By: The Wilderness Society
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‘This is a clear cut case where ANZ must apply the Equator Principles in its assessment of Gunns’ mill. ANZ has an obligation to its shareholders, clients, other Equator Principle Financial Institutions, and project affected communities to adhere to the standards set by the EPs. If ANZ doesn’t pull out, the bank may face reputational and potential legal risks for choosing profits over sound procedure.'
BankTrack advises ANZ to assure itself that it would not be held liable for legal obligations arising from violations of the Equator Principles, and also said that ANZ should take care to avoid exposure to joint liability with sponsors and other lead facilitators in the event of civil lawsuits. BankTrack requests that ANZ publicly withdraw from any potential involvement in the project.