Listening To Our Stakeholders
Stakeholder engagement is an essential part of our approach to CSR. It helps us better understand the real and potential impacts of our decisions and prioritize issues of greatest concern. Engagement is also valuable for building trust among our stakeholders and creating a strong sense of accountability within our organization.
Here’s a sampling of what we heard from key stakeholder groups in 2015. We take this feedback seriously and make every effort to address concerns where we can through direct communications, and through our business and CSR strategies and plans.
CSR Advisory Council – Comprised of leaders from business, civil society and academia, the CSR Advisory Council advises and guides our CSR practices. One of the key topics of discussion in 2015 was human rights and EDC’s role vis-à-vis the UN Guiding Principles on Business and Human Rights (UNGP). As a result, we are exploring how financial institutions like EDC can best promote human rights. Details on CSR Advisory Council membership and meeting summaries can be found on our website.
Government and Civil Society Organizations (CSOs) – In developing our 2015 CSR report, we retained a third-party organization to find out what some of our stakeholders in government and CSOs had to say about us. Here are select quotes and our three key takeaways from this exercise:
On the role of EDC:
“The way Canadian companies operate abroad matters, because they represent Canada abroad. By lending to them, EDC can really drive the responsible business agenda.”
“As an export credit agency (ECA), EDC is held in high regard (one of the best) and considered to have a progressive CSR approach that helps advance the CSR agenda among all ECAs.”
“EDC uses ‘client confidentiality’ too often as an excuse not to disclose information.”
“EDC may be doing a very good job screening for environmental and social risks and turning down a lot of projects without our knowing. In order for the public to have confidence, they should disclose more and provide information earlier in their review process.”
On human rights:
“I can’t say any ECA is doing a great job in human rights due diligence.”
On climate change:
“EDC should stop financing fossil fuels and invest more heavily in alternative green energy.”