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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 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

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  1. 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

  2. Role of Export Development Canada (EDC) 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.

  3. Role of EDC (cont’d) ** 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

  4. EDC Business Volumes – support for business in Sub-Saharan Africa

  5. Recent Sub-Saharan Africa - Project Finance Deals Ambatovy 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

  6. Recent Sub-Saharan Africa - Project Finance Deals Lumwana 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

  7. Recent Sub-Saharan Africa - Other Financing 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.

  8. Recent Sub-Saharan Africa – Bank Guarantees 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.

  9. 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.

  10. CSR @ EDC Our Commitments CSR is an operating principle at EDC Reflects HOW we execute our mandate

  11. How CSR Impacts EDC Customers CSR @ EDC: key elements • Combating Corruption • Environmental Review • Transparency • Human Rights Analysis

  12. Customer declarations Awareness-raising Documentary safeguards Due diligence Remedial actions 1. What you need to know -- Combatting corruption Concerted action: OECD Export Credit Group

  13. 2. What 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

  14. 2. Environmental (and Social) Review (cont’d) 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

  15. Environmental (and Social) Review (cont’d) 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

  16. 3. What 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

  17. Disclosure on Category ‘A’ Projects: ex-ante and ex-post (before & after signing)

  18. Disclosure on Category ‘B’ Projects: ex post (after signing)

  19. Disclosure on All Financing Support: ex post (after signing)

  20. “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

  21. 4. Human Rights Analysis (cont’d) • 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

  22. Conclusion CSR = Risk Mitigant

  23. Contact Information 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

  24. Your Questions For more information, consult: Pour plus de renseignements, consultez: www.edc.ca/csr www.edc.ca/rse ybanks@edc.caTEL: 613-598-2586

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