other Equator Banks may seek to draw the line at the IFC Safeguard Policies as they existed at the date on which the bank adopted the Principles. The differences and difficulties that arose in negotiating and drafting the Principles in 2003 no doubt will re-emerge unless consensus amongst the Equator Banks is obtained to the proposed changes to policy. Avoidance of schism is a challenge that the Equator Banks have faced since 2003 but it will become more daunting as they go forward. OQ= bèì~íçê=mêáåÅáéäÉë=pìêîÉó=OMMR=Ó=pìãã~êó=oÉéçêíW=m~êí=f=Ó=qÜÉ=_~åâë= cêÉëÜÑáÉäÇë=_êìÅâÜ~ìë=aÉêáåÖÉêI=cÉÄêì~êó=OMMR=
= oÉÅçããÉåÇ~íáçåë=Ñçê=bèì~íçê=_~åâë _Éëí=áåÇìëíêó=éê~ÅíáÅÉ=êÉÅçããÉåÇ~íáçåë= • Continue to collaborate on developing best practice in implementing the Principles. The development of best practice could be improved further by: • sharing precedents, knowhow, systems, structures and materials (subject to client confidentiality); • setting up a working group of leading Equator Banks, project sponsors and professional advisers, to review policy, produce a best practice manual and to share knowhow; • developing panels of external experts in the fields which the Principles require the Equator Banks to address; • consulting with NGOs, sponsors and other stakeholders with a view to working towards consistent implementation of the Principles by developing consensus on the interpretation of the Principles and on the exercise of any discretion in implementing them; and • making use of the expertise and experience of the ECAs and Multilateral Lending Agencies (MLAs) on social and environmental issues. • Develop greater awareness of the Principles among staff and advisers. • Develop greater awareness among NGOs and stakeholders of the project finance market and the drivers and mechanics associated with funding major projects, and explain the role of banks from arranging to syndication in the life cycle of a project. • Subject to client confidentiality, disclose in the bank’s annual corporate and social responsibility report the number of Principles projects actively considered in the course of the year (both as lead arranger and as a syndicate member); the number of projects in each sector considered; the number of projects in each category considered; the number of applications by sponsors accepted (whether modified or not as a result of the application of the Principles) and rejected; and the occasions on which, and reasons why, the bank has chosen to deviate from strict application of the IFC Safeguard Policies. OR= bèì~íçê=mêáåÅáéäÉë=pìêîÉó=OMMR=Ó=pìãã~êó=oÉéçêíW=m~êí=f=Ó=qÜÉ=_~åâë= cêÉëÜÑáÉäÇë=_êìÅâÜ~ìë=aÉêáåÖÉêI=cÉÄêì~êó=OMMR=
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Who and where are the Equator Banks? - IILJ

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