From 2009 to 2011, EFIC undertook a review of our 2005 Environment Policy.
The review process considered:
- EFIC’s practical experience of implementing the 2005 Environment Policy
- feedback from EFIC’s stakeholders
- our participation in a review of the OECD Common Approaches
- our participation in a review of the IFC Performance Standards (the main benchmark for both the 2005 Environment Policy and the revised Policy)
- our participation in discussion forums with organisations that apply the OECD and Equator Principles
- possible changes to the Export Finance and Insurance Act 1991 (Cth)
- the evolution of EFIC’s business.
An internal working group prepared a draft Policy on environmental and social review of transactions (Policy) and Environmental and social review procedure (Procedure). These were published on EFIC’s website for eight weeks, from 9 August to 1 October 2010. EFIC’s stakeholders were invited to comment on the draft documents during that time.
We received submissions on the Policy and Procedure from three civil society organisations (CSOs):
EFIC provided the CSOs with a response to their submissions and then held a workshop with them on 9 December 2010. The purpose of the workshop, managed by an external facilitator, was to discuss the draft documents, the CSOs’ submissions and EFIC’s response.
Representatives of the CSOs, EFIC and the Department of Foreign Affairs and Trade attended the workshop and the participants reached agreement on many issues. The facilitator prepared and provided to the participants a report on the outcomes of the workshop.
EFIC used the workshop outcomes to finalise the Policy and Procedure. The EFIC Board approved the final Policy for environmental and social review of transactions on 17 February 2011. EFIC Management approved the final Procedure for environmental and social review of transactions on 10 March 2011.