Branch of Standard Chartered in United Arabic Emirates
about Standard Chartered
Despite
its British base, Standard Chartered has few customers in the United Kingdom and 90% of its
profits come from Asia, Africa, and the Middle East. Its operations lie
predominantly in former British colonies, though over the past two decades it
has now expanded operations into 70 countries and territories. Standard Chartered offers the full range of banking products to consumers, private clients and business, including an extensive Islamic banking operation.
ownership
listed on Bombay Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, National Stock Exchange of India
Publicly listed
headquarters
1 Basinghall Avenue
EC2V 5DD London
United Kingdom
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
The CDP impels organisations to record their carbon footprint in daily activities. Encouraging enterprises to calculate and disclose their carbon impact, this initiative highlights the challenge for financial institutions to determine exactly how much carbon output can be attributed to financing.
Voluntary framework to guide the finance sector in tackling the challenge of climate change. They address the management of operational greenhouse gas (GHG) emissions and provide direction on managing climate change in research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking & markets; project finance.
The EPs are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to asesses and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
The verification and full publication of company payments and government revenues from oil, gas and mining is supported by the EITI. Financial institutions can participate and encourage resource-rich countries to support the initiative that aims to defeat poverty, corruption and conflict caused by weak transparency and accountability.
As the name suggests, the GRI aims to standardise good practice in transparency. GRI provides companies with guidelines to organise their annual report with reporting indices and standards addressing environmental, social and economic issues that business ought to address when telling the world about its performance.
The UN Global Compact is a set of ten principles that companies may sign voluntarily. Signatories promise to avoid complicity in human rights violations, adhere to labour standards, protect the environment and avoid corruption. The G8 countries urge companies to participate in this initiative, and with over 2900 companies signing up, the Global Compact has momentum. A voluntary and network based framework, the Global Compact actively promotes peer review and stakeholder participation.
UNEP is the 'voice of the environment' for the United Nations system, promoting international cooperation in the field of the environment. Issues concerning the financial community are addressed by the UNEP Finance Initiative which promotes investment in clean and renewable energy by financial institutions and other investors. Financial insititutions wishing to join must sign one of two Statements (for financial institutions and a separate one for the insurance industry).
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. Voluntary and aspirational in nature, UNPRI has since its inception in 2006 attracted 200 signatories, representing US$8 trillion worth of investments.
Since the turn of the century a group of twelve banks known as the Wolfsberg Group have collaborated to improve ethical standards. The principles provide guidance on money laundering, corruption and the financing of terrorism. They have been produced to address deficiencies in areas 'yet to be fully articulated by lawmakers or regulators'.
General comments Banktrack on policies Standard Chartered Bank
Standard Chartered Bank's Group Environmental and Social Risk Policy is targeted at clients. It does not go further than compliance to local and
national law and adherence to the Equator Principles. In this policy the
criteria are not disclosed, therefore this document cannot be awarded any
points.
-readmore-
Standard Chartered Bank developed
Sector and Issue Position Statements to provide guidance on banking activities in sectors with high potential for
social or environmental impact. The statements set out standards and practices
to be followed in and apply to all lending and investment banking services
(lending, equity and/or debt capital markets activities, project finance and
advisory work) provided by the bank to new and existing clients. The statements
also complement and reinforce Standard Chartered's commitment to the Equator
Principles. Besides the sectors and issues mentioned in the table above, SCB
also has position statements on Tobacco and Gaming and Gambling.
Most
position statements are far reaching and contain preconditions for the bank's
clients but do not include all basic elements this benchmark expects a bank
policy to have. Thus, SCB's position statements are awarded with one or two point(s)
at the sectors and issues they apply to. For example, the position statements
related to climate change include some, but not half of the essential elements.
Therefore this policy is accredited one point. But the SCB Position Statement Forestry and Palm oil is awarded two points
for Forestry because it misses only one essential element. We highly recommend
to include an element (or develop a policy) about respecting the land rights of
Indigenous peoples.
agriculture
0
1
2
3
4
5
arms industry and trade
0
1
2
3
4
5
fisheries
0
1
2
3
4
5
forestry
0
1
2
3
4
5
mining
0
1
2
3
4
5
oil and gas
0
1
2
3
4
5
power generation
0
1
2
3
4
5
biodiversity
0
1
2
3
4
5
climate change
0
1
2
3
4
5
corruption
0
1
2
3
4
5
human rights
0
1
2
3
4
5
indigenous peoples
0
1
2
3
4
5
labour
0
1
2
3
4
5
operation in conflict zones
0
1
2
3
4
5
taxation
0
1
2
3
4
5
toxics
0
1
2
3
4
5
accountability
0
1
2
3
4
5
transparency
0
1
2
3
4
5
headquarters
1 Basinghall Avenue
EC2V 5DD London
United Kingdom
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
On October 5th, 2004 an official agreement was signed between the Orissa Mining Corporation (OMC) and Sterlite Industries, a subsidiary of Vedanta Resources plc, for the…
In the Canadian Boreal forest just downstream of the eastern foothills of the Rocky Mountains are the Canadian tar sands. The region contains some 2 trillion barrels of oil,…
The United States Geological Survey estimates that 30% of the world's undiscovered gas and 13% of the world's undiscovered oil is to be found north of the Arctic Circle.…
The Jaitapur project plans to host two European Pressurised Reactors (EPRs) of 1,650 MWe each, with possible extension by four additional units. The Generation III+ class…
Liquified Natural Gas (LNG) is natural gas that has been chilled to liquid form, reducing it to one-six-hundredth of its original volume for transportation by ship to destinations…
The US$1.45 billion Nam Theun 2 Hydropower Project, in the small Southeast Asia country of Laos, is supposed to generate revenue for the cash-strapped Lao government by exporting…
The Sakhalin II project in the Russian Far East is said by project sponsors to be the largest integrated oil and gas project in the world. The project involves…
The Sasan project - also known as The Sasan Ultra Mega Power Project (UMPP) - will be a 6x660 MW coal-fired project. It is a Government of India initiative to develop…
The Grasberg mine, located in the indonesian province of Papua, on the island New Guinea, just north of Australia, is being run by the mining company Freeport McMoran. The…
Sesa Goa is the largest iron ore producer and exporter of Goa. Since 2007 Vedanta Resources is the majority shareholder of Sesa Goa. Sesa Goa's main mining operations are…
The Rapu Rapu Polymetallic Project on Rapu Rapu island in the South East of the Philippines is a open pit mine with a estimated annual production of approximately 11,000…
BankTrack has identified controversial issues
with the companies listed below that require attention from Standard Chartered.
NHPC
India's National Hydroelectric Power Corporation has made a name for itself as one of the country's most ruthless corporations. As a state-owned company, NHPC has been able…
As Europe's second largest electricity generator and one of Europe's five leading gas and electricity companies, this German utility is another of energy and gas production's…
Vedanta Resources is a mining company. It produces aluminum, copper, lead and zinc. Vedanta has a strong position in India, where its founder Anil Agarwal was born, but is…
Letter to BankTrack as a response to BT letter of February 11, 2010
Mar 29, 2010 | Equator Principles Financial Insititutions, Citi
The first response ever to one of the letters BankTrack sent to the Equator Principles Financial Insititutions. It is a response to the BankTrack follow up letter after the meeting in Zuerich, February 4.
Risky Business: the Nam Theun 2 Hydropower Project
Mar 22, 2010 - The Nam Theun 2 Hydropower Project, the largest dam in Laos, was hailed by many as they way to reduce poverty and demonstrate best practice in socially and environmentally responsible dam building, still the initial signs have not been promising...
headquarters
1 Basinghall Avenue
EC2V 5DD London
United Kingdom
position top 1000 the Banker
In million US$. Ranking according to Tier 1 capital, as per definition Bank of International Settlements (BIS)
