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.
Since 2005, Citi has financed over $100 billion in global infrastructure and development projects subject to the EPs. Citi has led or co-led on a number of initiatives and guidance materials related to strengthening the EP approach including the 2006 EP II revisions, and good practice guidance on transparency and reporting and loan documentation. Citi recognises the important contribution the EPs have made in influencing its ESRM Policy approach to other financial products beyond project finance, cementing Citi’s strong commitment to sustainability and responsible finance, and enhancing client relationships on these issues.
Shawn Miller, Citi’s Global ESRM Director, who will lead the Chair efforts on Citi’s behalf, said: “This is a great honour for Citi. The Equator Principles enormous success in what is relatively a short-period of time is truly remarkable. However, we must recognise that this success generates new demands and expectations, and I am confident this group of banks will collectively rise to the challenge of ensuring Equator continues to influence the market in a positive way. I look forward to partnering with my EPFI colleagues during this time.”