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The Fight Against Corruption: EDC’s Approach

Transparency International Canada 12 May 2003 Yolanda Banks, CSR Advisor. The Fight Against Corruption: EDC’s Approach. Outline. Role of Export Development Canada (EDC) Export Credit and Corruption EDC ’s Approach Next Steps. Role of Export Development Canada. Our mandate:

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The Fight Against Corruption: EDC’s Approach

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  1. Transparency International Canada 12 May 2003 Yolanda Banks, CSR Advisor The Fight Against Corruption:EDC’s Approach

  2. Outline • Role of Export Development Canada (EDC) • Export Credit and Corruption • EDC ’s Approach • Next Steps

  3. Role of Export Development Canada Our mandate: Created in 1944, EDC is a Crown corporation that operates on commercial principals. Our mandate is to provide trade finance services to support Canadian exporters and investors in some 200 markets, 130 of which are in developing markets.

  4. Role of Export Development Canada (con’d) Our Basic Products and Services: • Insurance • Medium- and Long-Term Financing • Bonding • Political Risk Insurance

  5. Role of Export Development Canada (con’d) Business data for 2002: • Volume: $ 21.2 billion • Assets: $ 24.6 billion • # of customers 7,223 • of which SMEs 6,575 • # of employees 992

  6. Export Credit and Corruption Why is it an issue? • Moral issues • Obstacle to economic development and growth, especially in developing countries • Distorts international trade • Increases our risk • Corruption is illegal • OECD Convention (1997) • Corruption of Foreign Public Officials Act (1998) • OECD Action Statement (2000)

  7. EDC’s Multi-Tiered Approach Principles Policy Procedures Training Customer Awareness

  8. Prohibitions Against Bribery and Corruption “Under no circumstances will EDC, directly or indirectly, knowingly offer or give a bribe. Further, EDC will not support a transaction that involves the offer or giving of a bribe, and will exercise reasonable diligence and care not to support unknowingly such a transaction”. Principles EDC’s Code of Business Ethics

  9. EDC’s Multi-Tiered Approach Principles Policy Procedures Training Customer Awareness

  10. EDC’s Multi-Tiered Approach Principles Policy Procedures Training Customer Awareness

  11. EDC’s Multi-Tiered Approach Principles Policy Procedures Training Customer Awareness

  12. EDC’s Multi-Tiered Approach Principles Policy Procedures Training Customer Awareness

  13. Next Steps • Continually evolving field • OECD collaboration to strengthen process • Collaboration with the Government of Canada

  14. For more info, www.edc.ca

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