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last update: Jul 20, 2010
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WestLB - Germany
basics
policies
practice
image
WestlB building Duesseldorf, Germany
key facts
headquarters
Herzogstraße 15
40217 Düsseldorf
Germany
total assets
€242.3 billion (2009)
key regions of operation
Europe, Germany
supervisor
Bundesbank
CEO/chair
Mr. Heinz Hilgert
CEO
number of employees
5,214 (2009)
key sectors
agriculture, food
aviation
mining
oil and gas
transport and infrastructure
exclusion sectors
agriculture, food
aviation
mining
oil and gas
transport and infrastructure
ownership

central institution for the savings banks of the states of North Rhine-Westphalia and Brandenburg, in process of being privatised.

about WestLB

WestLB AG is a European commercial bank with roots in North Rhine-Westphalia, Germany. It is the central institution for the savings banks in North Rhine-Westphalia and Brandenburg.

WestLB was created in 1969. In 2002, WestLB was transformed into a joint stock company after the public mission activities were integrated into Landesbank NRW (now NRW.BANK). The entire commercial business activities of the former WestLB are now concentrated in WestLB AG. On July 19, 2005, institutional liability and guarantor liability were abolished. WestLB now operates as a universal bank without state guarantees.

voluntary standards and commitments
Carbon Disclosure Project
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.
Carbon Principles
Set of guidelines for banks and their U.S. power clients to evaluate and address carbon risks in the financing of electric power projects.
Climate Principles
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.
Equator Principles
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.
Extractive Industries Transparency Initiative
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.
Global Reporting Initiative
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.
UN Global Compact
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 Finance Initiative
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).
UNEP Principles for Responsible Investments
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.
Wolfsberg principles
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'.
2010 sector and issue policies
agriculture
1
arms industry and trade
1
fisheries
1
forestry
2
mining
1
oil and gas
1
power generation
2
biodiversity
1
climate change
1
corruption
1
human rights
1
indigenous peoples
1
labour
1
operation in conflict zones
0
taxation
0
toxics
1
accountability
1
transparency
1
dodgy deals
companies

BankTrack has identified controversial issues with the companies listed below that require attention from WestLB.