Implementing International Good Practice Standards: Pragmatism Versus Philosophy

L. Reed Huppman ()
Additional contact information
L. Reed Huppman: Guyana Goldfields Inc.

A chapter in Responsible Investment Banking, 2015, pp 333-338 from Springer

Abstract: Abstract Mainstreaming environmental and social considerations is something people have been working on for many years, and still are. For economists, the environment was considered an externality—if you cannot quantify it, you cannot incorporate it into your economic model. This is an ongoing problem, though tremendous strides have been made. John Dixon at the World Bank was one of the first to tackle this divide. Two years prior to the creation of the original Equator Principles, the four founding banks—Citibank, Barclays, WestLB and ABN Amro, each experienced a reputational crisis fomented by NGOs that led them to found what later was to become the Equator Principles. The four banks—Citi, Barclays ABN Amro and West LB—eventually got together, and this was the catalyst for the Equator Principles. They discussed that they needed some sort of environmental and social policy framework for project finance lending across the board. Although it was a cautious approach, it was a brave move. It took two more years of lobbying to recruit another six banks to have a critical mass of 10 for the original launch in June 2003. It has taken another 10 years to exceed 75 members.

Keywords: Social Policy Framework; Equity Principle; Original Launch; WestLB; Citi Bank (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-319-10311-2_20

Ordering information: This item can be ordered from
http://www.springer.com/9783319103112

DOI: 10.1007/978-3-319-10311-2_20

Access Statistics for this chapter

More chapters in CSR, Sustainability, Ethics & Governance from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().