This document summarizes a research paper that explores the impact of the Equator Principles on the disclosures of two signatory banks, HSBC and Westpac. The Equator Principles are a set of voluntary guidelines for private lenders to consider social and environmental risks in project financing. The summary finds that while both banks referred to their commitment to the Equator Principles, their public disclosures provided little substantive information about how the principles have impacted their actual banking practices. More research is needed to fully understand the effect of the principles over time, as banks have just begun reporting under recent revisions requiring more transparency.
An overview of the regulatory and competitive landscape of social enterprise in Europe, with a lot of across-country diversity. Attention is paid to incorporation choice, finance, networks, and linkages with local economic development.
This document discusses social finance for affordable housing. It defines social finance as investments that generate financial returns while also creating positive social or environmental impacts. Social finance is an important way to mobilize private capital for affordable housing projects. Examples of social finance for housing in Ontario include bonds issued by the Toronto Community Housing Corporation and YWCA Canada that raised funds for affordable housing developments. While there are challenges to social finance in housing like stable revenue streams and organizational capacity, opportunities exist through models from other jurisdictions, capacity building resources, and strategic solutions that leverage private capital at scale.
The document discusses social finance for social housing in Ontario. It provides an overview of social finance, describing it as an investment approach that aims to solve social or environmental challenges while generating financial returns. Examples of social finance deals in affordable housing, clean technology, and microfinance are presented. Key drivers in the housing sector that could attract social finance are identified as high housing demand, need for housing maintenance and improvements, and demonstrated financing needs.
Thriving in Turbulent Times: Maximizing Your Success in the New Social Enviro...Wellesley Institute
This presentation looks at social innovation and social entrepreneurship models as opportunities for organizations to survive and thrive.
Rick Blickstead, CEO of the Wellesley Institute
Michael Shapcott, Director of Housing and Innovation
Aerin Guy
www.wellesleyinstitute.com
Follow us on twitter @wellesleyWI
Working Together for the Wellbeing of the Poorrahimsaatov
The document discusses World Vision's ecosystem approach to development. It focuses on empowering communities through long-term, multi-sector interventions addressing the root causes of poverty. The ecosystem model aims to build sustainable communities through child-focused programs, community-based design, and long-term funding commitments. The document also outlines opportunities for partnerships between World Vision and private sector companies, such as providing agricultural inputs and training to small farmers or financial products tailored to low-income consumers.
This proposal suggests expanding the Pay As You Save (PAYS) financing model to provide $10 billion in financing for distributed clean energy upgrades and resources. PAYS allows utility customers to purchase energy efficiency upgrades and renewable energy systems through a voluntary tariff on their utility bill. There are no upfront costs, ongoing savings are guaranteed, and the obligation transfers with the property. This could expand access to financing for rural and low-income customers in the US and globally, growing clean energy investment from $10 million to $3 billion annually in rural America and over $10 billion total worldwide.
1) Population aging is a global trend, with the number of people over 60 expected to triple between 1950 and 2050. This puts increasing strain on economies and individuals to cover rising old-age costs.
2) Micro pensions can help address this issue by providing security against old-age poverty. They allow informal workers to save for retirement. Microfinance institutions are well positioned to develop micro pension products.
3) Challenges include collecting contributions safely, investing funds productively, and paying reliable benefits. Different pension models like defined benefit or contribution could be used. The Pension & Development Network helps microfinance institutions design and implement micro pension schemes.
This document provides an overview of social impact bonds (SIBs). It defines SIBs as multi-stakeholder contracts that pass risk from social program investments from governments to external investors. The structure and stakeholders of a typical SIB project are described. SIB projects from around the world are discussed, including the first SIB in the UK in 2010 and over 25 total projects. Challenges to implementing SIBs in Latin America are then explored, such as high costs, institutional contexts, political issues, and financing difficulties. The document concludes by stating that while SIBs show promise, their high economic costs may not be offset by expected savings in emerging markets.
An overview of the regulatory and competitive landscape of social enterprise in Europe, with a lot of across-country diversity. Attention is paid to incorporation choice, finance, networks, and linkages with local economic development.
This document discusses social finance for affordable housing. It defines social finance as investments that generate financial returns while also creating positive social or environmental impacts. Social finance is an important way to mobilize private capital for affordable housing projects. Examples of social finance for housing in Ontario include bonds issued by the Toronto Community Housing Corporation and YWCA Canada that raised funds for affordable housing developments. While there are challenges to social finance in housing like stable revenue streams and organizational capacity, opportunities exist through models from other jurisdictions, capacity building resources, and strategic solutions that leverage private capital at scale.
The document discusses social finance for social housing in Ontario. It provides an overview of social finance, describing it as an investment approach that aims to solve social or environmental challenges while generating financial returns. Examples of social finance deals in affordable housing, clean technology, and microfinance are presented. Key drivers in the housing sector that could attract social finance are identified as high housing demand, need for housing maintenance and improvements, and demonstrated financing needs.
Thriving in Turbulent Times: Maximizing Your Success in the New Social Enviro...Wellesley Institute
This presentation looks at social innovation and social entrepreneurship models as opportunities for organizations to survive and thrive.
Rick Blickstead, CEO of the Wellesley Institute
Michael Shapcott, Director of Housing and Innovation
Aerin Guy
www.wellesleyinstitute.com
Follow us on twitter @wellesleyWI
Working Together for the Wellbeing of the Poorrahimsaatov
The document discusses World Vision's ecosystem approach to development. It focuses on empowering communities through long-term, multi-sector interventions addressing the root causes of poverty. The ecosystem model aims to build sustainable communities through child-focused programs, community-based design, and long-term funding commitments. The document also outlines opportunities for partnerships between World Vision and private sector companies, such as providing agricultural inputs and training to small farmers or financial products tailored to low-income consumers.
This proposal suggests expanding the Pay As You Save (PAYS) financing model to provide $10 billion in financing for distributed clean energy upgrades and resources. PAYS allows utility customers to purchase energy efficiency upgrades and renewable energy systems through a voluntary tariff on their utility bill. There are no upfront costs, ongoing savings are guaranteed, and the obligation transfers with the property. This could expand access to financing for rural and low-income customers in the US and globally, growing clean energy investment from $10 million to $3 billion annually in rural America and over $10 billion total worldwide.
1) Population aging is a global trend, with the number of people over 60 expected to triple between 1950 and 2050. This puts increasing strain on economies and individuals to cover rising old-age costs.
2) Micro pensions can help address this issue by providing security against old-age poverty. They allow informal workers to save for retirement. Microfinance institutions are well positioned to develop micro pension products.
3) Challenges include collecting contributions safely, investing funds productively, and paying reliable benefits. Different pension models like defined benefit or contribution could be used. The Pension & Development Network helps microfinance institutions design and implement micro pension schemes.
This document provides an overview of social impact bonds (SIBs). It defines SIBs as multi-stakeholder contracts that pass risk from social program investments from governments to external investors. The structure and stakeholders of a typical SIB project are described. SIB projects from around the world are discussed, including the first SIB in the UK in 2010 and over 25 total projects. Challenges to implementing SIBs in Latin America are then explored, such as high costs, institutional contexts, political issues, and financing difficulties. The document concludes by stating that while SIBs show promise, their high economic costs may not be offset by expected savings in emerging markets.
The document provides information about a CSR workshop hosted by Citizen Act, including quizzes about CSR-related topics. The quizzes cover the size of the green economy market, how much it will grow by 2020, the definition of the Equator Principles for banks, disability rates globally, and amounts invested in socially responsible investing. It also includes an agenda for the workshop that discusses CSR definitions, how CSR relates to business and banking, examples of CSR implementation, and a case study.
The document provides information about a CSR workshop held by Citizen Act, including quizzes about CSR-related topics. The quizzes cover the size of the environmental market globally and in 2020, the Equator Principles for banks, disability rates globally, and Socially Responsible Investing funds in 2010. It also outlines Société Générale's CSR priorities and examples of how it implements CSR through initiatives like the Equator Principles, sustainable banking, carbon markets, diversity programs, and microfinance.
1) The banking industry plays a central role in the global economy and has the potential to promote more sustainable practices through its lending decisions.
2) Several emerging economies like Bangladesh, Brazil, China, Colombia, and Indonesia have taken a regulatory approach and implemented policies to integrate environmental and social risk considerations into banking practices.
3) These policies include guidelines for evaluating client environmental performance, restricting loans to polluting industries, and offering preferential rates for green projects. The policies aim to promote sustainable development through the financial sector.
- There is a paradox between communities wanting investment and concerns about environmental and social impacts, which can stop projects.
- Social performance refers to a company's strategy and programs to improve communities, measured by stakeholder assessments, while ensuring corporate social responsibility.
- Getting social performance right requires going beyond formal processes to build long-term trust and understanding priorities through deep communication and understanding community needs.
Linking financial performance to corporate social responsibility initiatives ...Alexander Decker
This document analyzes the relationship between financial performance and corporate social responsibility (CSR) initiatives of banks in Bangladesh. It uses panel data from 37 banks over four years. Four financial performance indicators are examined as independent variables: size of business, return on equity, asset quality, and capital adequacy ratio. CSR initiatives are represented by CSR expenditures as the dependent variable. The study finds that CSR expenditures are positively correlated with size of business, return on equity, and asset quality, but negatively correlated with capital adequacy ratio. The results suggest that better banking regulations can promote greater CSR initiatives.
The document summarizes an online conference on public policy and corporate social
responsibility held from July 7-25, 2003. The conference explored the role of governments in
enabling CSR, how public and private sector priorities align in extractive industries, and the
relationship between CSR, trade and foreign direct investment. Participants shared expertise on
ways governments can promote CSR in developing countries. While CSR terms are not widely
used, many public programs support CSR goals. The conference aimed to identify optimal and
feasible policy interventions and build understanding of linking CSR and development.
The Equator Principles Presentation
A financial industry benchmark for determining, assessing and managing social & environmental risk in project financing
This document discusses social performance in the natural gas industry. It notes that while communities want investment, there is uncertainty around long-term environmental and social impacts, which can delay projects. It examines issues with LNG projects in Canada, including impacts on indigenous rights and land use. The document advocates for a shared value approach where companies work to mutually benefit communities through long-term jobs, infrastructure, and capacity building rather than just short-term economic benefits. Formal processes like impact assessments are not enough on their own and companies must build relationships and trust with communities.
Social Impact Measurement Use Among Canadian Impact InvestorsPurpose Capital
Canadian impact investors vary in their use of social impact metrics. While most investors use metrics during due diligence to select investments aligned with their goals, few are able to collect outcome data and rely primarily on output metrics. Investors also differ in the scale of analysis, with most monitoring at the individual investment level and few at the portfolio level. There is no single preferred measurement framework, but tools include theories of change, GIIRS, IRIS, and customized systems. Investors see value in metrics but face challenges regarding comparability, standardization, and costs. Recommendations focus on collaboration to reduce costs and enhance understanding and use of metrics.
This document discusses sustainability from an accounting perspective. It begins by describing a scenario where an American energy company secures a contract to build a hydroelectric plant in Africa. While initially praised, the project faces emerging issues like risky technology, payments to regulators, and threats to an endangered species. An accounting methodology is needed to assess the project's financial, social and environmental impacts.
It then discusses how sustainability incorporates analytical practices to manage such scenarios. Accountants are well-positioned to provide an accounting perspective given their experience evaluating trade-offs for mergers, acquisitions and joint ventures. Standards are emerging from groups like SASB, GRI and GIIN to help organizations manage sustainability. Case studies can train accountants to
The document summarizes a meeting organized by Volans and UNEP-FI that brought together representatives from financial institutions, NGOs, and intergovernmental organizations to discuss catalyzing innovation in the finance sector regarding natural capital. The meeting explored how to scale up existing solutions and identified three key innovation agendas: 1) business education on natural assets, 2) corporate valuation and transparency, and 3) new risk models. Next steps discussed include collaborating on proposed actions, mapping relevant initiatives, and convening a follow up meeting in early 2011.
The document discusses sustainability in the banking industry. It defines sustainability as ensuring long-term business success while contributing to economic and social development, environmental health, and a stable society. Adopting sustainability principles can increase a bank's credibility, reputation, and returns while lowering risks. Evidence also suggests that sustainable practices can increase shareholder value. The document provides examples of how Canadian Western Bank is working to achieve sustainability through various social, environmental, and economic initiatives.
The Finance Sector and Natural Capital - Catalyzing ActonZ3P
The document summarizes a meeting organized by Volans and UNEP-FI that brought together representatives from financial institutions, NGOs, and intergovernmental organizations to discuss catalyzing innovation in the finance sector regarding natural capital and ecosystem services. The meeting explored how to scale up existing entrepreneurial initiatives seeking to incorporate natural capital into investment portfolios and decision-making. Key topics discussed included: (1) the risks financial institutions should consider regarding natural capital, (2) innovation trends in accounting, benchmarking, valuation, awareness, and knowledge barriers, and (3) potential collaborative actions on business education, corporate valuation, and new risk models. Next steps proposed building on these discussions to advance solutions for integrating natural capital into the
Effect of credit risk management practices on lending portfolio among savings...Alexander Decker
This document discusses a study that examined the effects of credit risk management practices on lending portfolios among savings and credit cooperatives (SACCOs) in Nakuru County, Kenya. The study analyzed data on risk identification, analysis, monitoring, evaluation, and mitigation from 59 SACCOs to identify the impact on lending portfolios. The results indicated that all risk management practices had a significant effect on lending portfolios except risk evaluation. Most SACCOs had adopted risk management practices to manage their portfolios. The document provides background on SACCOs in Kenya and discusses the importance of effective credit risk management and loan repayment for SACCO sustainability.
This document discusses the Community Reinvestment Act (CRA) and how it could be modernized to focus on measuring social and economic outcomes and impacts, rather than just activities. It notes that social impact investing is growing rapidly and could provide significant funding for community development, if intermediaries adapt to impact-based expectations. The CRA currently emphasizes quantitative metrics like loans made, rather than qualitative impacts. Updating the CRA to recognize high-impact projects could better achieve its goals of improving low-income communities.
This document summarizes current debates around corporate social responsibility (CSR). It discusses three key areas for further research: 1) Setting standards for CSR reporting through frameworks like the AA1000 and GRI guidelines; 2) Identifying and implementing sustainable practices and relating them to financial performance; 3) Managing risks related to CSR and balancing corporate autonomy with social intervention. While progress has been made in developing CSR standards and measures, debates continue around defining and regulating CSR standards and their impact on economic growth.
This document summarizes current debates around corporate social responsibility (CSR). It discusses three key areas for further research: 1) Setting standards for CSR reporting through frameworks like the AA1000 and Global Reporting Initiative which aim to increase transparency and comparability; 2) Identifying and implementing sustainable practices, though there is debate around requiring standards vs corporate autonomy; 3) Managing risk, as some research links CSR and sustainability to reduced costs and improved financial performance, though definitions and measures vary. The document aims to highlight areas for further research to help resolve ongoing debates around CSR.
Research Proposal - CSR - The Voice of the StakeholderAmany Hamza
In light of the recent financial crisis, the practices of CSR have come to the fore in media reports and academic debates. In this context, the goal of this research is, first, to examine the impact of the financial crisis on the implications of CSR activities in relation to stakeholders’ expectations in the financial services industry and, second, to help banking managers to understand what should be done for the benefit of their stakeholders and their own business sustainability.
The Changing Resource Development Paradigm: Maximizing Sustainable Local Be...Wayne Dunn
This report, which was commissioned by the Government of British Columbia, looks at global forces and issues that are changing the relationship between resource developers and local communities, including Indigenous Peoples. The report examines emerging trends and evolving global experiences and suggests ways that British Columbia can facilitate and enable communities to benefit more effectively from local resource development.
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
The document provides information about a CSR workshop hosted by Citizen Act, including quizzes about CSR-related topics. The quizzes cover the size of the green economy market, how much it will grow by 2020, the definition of the Equator Principles for banks, disability rates globally, and amounts invested in socially responsible investing. It also includes an agenda for the workshop that discusses CSR definitions, how CSR relates to business and banking, examples of CSR implementation, and a case study.
The document provides information about a CSR workshop held by Citizen Act, including quizzes about CSR-related topics. The quizzes cover the size of the environmental market globally and in 2020, the Equator Principles for banks, disability rates globally, and Socially Responsible Investing funds in 2010. It also outlines Société Générale's CSR priorities and examples of how it implements CSR through initiatives like the Equator Principles, sustainable banking, carbon markets, diversity programs, and microfinance.
1) The banking industry plays a central role in the global economy and has the potential to promote more sustainable practices through its lending decisions.
2) Several emerging economies like Bangladesh, Brazil, China, Colombia, and Indonesia have taken a regulatory approach and implemented policies to integrate environmental and social risk considerations into banking practices.
3) These policies include guidelines for evaluating client environmental performance, restricting loans to polluting industries, and offering preferential rates for green projects. The policies aim to promote sustainable development through the financial sector.
- There is a paradox between communities wanting investment and concerns about environmental and social impacts, which can stop projects.
- Social performance refers to a company's strategy and programs to improve communities, measured by stakeholder assessments, while ensuring corporate social responsibility.
- Getting social performance right requires going beyond formal processes to build long-term trust and understanding priorities through deep communication and understanding community needs.
Linking financial performance to corporate social responsibility initiatives ...Alexander Decker
This document analyzes the relationship between financial performance and corporate social responsibility (CSR) initiatives of banks in Bangladesh. It uses panel data from 37 banks over four years. Four financial performance indicators are examined as independent variables: size of business, return on equity, asset quality, and capital adequacy ratio. CSR initiatives are represented by CSR expenditures as the dependent variable. The study finds that CSR expenditures are positively correlated with size of business, return on equity, and asset quality, but negatively correlated with capital adequacy ratio. The results suggest that better banking regulations can promote greater CSR initiatives.
The document summarizes an online conference on public policy and corporate social
responsibility held from July 7-25, 2003. The conference explored the role of governments in
enabling CSR, how public and private sector priorities align in extractive industries, and the
relationship between CSR, trade and foreign direct investment. Participants shared expertise on
ways governments can promote CSR in developing countries. While CSR terms are not widely
used, many public programs support CSR goals. The conference aimed to identify optimal and
feasible policy interventions and build understanding of linking CSR and development.
The Equator Principles Presentation
A financial industry benchmark for determining, assessing and managing social & environmental risk in project financing
This document discusses social performance in the natural gas industry. It notes that while communities want investment, there is uncertainty around long-term environmental and social impacts, which can delay projects. It examines issues with LNG projects in Canada, including impacts on indigenous rights and land use. The document advocates for a shared value approach where companies work to mutually benefit communities through long-term jobs, infrastructure, and capacity building rather than just short-term economic benefits. Formal processes like impact assessments are not enough on their own and companies must build relationships and trust with communities.
Social Impact Measurement Use Among Canadian Impact InvestorsPurpose Capital
Canadian impact investors vary in their use of social impact metrics. While most investors use metrics during due diligence to select investments aligned with their goals, few are able to collect outcome data and rely primarily on output metrics. Investors also differ in the scale of analysis, with most monitoring at the individual investment level and few at the portfolio level. There is no single preferred measurement framework, but tools include theories of change, GIIRS, IRIS, and customized systems. Investors see value in metrics but face challenges regarding comparability, standardization, and costs. Recommendations focus on collaboration to reduce costs and enhance understanding and use of metrics.
This document discusses sustainability from an accounting perspective. It begins by describing a scenario where an American energy company secures a contract to build a hydroelectric plant in Africa. While initially praised, the project faces emerging issues like risky technology, payments to regulators, and threats to an endangered species. An accounting methodology is needed to assess the project's financial, social and environmental impacts.
It then discusses how sustainability incorporates analytical practices to manage such scenarios. Accountants are well-positioned to provide an accounting perspective given their experience evaluating trade-offs for mergers, acquisitions and joint ventures. Standards are emerging from groups like SASB, GRI and GIIN to help organizations manage sustainability. Case studies can train accountants to
The document summarizes a meeting organized by Volans and UNEP-FI that brought together representatives from financial institutions, NGOs, and intergovernmental organizations to discuss catalyzing innovation in the finance sector regarding natural capital. The meeting explored how to scale up existing solutions and identified three key innovation agendas: 1) business education on natural assets, 2) corporate valuation and transparency, and 3) new risk models. Next steps discussed include collaborating on proposed actions, mapping relevant initiatives, and convening a follow up meeting in early 2011.
The document discusses sustainability in the banking industry. It defines sustainability as ensuring long-term business success while contributing to economic and social development, environmental health, and a stable society. Adopting sustainability principles can increase a bank's credibility, reputation, and returns while lowering risks. Evidence also suggests that sustainable practices can increase shareholder value. The document provides examples of how Canadian Western Bank is working to achieve sustainability through various social, environmental, and economic initiatives.
The Finance Sector and Natural Capital - Catalyzing ActonZ3P
The document summarizes a meeting organized by Volans and UNEP-FI that brought together representatives from financial institutions, NGOs, and intergovernmental organizations to discuss catalyzing innovation in the finance sector regarding natural capital and ecosystem services. The meeting explored how to scale up existing entrepreneurial initiatives seeking to incorporate natural capital into investment portfolios and decision-making. Key topics discussed included: (1) the risks financial institutions should consider regarding natural capital, (2) innovation trends in accounting, benchmarking, valuation, awareness, and knowledge barriers, and (3) potential collaborative actions on business education, corporate valuation, and new risk models. Next steps proposed building on these discussions to advance solutions for integrating natural capital into the
Effect of credit risk management practices on lending portfolio among savings...Alexander Decker
This document discusses a study that examined the effects of credit risk management practices on lending portfolios among savings and credit cooperatives (SACCOs) in Nakuru County, Kenya. The study analyzed data on risk identification, analysis, monitoring, evaluation, and mitigation from 59 SACCOs to identify the impact on lending portfolios. The results indicated that all risk management practices had a significant effect on lending portfolios except risk evaluation. Most SACCOs had adopted risk management practices to manage their portfolios. The document provides background on SACCOs in Kenya and discusses the importance of effective credit risk management and loan repayment for SACCO sustainability.
This document discusses the Community Reinvestment Act (CRA) and how it could be modernized to focus on measuring social and economic outcomes and impacts, rather than just activities. It notes that social impact investing is growing rapidly and could provide significant funding for community development, if intermediaries adapt to impact-based expectations. The CRA currently emphasizes quantitative metrics like loans made, rather than qualitative impacts. Updating the CRA to recognize high-impact projects could better achieve its goals of improving low-income communities.
This document summarizes current debates around corporate social responsibility (CSR). It discusses three key areas for further research: 1) Setting standards for CSR reporting through frameworks like the AA1000 and GRI guidelines; 2) Identifying and implementing sustainable practices and relating them to financial performance; 3) Managing risks related to CSR and balancing corporate autonomy with social intervention. While progress has been made in developing CSR standards and measures, debates continue around defining and regulating CSR standards and their impact on economic growth.
This document summarizes current debates around corporate social responsibility (CSR). It discusses three key areas for further research: 1) Setting standards for CSR reporting through frameworks like the AA1000 and Global Reporting Initiative which aim to increase transparency and comparability; 2) Identifying and implementing sustainable practices, though there is debate around requiring standards vs corporate autonomy; 3) Managing risk, as some research links CSR and sustainability to reduced costs and improved financial performance, though definitions and measures vary. The document aims to highlight areas for further research to help resolve ongoing debates around CSR.
Research Proposal - CSR - The Voice of the StakeholderAmany Hamza
In light of the recent financial crisis, the practices of CSR have come to the fore in media reports and academic debates. In this context, the goal of this research is, first, to examine the impact of the financial crisis on the implications of CSR activities in relation to stakeholders’ expectations in the financial services industry and, second, to help banking managers to understand what should be done for the benefit of their stakeholders and their own business sustainability.
The Changing Resource Development Paradigm: Maximizing Sustainable Local Be...Wayne Dunn
This report, which was commissioned by the Government of British Columbia, looks at global forces and issues that are changing the relationship between resource developers and local communities, including Indigenous Peoples. The report examines emerging trends and evolving global experiences and suggests ways that British Columbia can facilitate and enable communities to benefit more effectively from local resource development.
Similar to 11.pp.0040www.iiste.org call for paper-53 (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
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11.pp.0040www.iiste.org call for paper-53
1. Issues in Social and Environmental Accounting
Vol. 1, No. 1 June 2007
Pp. 40-53
The Equator Principles, Project Finance and the
Challenge of Social and Environmental Responsibility
Jane Andrew
School of Accounting and Finance,
The University of Wollongong, Australia
Abstract
The Equator Principles, launched in 2003 and revamped in 2006, are a set of voluntary princi-
ples designed to help private lenders make socially and environmentally responsible project
financing decisions. This paper explores the impact of these principles on the disclosures of
two signatory banks, focusing on type of information disclosures that have resulted and the
substance of these disclosures. The work considers whether it is possible to ascertain from pub-
licly available information how the practices of the banks may have changed in order to focus
on their stated social and environmental responsibilities. It is concluded that although the Equa-
tor Principles have marked the beginning of the banking sectors acknowledgement of their role
in social and environmental responsibility, at this stage insufficient information is being dis-
closed to determine the impact these principles are having on actual banking practices.
Key Words: Ethical Banking, Responsible Finance, Corporate Social Responsibility, Equator
Principles, Environmental Responsibility, Corporate Codes of Conduct.
Introduction complicated and the notion of a passive
identifiable audience is insufficient
Corporations are under increasing pres- (Macdonell, 1986; Agger, 1992). Not
sure to represent themselves to multiple only is the very notion of transparency a
audiences, using complex, contested and matter for much public debate
often competing criteria to assess the (evidenced by the public discussion gen-
performance of the firm (Cooper & erated by the collapse of private corpora-
Sherer, 1984; Cousins & Sikka, 1993; tions such as Enron, WorldCom, HIH;
Gray, 1992). No longer is it presumed Baker and Hayes, 2004), but the identity
that corporate performance can be made of the potential user can not be pre-
transparent through the provision of fi- sumed (Young, 2006), much less the
nancial information to interested users purpose of the reporting process
(Andrew, 2001). The firm itself is more (Adams, 2004). As a result, many firms
Jane Andrew is Lecturer of Accounting at School of Accounting and Finance, the University of Wollongong, Austra-
lia, email: jandrew@uow.edu.au
2. J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53 41
are attempting to respond to these com- for determining, assessing and
plex expectations, not only to satisfy the managing social & environmental
requirements of the audiences for which risk in project financing
the information is produced, but also to (www.equator-principles.com)
produce and constitute an audience for
the information that the firm dissemi- In 2003, the Equator Principles were
nates (Belkaoui & Karpick, 1989; Cova- developed by private lending institutions
leski & Dirsmith, 1995; Hall, 1997; as a way to encourage private lenders to
Husted & Allen, 2006). consider social and environmental issues
before funding projectsi. These princi-
Cultural practices that respond to, pro- ples have focused mainly on issues that
duce and reproduce social expectations arise as a result of project financing in
have been considered within the field of developing countries and are defined as
cultural and media studies (Agger, 1992; “a financial industry benchmark for de-
Hall, 1997), and this work is beginning termining, assessing and managing so-
to inform research in emerging fields cial risk in project financ-
such as corporate social responsibility, ing” (www.equator-principles.com.
sustainable reporting, environmental They focus specifically on ‘project fi-
accounting and ethical finance. This pa- nance’ and although the definition of
per utilizes Agger’s (1992) work on me- this may be contested within the banking
dia, culture and representation. I assume and finance literature, for the purposes
from the outset that information pro- of the Equator Principles it is defined as
duced by corporations is framed discur-
sively by the institutional and cultural a method of funding in which the
structures that allow its emergence; it is lender looks primarily to the reve-
constructed and constructing, productive nues generated by a single project,
and reproductive, constituted and consti- both as the source of repayment
tutive. Accordingly, representations of and as security for the exposure…
and by the firm that fall into the category Project finance may take the form
of corporate social responsibility are part of financing of the construction of
of a process and are not an end in them- a new capital installation, or refi-
selves as these can never be controlled
entirely by the producer or the audience. i
Over 40 banks across the globe have adopted the Equa-
This interactive process will be consid- tor Principles including ABN AMRO Bank, N.V., ANZ,
ered in more detail throughout the paper. Branco Bradesco, Banco do Brasil, Banco Galicia,
It is hoped that this theoretical framing Banco Itaύ, Bank of America, BMO Financial Group,
BTMU, Barclays plc, BBVA, BES Group, Calyon, Caja
of voluntary corporate codes of conduct, Navarra, CIBC, CIFI, Citigroup Inc., Credit Suisse
specifically the Equator Principles, can Group, Dexia Group, Dresdner Bank, E+Co, EKF,
FMO, Fortis, HBOS, HSBC Group, HypoVereinsbank,
help develop our understanding of the ING Group, Intesa Sanpaolo, JPMorgan Chase, KBC la
purpose, process and possible outcomes Caixa, Manulife, MCC, Mizuho Corporate Bank, Mil-
of these codes. lennium bcp, Nordea, Nedbank Group, Rabobank
Group, Royal Bank of Canada, Scotiabank, SEB, Stan-
dard Chartered Bank, SMBC, TD Bank Financial
Group, The Royal Bank of Scotland, Unibanco, Wacho-
via, Wells Fargo, WestLB AG, Westpac Banking Cor-
The Equator Principles poration. Many of these have only recently associated
themselves with the principles, so it will be interesting
A financial industry benchmark to see how these banks illustrate their commitment in
the future.
3. 42 J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53
nancing of an existing installation, largely reversible and readily
with or without improvements. In addressed through mitigation
such transactions, the lender is measures;
usually paid solely or almost ex- Category C: Projects with minimal
clusively out of the money gener- or no social or environmental
ated by the contracts for the facil- impacts.
ity’s output, such as the electricity 2. S oc i a l a n d E n vi r on me nt a l
sold by a power plant Assessment: This does not have to
(www.equator-principles.com) be done by an independent expert
unless it is a Category A project,
Once a bank became a signatory, the social impacts assessed under the
lender is able to advertise that they asso- International Covenant of Civil and
ciated themselves with projects with Political Rights, the International
minimal social and environmental im- Covenant on Economic, Social and
pact and correspondingly, these projects Cultural Rights ICESCR and the
would be less likely to threaten the secu- UN Convention on Human Rights.
rity of the lender (Kass & McCarroll, 3. Applicable Social and
2006). The principles acknowledge the Environmental Standards must be
substantial social and environmental followed (this includes host country
impact that financiers can have as they laws, IFC Performance Standards)
often determine the types of projects that 4. Action Plan and Management
will progress to development stage. It is System: This must address any
argued that they have the power to en- finding in the assessment; it will
courage “responsible environmental describe any actions needed to
stewardship and socially responsible implement mitigation measures,
development” (www.equator- corrective actions and monitoring
principles.com). Signatory institutions measures necessary to manage the
have become known as Equator Princi- impacts and risks. Borrowers must
ples Financial Institutions (EPFIs) and in design a Social and Environmental
2003 they agreed to adhere to the fol- Management System that addresses
lowing principles: the management of these impacts,
risks and corrective regulations.
1. Review and Categorisation: Con- 5. Consultation and Disclosure:
duct a social and environmental re- Consult with communities affected
view of a proposed project and cate- by the project.
gorize it in terms of its impact. 6. Grievance Mechanism:
Categorisation of Projects: Communities will have the right to
Category A: Projects with potential have their grievances heard and
significant adverse social or addressed by the borrower (this is
environmental impacts that are not independent of the lender and
diverse, irreversible or does not make provisions for an
unprecedented; independent third party to oversee
Category B: Projects with potential the process).
limite d adverse social or 7. Independent Review: A social or
environmental impacts that are few environmental expert not directly
in number, generally site specific, associated with the borrower will
4. J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53 43
review the assessment, action plan 10th principle on EPFI Reporting stating
and consultation process. that
8. Covenants: covenants linked
compliance. 10. Each EPFI adopting the Equator
9. Independent Monitoring and Principles commits to report
Reporting: Independent publicly at least annually about its
environmental or social expert Equator Principles implementation
monitor and report on compliance processes and experience, taking
over the course of the loan. into account appropriate
confidentiality considerations
In 2003, this provided a starting point (www.equator-principles.com)
for the Equator project, but there were
some significant problems. Specifically, Although this principle acknowledges
these principles did not include a review the importance of transparency, the
body and there were no formally identi- statement also implies that the business
fied disclosure or transparency require- case for non-disclosure can legitimately
ments. This meant that financial institu- outweigh the social or environmental
tions could become signatories without imperatives for disclosure. It doesn’t
there being any formal mechanism to suggest how the information should be
scrutinize the way the institutions had presented or the level of detail that is
integrated the principles. Wright and appropriate. In many ways the 10th prin-
Rwabizambuga (2006, p.91) argue that ciple allows banks to assert they are be-
this meant “that all Equator banks gain ing transparent, without any pressure for
some reputational benefits irrespective substance. Some banks may choose to
of their actual practices”. In order to ad- disclose information in a substantial
dress these concerns, a revised version way, but this is not an essential commit-
of the Equator Principles were issued in ment. Although corporate disclosures
2006. A number of other changes were are vital to an ongoing, informed dia-
incorporated in these revised principles. logue between the community and the
Specifically, the applicability of the corporation about acceptable practices, it
principles expanded to include projects is important to acknowledge that claims
more than $10 million whereas previ- of transparency can be problematic. As
ously the principle affected projects Hall (1997) has argued, everything in its
costing more than $50million; the prin- communication is a representation. All
ciples now apply to the expansion and information is mediated through lan-
upgrade of existing projects that result in guage, discourse and institutional im-
new social and environmental impacts; peratives it can never be wholly reveal-
EPFI’s need to report on the progress ing in the way that the word transpar-
and implementation of the Equator Prin- ency implies (Andrew, 2001). If corpo-
ciples at least annually (as outlined be- rations are allowed to claim they are be-
low); there are tighter rules regarding ing transparent through their disclosures,
public consultation and the handling of it may assist in the constitution of a pas-
grievances; and there are stronger cove- sive, uncritical audience adding to the
nants to ensure compliance with the challenges faced by those seeking to
policies. Perhaps the most significant transform banking practices.
change has been the inclusions of the
5. 44 J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53
It is well documented there has been a foundation on which to consider that
significant increase in the number of changes that may occur as a result of the
firms seeking to demonstrate their ethi- revisions and this can be the focus of
cal credentials (Neimark, 1995; Kap- future research.
stein, 2001; Sethi, 2002). Although there
is little doubt corporations are adopting
voluntary codes as a strategy, the pur- The Equator Principles and
pose and impact of that strategy cannot Project Financing Disclosures:
be presumed (Husted & Allen, 2006). Any News?
The World Bank, the International
Monetary Fund and the International Cultural studies lays bare the de-
Finance Corporation all assess the social ception encoded in these domi-
and environmental risks of their lending nant cultural artifacts, It criticizes
decisions before funding projects. These the needs these cultural practices
assessments have been controversial, but purvey through the guileful repre-
there is no doubt that this approach to sentations of a frozen second na-
lending is fundamental to the legitimacy ture – reality as it “must” be – and
and identity of these multilateral institu- instead suggests alternative for-
tions (Saravanamuthu, 2004; Annisette, mations of both human needs and
2004). In some cases, private financial social reality (Agger, 1992,
institutions play a role in development p.145)
projects. They may fund projects that the
World Bank had decided not to finance, In order to explore the impact of the
or they may supplement the funds pro- Equator Principles on the practices of
vided by the World Bank. Either way, signatory banks, I have examined the
the lending practices of private institu- public disclosures of HSBC and West-
tions are increasingly scrutinized by non pac. These banks have been chosen as a
government organizations (NGO’s) starting point for this analysis because
(Missbach, 2004). both HSBC and Westpac were actively
involved in the design of the principles
As Branco & Rodrigues (2006, p. 234) and have been associated with the prin-
have noted “studies focusing on social ciples since their inception in 2003. It
responsibility disclosure practices by should be acknowledged that this is an
financial institutions are scarce” and this initial investigation and needs to be ex-
work will assist in the development of tended beyond these two banks in the
research in this area. It will focus on the future.
impact of the Equator Principles before
the release of the June 2006 revisions as This examination is understood through
banks have yet to release information the theoretical lens of works by Hall
using these guidelines. This work will (1997) and Agger (1992). In order to
consider the information that has been consider the impact of the Equator Prin-
available in the public domain up to the ciples on the banks, the banks
release of the revised principles and will ‘responsibility report’ from 2003 (the
not extend beyond this as there has not year the Equator Principles began) until
been sufficient time for banks to respond 2006 and publicly released information
to the changes. This study will form a regarding the integration of the Equator
6. J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53 45
Principles into the banks practices. It ples commitment, in general the level of
became apparent that very little informa- substance supporting their claims was
tion of any substance was available, all lacking. The bank used innumerable op-
banks made references to the principles portunities to refer to the Equator Princi-
and talked about what they were doing ples without providing anything more
to integrate the principles but this re- than a stated commitment. In so doing
search revealed that the information was they position themselves as committed,
shallow and did not enable a knowledge- without having to produce evidence of
able reader to work out just how the such commitment. In this context, it is
principles were impacting on the banks difficult to assess the way the principles
practices in any substantial way. The are impacting on HSBC’s practices, let
following section considers each bank in alone the impact these may have on the
detail. actual social and environmental conse-
quences of these practices.
HSBC However, we can see that the representa-
tional performance is vital to HSBC’s
According to (Agger, 1992, p.184) identity as they refer to the Equator Prin-
“representation is a political practice ciples whenever an opportunity arises.
where it encodes its content in the illu- For instance, HSBC claim that “we do
sion of authorless stancelessness”. And not see this as an "add-on" to our busi-
banks disclosures under the Equator ness, but a key part of a much wider ap-
Principles are a study in such representa- proach to managing the sustainability of
tion. These disclosures are not apolitical, our lending” (http://www.hsbc.com/
they are deliberate representations of the hsbc/csr/our-sustainable-approach-to-
firm, but are presented and represented banking/equator-principles, Accessed:
as benign, transparent statements about 9th February, 2007). However, a detailed
position and policies. However, as Ag- search of the banks publicly available
ger argues they are not neutral, far from information revealed little to substantiate
it they position the politics of the firm this claim. HSBC also states that they
within the appearance of authorless rep- have “established internal procedures
resentation. HSBC is the third largest that require all relevant project related
bank in the world by market capitaliza- loans to be categorised in accordance
tion and they signed on to the Equator with the Equator Principles” (http://
Principles in 2003, taking on more high www.hsbc.com/hsbc/csr/our-
profile roles as the chair of the Equator s us t ai na bl e -a ppr oa c h-t o-ba n ki ng/
Principles Working Group in 2005 and equator-principles Accessed: 9th Febru-
as a participant in the redrafting of the ary, 2007) but, again there is no way to
Equator Principles in 2006. As such, externally verify this stated commitment
they have positioned themselves as an and there is no legal obligation on
author, but when reporting on practices HSBC to do so as the principles are not
relating to the principles their authorship mandatory.
is all but invisible.
In an attempt to substantiate their com-
Having reviewed the information avail- mitment they claim that they report an-
able regarding HSBC’s Equator Princi- nually on the equator principles transac-
7. 46 J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53
tions in their CSR Report, and they pro- again, these are statements and there is
vide aggregate information but this in- little evidence to support these claims or
formation lacks substance, it reveals information in order to understand how
nothing about the nature of the projects the training is being conducted and what
they are engaging, or the internal proc- aspects of the principles are being imple-
esses in place to assess them against the mented, at what level and for what pur-
Equator Principles. There is little con- pose. The intention is delimited, and the
cern about the ways the banks decisions focus is created – irrespective of how
may have changed the social and envi- this can be traced to improved social and
ronmental outcomes experienced at the environmental performance.
project site. This kind of detail would
enable a user to understand how the To a large extent the Equator Principles
bank is creating a ‘better world’, rather are self referential in that the banks can
than just internal procedures to meet the employ “independent experts” or
principles with little external verifica- “independent consultants” to advise
tion. them. This advice is not made public,
and the level of independence is not en-
On closer inspection of HSBC CSR Re- sured, they purely make the statement
ports they are disclosing some informa- that they “retain a panel of consultants
tion in relation to the principles. In covering various industry sectors, envi-
HSBC’s 2003 CSR Report they are com- ronmental and social risk capabilities,
mitted to report summary numbers for and geographic locations, which our
the total value and volume of project Project Finance teams can draw upon.
finance deals booked. In their discussion The selection of consultants is managed
on the implementation of the Equator centrally by Project Finance, with guid-
Principles they say they’ll update their ance from the Environmental Risk Unit
procedures manual and train staff in- as appropriate.” (http://www.hsbc.com/
volved in the project finance and that hsbc/csr/our-sustainable-approach-to-
demonstration that they are adhering to banking/equator-principles Accessed: 9th
the Equator Principles will be provided February, 2007). There is no way of ex-
through the previously mentioned sum- ternally verifying the quality of this ad-
mary report. This is their commitment to vice, or the level of bias that may ensue
public information. This is a cultural from the commercial arrangements
practice that can “situate the creation of agreed to when providing the advice and
cultural artifacts in complex and eco- so on. However, the firm is able to rep-
nomic spaces within which creative ac- resent itself as legitimate, with external
tivity is conditioned, even deter- experts verifying their internal proce-
mined” (Agger, 1992, p.13). The asser- dures seamlessly creating a discourse of
tion of the corporate agenda on the proc- legitimacy to which they can fulfil and
esses possible through the Equator Prin- control.
ciples can be revealed in the limits, the
invisible spaces that are not represented HSBC also reveals they are focused on
by the firm. Following on from this, the reputational benefits the Equator
HSBC’s CSR reports also focus consid- Principles provide, as opposed to the
erably on their commitment to training social and environmental contribution
staff on the Equator Principles, but that banks can make through improved
8. J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53 47
commitment to responsible lending. For December 2004), in so doing, they
instance, they state that they want “to readvertise their commitment to the
help mitigate environmental credit risk principles although there is no direct
and adverse impacts on our reputation” link between the two.
so they “have developed guidelines and 3. The release of HSBC’s chemical
have adopted internationally recognised industry sector guidelines is an op-
codes of conduct, such as the Equator portunity for them to note that it
Principles, to help us in our decision- reinforces the “the Group’s adoption
making.” (HSBC, Key CSR issues 30, in 2003 of the Equator Principles - a
June 2006, www.hsbc.com). The banks set of voluntary guidelines applied
perception that an association with the to project finance activi-
principles has positive reputational bene- ties.” (HSBC launches chemicals
fits is evident in the way they refer to the industry sector guideline, 03 August
Equator Principles every time they re- 2005).
lease information about any project that 4. They also claim that their freshwater
is associated with responsible behaviour. infrastructure guidelines “reinforce
Again, the self referential nature of the HSBC’s commitment to the Equator
Equator Principles is evident upon any Principles, a set of voluntary guide-
detailed consideration of the banks state- lines providing a common frame-
ments regarding the principles. It be- work for major banks to address
came apparent that everything HSBC environmental and social issues
did that linked to the community or the arising from financing pro-
environment presented an opportunity to jects.” (HSBC launches freshwater
promote the Equator Principles. For ex- infrastructure guideline, 27 May
ample: 2005).
5. The launch of a climate change part-
1. The release of their forest sector nership with Newcastle University
guidelines allows them to say “the and the University of East Anglia
guideline announced today demon- enabled them to say that “in 2003,
strates our commitment to the Equa- HSBC adopted the Equator Princi-
tor Principles in relation to the for- ples” (HSBC launches climate
est land and forest products sec- change partnership, 08 December
tor” (HSBC launches forest sector 2004) even though there is no direct
guideline, 28 May 2004), even link between these two projects.
though there is no direct relation-
ship. Obviously, HSBC is representing their
2. When discussing their effort to be a bank as a socially and environmentally
‘carbon neutral’ bank they say “this responsible lender. The strategies out-
complements the actions it is al- lined above would suggest they are us-
ready taking to address the indirect ing any given opportunity to use the
impact it has on environmental and Equator Principles to reposition the firm
social issues arising when financing in this light. Unfortunately, at the stage
projects for customers. For example, it is impossible to tell if these are having
in 2003, HSBC adopted the Equator a positive impact on the internal prac-
Principles.” (HSBC world’s first tices of the bank, a situation that may
major bank to go carbon neutral, 6 change as the disclosure requirements of
9. 48 J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53
the Equator Principles change. on by the Equator Principles. They state
that 13 projects were financed in the
year (all in Australia and the Pacific Is-
Westpac lands), 6 new projects, 1 to buy an exist-
ing asset and six were for the refinanc-
“A radical cultural studies inter- ing of an existing asset. They state that 4
venes politically where it chal- had capital costs below $50million, but
lenges representation to theorize they do not say if these underwent the
itself, understanding how the rep- same assessment process or not. The
ertoire of interpretive activities in summary information is very ambigu-
which we habitually and thought- ous, giving detail but not substantial
lessly engage is, in fact, a careful enough to consider how the Equator
political construction – call it ide- Principles are working. They declined “a
ology” (Agger, 1992, p.183) number of transactions” but claim this
was not because of breaches of the
Westpac is the only Australian bank to Equator Principles offering no insight
adopt the Equator Principles, having into the internal processes used for as-
become a signatory in 2003. Westpac’s sessment, whether any projects under-
2004 Stakeholder Impact Report, ac- went additional investigation based on
knowledges the banks commitment to the Equator Principles, whether they
the Equator Principles but provides no hired external advises to assist in the
material evidence of the incorporation of assessment of the projects, or whether
these into their practices. They state the the projects needed to undergo any
“we felt it was important to support this changes to meet the banks standards. In
initiative so that standards such as these essence, very little information was pro-
are adopted by all banks in the market- vided.
place and the likelihood of competition
between banks on environmental and In Westpac’s 2006 Stakeholder Impact
social grounds is minimised” (SIR 2004, Report, they congratulate themselves on
p.35). In this statement, the bank clearly making their commitment to the
articulated a strategic interest in the de- “Actually quite stunning” (their words
velopment of the Equator Principles, but 2006, p.7) Equator Principles and that
such an interest would leave any inter- they had successfully marketed them-
ested party to wonder whether such this selves as an environmentally responsible
interest was to further development, in- bank through their 2006 advertising
novation, commitment. The emergent campaign. They claim this has led to
representations are political (Agger, request for more information and that it
1992) has been met “with an astounding re-
sponse” (2006, p.27), but they do not
In Westpac’s 2005 Stakeholder Impact disclose whether they are providing this
Report, they reaffirm their commitment additional information and in what form.
to the Equator Principles, again they use The aggregate information proves no
this opportunity to emphasise that they more substantial than the previous year,
are the sole Australian signatory. Like with them claiming that they closed 14
HSBC, Westpac offers some aggregate deals, 6 new, 1 an expansion of an exist-
information outlining projects impacted ing asset, and 7 refinancing of an exist-
10. J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53 49
ing asset. Equator Principles applied to 2006, Westpac report finds risks and
all except one as it was below opportunities in climate change);
$10million. Again they state that “a 2. When discussing corporate environ-
number of transactions were declined mental policy and governance on
during the past year, several for reasons their website Westpac highlights
i nc l udi ng e nvi r on me nt a l c on- their commitment to the Equator
cerns” (p.31) but do not elaborate on Principles stating that
this. Interestingly, unlike HSBC, they “environmental considerations are
don’t tell the audience how much the factored into our investment and
projects are worth to them. We have no lending decisions and we also ad-
idea of the size of this section of West- here to the Equator Principles in
pac’s business and how substantially it managing environmental and social
will impact on the firm. We are to be- risk in project finance” (http://
lieve they are doing a good job as the www.westpac.com.au/internet/
external audit report stated that “as a publish.nsf/content/wicrevpg%
result of testing Equator Principles im- 20our%20commitment);
plementation we concluded that the 3. Westpac promotes its receipt of the
overall approach and process is robust. award for the “Best Project Finance
In addition, we identified a small num- Bank in Australasia for 2006” by
ber of improvement opportuni- Global Finance magazine, with ref-
ties” (p.91). erence to their commitment to the
Equator Principles’s. This reference
As outlined in the case of HSBC, West- has little to do with the award, but
pac also uses any mention of anything allows the bank to state that they are
related to corporate social or environ- signatories to them and that they are
mental responsibility provides them with committed to promoting responsible
an opportunity to mention the Equator project finance. (http://
Principles. These references provide lit- www.westpac.com.au/internet/
tle opportunity for external verification publish.nsf/content/wicrln%20cr%
of internal change or commitment to the 20archived%20news%2023%
substance of the Equator Principles. In- 20october%202006, 23 October
stead their lack of substance reinforces 2006, Westpac wins project finance
the impression that these principles are award);
being exploited for their marketing po- 4. They also received a AAA
tential. For example: (outstanding) rating from RepuTex
Social Responsibility Rating,
1. Westpac acknowledges the impor- wherein along with other factors,
tance of carbon neutral business Westpac was noted for the only
practices and then outlines the banks Australian bank to sign the Equator
commitment to all environmental Principles;
policies including its commitment 5. When discussing the opening of an
“to the revised Equator Principles, a educational residential eco-village
framework for assessing social and funded by the bank in South East
environmental risk in project fi- Queensland, the state “Westpac re-
nance - the only Australian bank to mains the only Australian bank to
do so” (Westpac, 13 December become a signatory of the Equator
11. 50 J. Andrew / Issues in Social and Environmental Accounting 1 (2007) 40-53
Principles.”(http:// this voluntary code and the representa-
www.westpac.com.au/internet/ tional performance through which they
publish.nsf/content/wimcmr06% operate, it has been revealed that banks
20archive%20media%20release% are saying little of substance about their
2024%20july%20200b, 24 July impact on the social and environmental
2006, Westpac finances Australia's practices of the bank. Instead they form
first educational residential eco- part of a greater dialogue about how to
village). This reference to the Equa- represent the bank that is not devoid of
tor Principles has nothing to do with real world consequences, some of which
the project, but reinforces the image may have positive social and environ-
of a globally responsible lender. mental outcomes. However, as Agger
(1992) has pointed out the cultural logic
This research shows that Westpac is de- of late capitalism pits the expansionist
ploying very similar strategies to that agenda of corporate strategy against the
adopted by HSBC, using the Equator social and environmental responsibilities
Principles to reposition the firm as so- of the modern corporation. Codes such
cially and environmentally responsible. as the Equator Principles are not author-
Just as HSBC may well be undergoing less, stanceless offerings in a politically
internal changes that can substantiate neutral world. Instead, they are sophisti-
such a claim, Westpac may be engaging cated attempts to position the firm
in similar internal transformations re- within the contemporary pressures of the
quired to live up to these claims – but modern socio-political environment and
they are not making these clear to the they are inescapably political. They are a
public, so a reader could be forgiven for deliberate act of representation, but they
thinking that the Equator P are participatory and through an audi-
rinciples lack substance. Time will tell, ences critical readings of the disclosures
and more research will be required in of banks new representations will form,
order to assess the impact of the Equator that may lead to changes that have posi-
Principles on banking practices. tive social and environmental conse-
quences.
Conclusions
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