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The Equator Principles Will they further develop?

Global Accountability. The Equator Principles Will they further develop?. ‘Growth, Conservation and Responsibility’ Seoul, 27 th Annual Conference IAIA 3-9 June 2007 Maartje van Putten. History of the Equator Principles. Private banks follow Chad-Cameroon.

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The Equator Principles Will they further develop?

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  1. Global Accountability The Equator Principles Will they further develop? ‘Growth, Conservation and Responsibility’ Seoul, 27th Annual Conference IAIA 3-9 June 2007 Maartje van Putten

  2. History of the Equator Principles • Private banks follow Chad-Cameroon. • 4 July 2003 10 banks, at present 51 • IFC as the model or pressure of NGOs? • Serious Stewardship or just PR? • What is it and how will it evolve?

  3. The Principles a Global Benchmark? • Globalization: Strong role private sector • Loss of the factor State? • FDI: 91% private sector 9% Public money • Stronger than any other code of conduct • Very promising IF implemented

  4. Equator II an Improvement • Early Community Participation with affected communities • Stronger social and environmental Standards: child labor • Grievance Mechanism and Independent Review of assessment • Periodic Reporting • EPs apply to all new project financings (>10 Million $) • Upgrades existing facilities • Also project finance advisory

  5. Still missing in the Principles • EPs do not apply to High-Income OECD countries • Do not apply to corporate loans, debt and security underwriting • Not yet: Problem Solving and Compliance review Mechanism as MFI’s have • Transparency in implementation weak

  6. Structure of EPFIs • Principles are voluntary • EPFI’s have common website/secretariat • There are not yet clear ‘Club-rules’. • Fear for anti-trust rules.

  7. Threats to the Principles? • Weakening of the Standards by EPFI’s • Lack of Transparency criticism of NGO’s • A scandal of ONE EPFI affecting group • Competition with non-EPFI’s > China, India a.o. • Quality assurance

  8. Concluding Remarks • Globalization: Private Sector is taking over from Public Sector • Legal Liability is on its way • Invest in Chinese, Indian etc. Private Financial Institutions > adopt Principles • Create an Independent Problem Solving and Compliance Review Mechanism

  9. Of coursetheycanparticipate as soon as our planning is over Global Accountability The Netherlands Tel. +31-651111553 How do we getthere?

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