IFC's Good Practice Note on Managing Retrenchment
Washington D.C. - October 2005
Whether it is the pursuit of new markets or the desire to improve performance or productivity, companies must periodically review and adjust their business plans and processes. The injection of new capital, changes in ownership, or changing economic circumstances can often lead to reorganization and restructuring within a company. It is not uncommon for job losses to result, and in some cases it may be the only way for a company to move forward and thrive. Loss of employment may be caused by a range of factors from technological change to privatization to total closure of a workplace.
Full text of IFC's Good Practice Note on Managing Retrenchment (pdf - 334k)
Wells Fargo & Company Announces 10-Point Environmental Commitment, $1 Billion Lending Target
San Francisco — 11 July 2005
Wells Fargo & Company (NYSE: WFC) today announced a 10-point Environmental Commitment to more effectively integrate environmental responsibility into its business practices and procedures.
“We want to be a leader in this important area of corporate citizenship especially in processes and procedures for considering environmental issues in our commercial and business practices,” said Mary Wenzel, the Company’s vice president of environmental affairs. “This commitment to ourselves and our stakeholders shows we’re serious. We want to make sure Wells Fargo and our more than 80 businesses and 151,000 team members are committed to being environmentally responsible stewards in every community in which we do business.”
Freshfields Bruckhaus Deringer Publishes Report on the Equator Principles
London - 11 July 2005
Freshfields Bruckhaus Deringer, a leading international law firm, has published Part 1 of its report on the Equator Principles, “Banking on Responsibility”. Part 1 of the report focuses on the effect that the Equator Principles have had on Equator Banks and non Equator Banks involved with project finance transactions. Part 2 of the report, which is expected to be released later this year, will focus on the effect of the Equator Principles on consultants and sponsors of projects. “Banking on Responsibility” sets out the findings of a survey conducted by Freshfields Bruckhaus Deringer and lists a number of recommendations about how the implementation of the Equator Principles could be improved in the future. It also addresses a number of key issues such as the reasons for and against adopting the Equator Principles. In “Banking on Responsibility”, the Equator Principles are described as a “shining beacon for responsible banking”.
The report has been well received. The Full text of “Banking on Responsibility” is available at http://www.freshfields.com/publications/pdfs/practices/12057.pdf