Standard Bank to assume chair of Equator Principles Association

Standard Bank Group has been appointed the new chair of the Equator Principles Association (EPA) for 2015/16, making it the first African Bank to be elected to this position. According to a statement by the lender, the appointment, which took effect on 1 June 2015, comes at a critical juncture in the integration of environmental and social considerations within business as a component of responsible investing. Standard Bank Group’s Executive and Head of Environmental and Social Advisory within Investment Banking, Nigel Beck, will be the bank’s lead representative and chair.

The Equator Principles (EPs) are a risk management framework adopted by EP Financial Institutions (EPFIs) for determining, assessing and managing environmental and social risk in large-scale infrastructure or industrial projects when providing finance. These are a set of voluntary standards under, which EPFIs request certain actions from the borrower to ensure the project is executed in an environmentally and socially sound manner.

First launched by US and European financial institutions in June 2003, the EPs are now a global standard for conducting large-scale development projects, adopted by 79 of the major banks around the world. Equator Principles (EP) III is already in force and became mandatory for all new transactions (where the mandate was signed after 31 December 2013) from 1 January 2014. Mr. Beck said Standard Bank Group would continue to focus on EP III implementation in conjunction with our clients across the continent.