Who and where are the Equator Banks? - IILJ

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The Equator Principles have been accepted by many of the world’s leading
project finance banks, but not by all of them.
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Why, then, have some banks adopted the Principles and some have not?
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Banks are extremely sensitive to the impact of damage to their reputation,
which can have long-lasting and spectacular effects, particularly in the field
of retail banking. The famous examples of the student boycott of Barclays
over its investment in pre-Mandela South Africa and the seizure of Nazi
gold held by certain Swiss banks haunt the imaginations of many bankers.
Furthermore, banks see themselves as particularly vulnerable, in that their
own reputations may be adversely affected by the actions of a client over
whose commercial strategy they have no direct control – indeed, the actions
which bring public criticism of the client (and, therefore, by implication, of
the bank) may not be those in which the bank is directly concerned. As one
consultee put it during the survey, consumer boycotts may not be fair, but
that does not mean that they are not effective!
Furthermore, many banks value their inclusion in indexes such as
FTSE4Good or the Dow Jones Sustainability Index highly, as an
endorsement of their reputation. They see adoption of and compliance with
the Principles as facilitating their inclusion in these indexes.
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