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Тематика: международная банковская
Языковая пара: английский – русский
Оригинал | Перевод |
Environmental and Social risk management procedures: Passive investments These guidelines apply to passive investments. For the purposes of this document, these are defined as investments where the Investor only subscribes a small stake of a company’s shareholding (generally not more than 5%) and will typically not have the possibility to influence company management, operations or strategy. Examples include assets managed by insurance companies, mutual funds, pension funds, and funds investing in listed securities or in the secondary markets. Where the Investor subscribes to a larger proportion of a company's shareholding and/or is in a position to influence company management, operations or strategy, the Procedures for Active Equity Investment should be used instead. The EBRD requires Investors (Investment Funds and other organisations such as banks making passive investments) to meet the following requirements. · Investments should accord with the principles of environmentally sound and sustainable development that are incorporated in the EBRD's Environmental and Social Policy · Investments must not be made in companies carrying out activities on the EBRD’s Environmental and Social Exclusion List. In the case of companies carrying out activities listed on the referral list, written approval must be obtained from EBRD before the investment may proceed. · Investments shall comply with applicable health, safety, labour and environmental regulations and standards in the country where the investment is situated. · The Investor should commit to divest from any investment should significant environmental and social issues arise within the investee company which compromise the spirit of the above requirements and which the company fails to address. General Environmental and Social management system requirements for investors / investment funds Any EBRD Financial Intermediary must have clearly defined responsibilities for environmental and social management. In the case of an investment fund, the Fund Manager will normally have overall responsibility for environmental and social risk management and the implementation of these procedures within the Fund. EBRD encourages its financial intermediaries to disclose to their external stakeholders information on how the FIs address environmental and social issues in their business and operations. This may, for example, be in the form of a section in the Company’s Annual Report summarising the Company’s commitment to and implementation of the environmental and social procedures. Environmental and Social Performance and Shareholder Value The environmental and social performance of a company is often symptomatic of its overall financial performance. If the market perceives that a company is distressed by having to address its environmental and social problems, or if adverse publicity arises in relation to the company, share prices may fall. The impact on the share can be significant if the local law includes strong requirements for disclosure of company environmental and social performance, such as mandatory disclosure of environmental liabilities in the IPO/privatisation prospectus, public disclosure of companies’ regulatory compliance record, or rights of access for the public to environmental information held by the authorities. Many central and eastern European countries have included such provisions in their new environmental legislation. Significant environmental and social issues associated with an investee may adversely affect its balance sheet, causing a reduction or loss of dividends to the shareholders. For example, the authorities may force the company to adopt measures which incur investment costs as well as increased operational and maintenance costs in the future. On the other hand, a company’s environmental and social performance may also present an opportunity for investors. There is growing evidence that eco-efficient companies with good workplace policies generally provide better returns on investment than those with poor environmental and social performance. In the longer term, changes in environmental, health, safety and labour legislation, enforcement practices, and customer preference are the main sources of environmental/social risk associated with investments. Regulatory changes, as well as changes in customer preference often occur as a result of accidents or incidents resulting in - or perceived to result in - large-scale environmental damages, public health scares, or new scientific evidence. The cost of maintaining compliance with health, safety, labour and environmental requirements may increase as the stringency of both the standards required and their enforcement increases. The company’s financial performance and its ability to remain competitive depends on its ability to respond to such changes. |
