Information for G00876
Corporate Social Responsibility: From Words to Action Can Bankers Provoke the "Action"?
Document begins: Corporate Social Responsibility: From Words to Action Can Bankers Provoke the "Action"? Gerard Holden Managing Director Global Head of Mining & Metals Barclays Capital The Key Issues l Do Voluntary Initiatives Work? l What Can us Bankers do to Ensure that these Initiatives can be Effectively Implemented? From Words to Action The Barclays Approach · 1991 restated its Environmental Policy · Sustainability of Environmental Resources · Environmental Impact Assessment · Environmental Risk is part of every Credit Appraisal · 1992 Established Environmental Risk Management Unit · 1999/2000 Appointment of Environmental and Equity and Diversity Directors and Publication of Full Environmental and Social Review · Involvement in MMSD through the Assurance Group Voluntary Initiatives and Mining Finance l Historically these Initiatives have not worked well l Introduction and Adoption of the World Bank Environmental Guidelines a Success l Most Lenders use the Guidelines in the Absence of more Rigorous Local Legislation l Requires Ongoing Monitoring after Initial Strict Due Diligence (Effective Policing) Social Responsibility and Mining Finance l Environmentally Responsible Production l Good Socio-Environmental Practices lead to a reduced risk profile l Credit ratings now take Socio- Environmental Record into account l Reduced risk = Cheaper Funding The World ...