OTTAWA, November 7, 2005 -- Export Development Canada (EDC) today announced an updated and strengthened environmental policy framework, including an umbrella Environmental Policy, amendments to its Environmental Review Directive (ERD) and Disclosure Policy following a public comment period.
"EDC has evolved its Environmental Policy to heighten clarity and strengthen transparency across the entire corporation," said Stephen Poloz, Senior Vice-President, Corporate Affairs and Chief Economist. "The policy amendments reflect a balance between the needs of our customers and EDC's responsibilities for the environment and transparency."
The policy review was initiated to reflect changes to the OECD Common Approaches on Environment and Officially Supported Export Credits, recommendations from the Office of the Auditor General in its 2004 examination of EDC's environmental practices; EDC's own experience implementing the ERD since 2001; and the need to formalize practices already in place in EDC's day-to-day operations. EDC has also committed to conducting reviews of its Environmental Policy a minimum of every three years.
EDC invited public comment on its proposed policy updates during an 80-day public comment period conducted this summer so that interested parties could provide input and feedback. The feedback was presented to EDC management, EDC's Advisory Council on CSR and the EDC Board of Directors as part of the decision-making process.
"The public comment period was productive, and in response we've done more than originally planned, such as strengthening our requirement for advance disclosure of the environmental impacts of projects that we are asked to support," continued Mr. Poloz. "By taking a proactive approach, EDC feels that it will better equip Canadian companies to compete and win internationally as well as enhancing their reputation and that of Canada abroad."
The feedback received during the public comment period was collated into four categories; Transparency, Process Simplification, Disclosure, and Clarification of Standards and Benchmarking. A summary of the public comments and the policy documents are available at www.edc.ca/public_comment.
Export Development Canada (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 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact:
Phil Taylor
EDC Public Affairs
(613) 598-2904
ptaylor@edc.ca
