Press Release: New Governance Rules Introduced for The Equator Principles

01 July 2010

Rules to improve efficiency, and formalize existing practices, procedures and member responsibilities. The Equator Principles (EPs), the leading voluntary standard for managing social and environmental risk in project financing, will formally adopt new Governance Rules from 1 July 2010, the result of several years’ intensive work by the Equator Principles Financial Institutions (EPFIs).

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Citi elected as new Chair of the Equator Principles Association Steering Committee

15 March 2010

On 15 March 2010 Citi, one of the four founding banks of the Equator Principles (EPs) and long term contributor to its development, will assume the pivotal role of Chair of the EP Association Steering Committee. Citi is honoured to accept this appointment, which was unanimously supported by the Steering Committee recently, and will be stepping up during a crucial period of Equator Principles Financial Institutions (EPFI) engagement in the International Finance Corporation Performance Standards Policy Review and Update process, the result of which may impact on the EPs.

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EPFI Engagement in the IFC Performance Standards Review Process

08 September 2009

On 8 September 2009, the International Finance Corporation (IFC) launched the process to review and update its Performance Standards. The process is expected to last until October 2010 and the updated framework to be released by January 2011. The IFC Performance Standards Review Process is extremely important for the Equator Principles and all EPFIs as it will define the Standards applied by the Equator Principles in the coming years. As part of the Phase 1 initial consultation process between IFC and key stakeholders, the EPFI Steering Committee and other EPFIs actively participating in some of the EP Working Groups, met with IFC representatives in London on 12 October 2009. The purpose of the meeting was to hold an informal discussion on some of the key issues and challenges for the upcoming IFC Performance Standards Review Process. The EPFIs will continue to be closely engaged with the IFC, civil society, clients, and other stakeholders during the Performance Standards Review Process, and we look forward to sharing valuable experience and insight.

 

NEW RESOURCE: Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation

03 August 2009

The EPFI Best Practice Working Group is pleased to share a new deliverable: "Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation".This guidance document has been prepared for use by the EPFI network. In order to increase our transparency, and to share such best practice with the broader financial and legal communities active in project finance, and civil society stakeholders, the full text of the guidance note is downloadable below.

Please note that the document is not to be viewed as a required legal framework, but rather a guidance document to assist EPFIs in incorporating environmental and social considerations into project finance loan documentation, as appropriate. The objective of the Best Practice Working Group is to identify and participate in the development of initiatives aimed at sharing good environmental and social practices among Equator banks and clients.

 

International Financial Institutions Discuss the 5th Anniversary of the Equator Principles at an Event in Rio de Janeiro, Brazil

São Paulo - 10 December 2008

The event also celebrated the beginning of Banco Itaú’s term as Chair of the Equator Principles Financial Institutions Steering Committee and the announcement of the 8th South American bank to adopt to the Equator Principles.

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PRESS RELEASE: International Financial Institutions Discuss the 5th Anniversary of the Equator Principles in Rio de Janeiro, Brazil

08 December 2008

On 11 and 12 December 2008 financial institutions from around the world, including the International Finance Corporation, a member of the World Bank Group, will meet in Rio de Janeiro to celebrate the fifth anniversary of the Equator Principles. The event, which also marks the beginning of Itaú’s term as Chair of the Equator Principles Financial Institutions Steering Committee, will debate and present the achievements of the past five years and the challenges and prospects for the future. At the same time the adoption of the Equator Principles by the 8th South American bank will be formally announced.

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Itaú Holding Assumes Role of Chair of the Steering Committee of the Equator Principles

São Paulo - 22 September 2008

The Bank is the first from an emerging economy to lead the Steering Committee of the Equator Principles, which brings together financial institutions committed to sustainability in project financing.

From 22 September 2008, Itaú will lead the activities of the Equator Principles Financial Institutions (EPFI) – a public pledge that they are committed to taking social and environmental risks into consideration in project financing. Marcelo Battisti, the Credit and Socio-environmental Risk Manager, Itaú BBA will assume the role of Chair of the Steering Committee of the Equator Principles (EP) and this is the first time an institution from an emerging economy has assumed leadership of this group.

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Equator Principles Celebrate Five Years of Positive Environmental Impact and Improved Business Practices

Washington D.C. - 08 May 2008

In 2007 US$52.9 billion of project finance debt in emerging market economies was subject to the Equator Principles

Washington, DC, May 8, 2008 – Sixty of the world’s leading financial institutions today mark the fifth anniversary of the Equator Principles (EPs), voluntary standards for financial institutions to manage environmental and social risk in their project finance transactions.

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Société Générale Joins the Equator Principles’ Steering Committee

Washington D.C. - 08 May 2008

Société Générale has joined the steering committee of the Equator Principles (which regroup sixty banks), a voluntary set of guidelines for managing environmental and social issues in project finance. Since its adoption on September 2007 of the Equator Principles, Société Générale has actively participated in the working groups which aim to extend the Principles to other areas.

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Equator Principles Financial Institutions Meet in Washington D.C. for the Annual Equator Principles Meeting and IFC Community of Learning Events

Washington D.C. - 05-08 May 2008

The Equator Principles Financial Institutions were pleased to join IFC's Community of Learning, an event focussed on sharing lessons learned when implementing IFC's Performance Standards. The event was also attended by a number of environmental representatives of Development Finance Institutions (DFIs) from across the globe. On 6 May IFC hosted a dinner, where a presentation was given to mark the fifth anniversary of the Equator Principles, led by Herman Mulder, formerly of ABN Amro. These events were followed by the Annual Meeting of the Equator Principles Financial Institutions, held at the National Press Club. At the meeting Societe Generale were voted on to the Steering Committee and an administration function for the Committee was appointed. The Group also discussed the development of the Governance of the Principles.