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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

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


Export development canada edc financial services corporate social responsibility requirements

Role of Export Development Canada (EDC) Corporate Social Responsibility Requirements

Our mandate:

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.


Role of edc cont d indicates products most used in africa
Role of EDC (cont’d) Corporate Social Responsibility Requirements** indicates products most used in Africa

Our Basic Products and Services:

  • Credit Insurance

  • Medium- and Long-Term Financing – including Project Finance**

  • Bonding

  • Political Risk Insurance*** - including non-honouring sovereign PRI

  • Equity



Export development canada edc financial services corporate social responsibility requirements
Recent Sub-Saharan Africa - Project Finance Deals AfricaAmbatovy Nickel Mine, Sherritt International (Madagascar)

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


Recent sub saharan africa project finance deals lumwana copper project equinox minerals zambia
Recent Sub-Saharan Africa - Project Finance Deals AfricaLumwana Copper Project, Equinox Minerals (Zambia)

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


Recent sub saharan africa other financing
Recent Sub-Saharan Africa - Other Financing Africa

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.


Recent sub saharan africa bank guarantees
Recent Sub-Saharan Africa – Bank Guarantees Africa

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.


Export development canada edc financial services corporate social responsibility requirements

EDC’s CSR Statement of Commitment Africa

At EDC we commit to carry out our mandate in

a socially responsible manner consistent

with our corporate values.


Our commitments

CSR @ EDC Africa

Our Commitments

CSR is an operating principle at EDC

Reflects HOW we execute our mandate


Csr @ edc key elements

How CSR Impacts EDC Customers Africa

CSR @ EDC: key elements

  • Combating Corruption

  • Environmental Review

  • Transparency

  • Human Rights Analysis


1 what you need to know combatting corruption

Customer declarations Africa

Awareness-raising

Documentary safeguards

Due diligence

Remedial actions

1. What you need to know -- Combatting corruption

Concerted action: OECD Export Credit Group


2 what you need to know environmental and social review
2. AfricaWhat you need to know -- Environmental (and Social) Review

Environmental Policy

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


2 environmental and social review cont d
2. Environmental (and Social) Review (cont’d) Africa

For Non-Project Transactions:

  • Risk Assessment, including environmental, social and reputational risk

    • Using publicly available sources of environmental and social information, e.g. SEC filings, compliance records, CSR / Sustainability reports, indices (Dow Jones Sustainability Index, Jantzi Social Index)

    • Team of specialists: environmental / social and reputation risk


Environmental and social review cont d
Environmental (and Social) Review (cont’d) Africa

For Projects (Due Diligence Requirements):

  • Documentation

    • Comprehensive Environment and Social Impact Assessment (ESIA) -- including Stakeholder Engagement Strategies, social risks: labour & working conditions

    • Environment and Social Management Action Plan

    • Resettlement Action Plan

    • Biodiversity Action Plan

  • Site visit by EDC Specialists

  • Independent expert review

  • EDC disclosure

  • Environmental covenants

  • Ongoing monitoring


Export development canada edc financial services corporate social responsibility requirements

3. AfricaWhat you need to know-- Transparency

Transparency

Disclosure of Information

  • Commitment to transparency:

    “At EDC, we strive for balance between public accountability and respect for customer confidentiality”

  • Disclosure Policy that governs release of customer information

  • Federal Access to Information Act with protection of commercially confidential information


Disclosure on category a projects ex ante and ex post before after signing
Disclosure on AfricaCategory ‘A’ Projects: ex-ante and ex-post (before & after signing)


Disclosure on category b projects ex post after signing
Disclosure on AfricaCategory ‘B’ Projects: ex post (after signing)


Disclosure on all financing support ex post after signing
Disclosure on AfricaAll Financing Support: ex post (after signing)


4 what you need to know human rights analysis

“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

4. What you need to know -- Human Rights Analysis


4 human rights analysis cont d
4. Human Rights Analysis (cont’d) internationally recognized human rights, consistent with the policies of the Government of Canada.” 

  • What we are looking for from customers:

    • Largely, although not exclusively, affects extractive companies

    • Looking for:

      • a heightened awareness of the issues, demonstrated sensitivity to how human rights impacts the project and how the project impacts the local human rights situation

      • Reference to application of the Voluntary Principles on Human Rights and Security -- part of EIA under IFC Performance Standard #4: Health, Safety & Security

    • Emerging best practice: Human Rights Impact Assessments

  • We can be helpful to you


Conclusion
Conclusion internationally recognized human rights, consistent with the policies of the Government of Canada.” 

CSR = Risk Mitigant


Contact information
Contact Information internationally recognized human rights, consistent with the policies of the Government of Canada.” 

International Business Development

Africa, Europe and Middle East

Patricia Bentolila, Chief Representative – Africa and Middle EastTel: (613) 598-3219 Fax: (613) 598-2503 Email: pbentolila@edc.ca

Anne-Marie Gagnon, Regional Manager – Africa and Middle EastMaghreb and West AfricaTel: (613) 597-8864 Fax: (613) 598-2503 Email: angagnon@edc.ca


Your questions
Your Questions internationally recognized human rights, consistent with the policies of the Government of Canada.” 

For more information, consult:

Pour plus de renseignements, consultez:

www.edc.ca/csr

www.edc.ca/rse

ybanks@edc.caTEL: 613-598-2586