Export Development Canada (EDC) Financial Services – Corporate Social Responsibility Requirements. Yolanda Banks Senior Corporate Social Responsibility Advisor Presented to Canada-South Africa Chamber of Business and MineAfrica Seminar, Toronto 22 October 2009.
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Export Development Canada (EDC) Financial Services – Corporate Social Responsibility Requirements
Yolanda BanksSenior Corporate Social Responsibility Advisor
Presented to Canada-South Africa Chamber of Business and MineAfrica Seminar, Toronto 22 October 2009
Role of Export Development Canada (EDC)
Created in 1944, EDC is a Crown corporation that operates on commercial principles. Our mandate is to provide trade finance services to support Canadian exporters and investors in some 200 markets, 130 of which are in developing markets.
Our Basic Products and Services:
The Ambatovy nickel and cobalt mine in Madagascar is expected to employ 1,900 Malagasy workers during
construction and 1,600 during operation.Photos courtesy Sherritt International Corporation
As part of a Category A environmental review, members of EDC’s Environmental Advisory Services group conducted a site visit of the Lumwana Copper mine in Zambia in March 2006.Photo courtesy Equinox Minerals
2009Zambia Développement International Desjardins Inc.Financing Support of foreign direct investment(FDI) $< 1 million
2009South Africa Nedbank Ltd.Financing Sale of Telecommunication Equipment and Services$100 - 250 million in favour of Ericsson Canada Inc. + other exporters
2008TanzaniaMIC Tanzania Limited FinancingTelecommunications equipment and related services$15-25 millionin favour of Ericsson Canada Inc.
2008MauritaniaCaisse Desjardins du Marigot de LavalGuarantee for Sale of various Canadian goods and services$ < 1 millionFlexexportation Inc.
2008EthiopiaBank of MontrealGuarantee for Sale of engineering services $< 1 millionHydrosult Inc.
2008Congo (Kinshasa)La Banque Royale du CanadaGuarantee for Sale of school manuals$< 1 millionBeauchemin International Inc.
EDC’s CSR Statement of Commitment
At EDC we commit to carry out our mandate in
a socially responsible manner consistent
with our corporate values.
CSR @ EDC
CSR is an operating principle at EDC
Reflects HOW we execute our mandate
How CSR Impacts EDC Customers
Concerted action: OECD Export Credit Group
We assess the environmental impacts of all business transactions
International Agreements: OECD + Equator Principles, (joining the five largest Canadian banks -- representing 80%+ of the world’s project finance market), EDC’s Environmental Review Directive (ERD)
Use international standards, e.g. IFC’s Performance Standards for Social and Environmental Sustainability, World Bank’s Safeguard Policies
For Non-Project Transactions:
For Projects (Due Diligence Requirements):
3. What you need to know-- Transparency
Disclosure of Information
“At EDC, we strive for balance between public accountability and respect for customer confidentiality”
“EDC values human rights and promotes the protection of internationally recognized human rights, consistent with the policies of the Government of Canada.”
Source: EDC Code of Business Ethics
Statement on Human Rights, April 2008
Analysis conducted by Political Risk Assessment Department (PRAD)
Project analysis: two-way impacts -- on the project and of the project on the human rights situation
Information sources: DFAIT reports, other sources of intelligence
CSR = Risk Mitigant
International Business Development
Africa, Europe and Middle East
Patricia Bentolila, Chief Representative – Africa and Middle EastTel: (613) 598-3219 Fax: (613) 598-2503 Email: [email protected]
Anne-Marie Gagnon, Regional Manager – Africa and Middle EastMaghreb and West AfricaTel: (613) 597-8864 Fax: (613) 598-2503 Email: [email protected]
For more information, consult:
Pour plus de renseignements, consultez:
[email protected]: 613-598-2586