Submitted by: Export Development Canada
Posted: Jun 02, 2009 – 06:24 PM EST
(OTTAWA) - May 26, 2009 - Export Development Canada (EDC) today issued its 2008 Annual Report on Corporate Social Responsibility (CSR), a highlight of which was the formal release of EDC's Statement on Human Rights.
"This Statement defines EDC's current practices and adherence to Government of Canada policies and international obligations," said Eric Siegel, President and CEO of EDC." The more business we do around the world, the more we see that sustained success comes from doing business responsibly."
"At a time when confidence in the financial services sector is at an historic low, this is precisely the time when it is incumbent upon us to demonstrate that we are committed to meeting the realistic expectations of our shareholder, our stakeholders and, most importantly, our customers. Which is why it was important to release a statement on human rights," he added.
EDC's financial support for a new Chair in Environmental Finance was another landmark achievement included in the report. This new area of specialization at the University of Waterloo will open new doors for Canadian students wishing to make their mark as leaders in sustainable businesses.
As host of the Berne Union annual meeting of insurers held in Banff last fall, EDC highlighted the issue of environmental responsibility. And as a signatory of the Equator Principles, a benchmark for the financial industry to voluntarily manage social and environmental issues in project planning, EDC is now part of the core group implementing these principles, and can play a key role in harmonizing the leading environmental practices of export credit agencies worldwide with those of private financial institutions.
EDC also hosted a forum on Best Practices for Socially Responsible Mining in Peru to foster discussion among a variety of stakeholders on how best to conduct business in challenging markets.
To reduce EDC's operational footprint, for the first time this detailed report is only available online.
For the second year, the report was assured by an independent audit review firm, PricewaterhouseCoopers, to identify improvements to management systems and enhance credibility in reporting.
For more information and to view EDC's Annual Report on CSR visit: www.edc.ca/csrreport2008.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for eight consecutive years.
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