Prizma

 The Equator Principles Financial Institutions have recently adopted new Governance Rules to create a  membership structure – Equator Principles Association – and formalize existing procedures and practices. The Rules introduce delisting provisions for members not meeting public reporting requirements. (more…)

IFC launched a second round of public consultation to update the IFC Performance Standards (2006), which provide also the basis for the Equator Principles. In mid June 2010, the first meeting was held in Washington DC. It attracted over 5o participants from Civil Society Organizations (CSOs) and industry.What are the emerging themes? (more…)

As noted in an earlier blog, GRI launched its Metals and Mining Sector Supplement during PDAC’s 78^th Annual Conference held in early March in Toronto which attracted 21,600 attendees. So how and why did PDAC manage to steal the show at GRI’s June conference session on the Mining and Metals Sector Supplement? (more…)

 Jointly with GRI, the International Finance Corporation (IFC, part of the World Bank Group) published a bridging document showing how strategies, system and data points developed to meet IFC Performance Standards can be used to generate GRI-type sustainability reports. About time to help capital project developers/sponsors to leverage expensive compliance reporting to create more shareholder value! (more…)

Inaugural sustainability reports, even if they don’t hit all the right notes, empower internal champions and create opportunities for better stakeholder engagement and transparency, and can help drive  performance improvements. But are you not intrigued to find out what catalyzed and motivated Perenco, an independent oil and gas company operating in places like Gabon, DR Congo, Peru and Guatemala, to create its first CSR report? Is it perhaps related to the recent creation of a $2.8bn reserve-based lending involving Equator Banks, which will also assist with completion of a controversial oil pipeline in Peru’s rainforests? (more…)

It did not require the devastating Deepwater Horizon oil spill in the Gulf of Mexico to realize that oil and gas field developments are high risk operations. Similar to the Mexican Ixtoc One oil platform spill in 1979, which affected Texas coast lines, the on-going spill has the potential to result in significant trans-boundary impacts.  Will this latest spill encourage the three North American governments to re-open stalled negotiations on a Trans-boundary EIA agreement? (more…)

In May 2010, the Compliance Advisor/Ombudsman (CAO) office of IFC/MIGA released its Review of IFC’s Policy and Performance Standards on Social and Environmental Sustainability and Policy on Disclosure of Information. This CAO Advisory Note is a contribution to IFC’s ongoing review and update of its Sustainability Framework about which I blogged previously. (more…)

As noted earlier, GRI and ICMM launched the new GRI Metals and Mining Sector Supplement during the annual mining convention of PDAC in early March 2010. The new Sector Supplement integrated many references to the IFC Performance Standards and suggests increasing convergence amongst these internationally recognized guidelines. (more…)

The IFC Performance Standards on Social & Environmental Sustainability have emerged as the de facto benchmark for developing and financing responsible extractive projects in emerging markets. The Canadian government’s March 2009 CSR Strategy for the Canadian International Extractive Sector, Building the Canadian Advantage, also includes the IFC Performance Standards. In this article, I review the genesis, significance and key challenges associated with the IFC Performance Standards, using also input from participants of over 20 workshops and training courses delivered in Canada, China, Panama, Peru, UK and Venezuela since 2006. (more…)

Used to more user friendly disclosure practices of multilateral financial institutions like the IFC or the EBRD, advocacy groups lament lack of deal transparency by Equator Banks. Although there is room for improvement, I wonder if the existing market transparency is already being leveraged enough. (more…)