OTTAWA, Feb. 1 /CNW Telbec/ - Corporate social responsibility has become a priority in the global business community and it is critical that evolving international standards reflect the experience of Canadian businesses, NGOs and other stakeholders, Jim McArdle, Export Development Canada's (EDC) Senior Vice-President of Legal Services said today.
"Hosting today's event, which brings together so many organizations that have a stake in the evolution of international standards, helps us stay on the leading edge of those standards and ensure that we can continue to build the capacity of Canadian companies doing business abroad," he said.
Mr. McArdle made his comments at a stakeholder engagement session facilitated by EDC on behalf of the International Finance Corporation (IFC), in which a number of prominent Canadian businesses, NGOs, government agencies and academics took part.
The goal of the session was for the IFC to receive stakeholders' feedback as it reviews its Performance Standards on Social and Environmental Sustainability. The Performance Standards have become a core part of the way financial institutions around the world evaluate project financing transactions.
"The people who joined us for today's session have gained a wealth of experience with the Performance Standards since they were implemented in 2006, and represent a wide cross-section of views, from government to the private-sector to environmental and social NGOs. Their feedback will be invaluable to the IFC as it undertakes this review," said Mr. McArdle.
The IFC is a member of the World Bank Group. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments.
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, a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for nine consecutive years.
SOURCE Export Development Canada
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