Eksportfinans must have a proactive attitude to social responsibility in managing the company and in all the business activities.
The Eksportfinans Social Responsibility Policy is based on the Norwegian government’s understanding of the social responsibility (“samfunnsansvar”) concept as defined in the Storting (Norwegian parliament) Report No. 10 (2008-2009) ”Business and industry’s social responsibility in a global economy”: The government understands social responsibility to entail that companies integrate social and environmental considerations into their daily operations and in relation to their stakeholders. Social responsibility includes what the companies do on a voluntary basis over and beyond compliance with statutes and regulations that apply for the country in which they operate.
An important principle for socially responsible operation is that the company must demonstrate good profitability, making ownership attractive. Eksportfinans must also continue to be a strong partner for Norwegian industry in the long term. Eksportfinans must show consideration for the environment and social conditions in the projects of which it is a part.
Please click here to download Eksportfinans' Social Responsibility Policy.
EQUATOR PRINCIPLES IMPLEMENTATION EFFORTS IN 2010/2011
Eksportfinans adopted the Equator Principles in September 2010. The adoption of the Equator Principles is consistent with Eksportfinans’ commitment to participating in environmentally and socially sustainable projects.
Since its formal adaptation, Eksportfinans has organized internal seminars in order to inform and update staff on the Equator Principles and the guidelines and standards. We see close cooperation and dialogue with other EPFIs (Equator Principles Financial Institutions) as an important benefit of the EP network, and one of the trainings was therefore organized in close cooperation with another EPFI. Representatives from Eksportfinans have also participated in IFC Performance Standards training in 2009, 2010 and 2011.
Eksportfinans cooperates closely with banks and export credit agencies in all projects, and screening as well as documentation is discussed among lenders and guarantors. The project finance transactions are initially screened at time of application received and assessments of environmental and social considerations are made. The specific terms and conditions related to the relevant IFC standards are to be agreed in the loan documentation. Compliance is monitored during the lifetime of the loan engagement in order to make sure that the project complies with the agreed terms and conditions and the relevant IFC guidelines.
About the Equator Principles
The Equator Principles are based on the International Finance Corporation (IFC) performance Standards on social and environmental sustainability and on the World Bank Group Environmental, Health and Safety Guidelines. They are intended to serve as a common baseline and framework for the implementation by each adopting institution of its own internal social and environmental policies, procedures and standards related to its project financing activities. The Equator principles are adapted voluntarily by financial institutions and are applied where total project capital costs exceeds USD 10 million.
Read more about the Equator Principles here: www.equator-principles.com