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Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
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FirstRandSouth Africa
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Created before Nov 2016
Last update: 2022-08-18 15:24:31

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FirstRand Bank head offices. Photo: Google Earth/Streetview

About FirstRand

FirstRand Limited (also referred to as FirstRand Group) was established in April 1998. FirstRand is a financial services group and one of the big four South African retail, commercial and investment banks. FirstRand owns brands like First National Bank (FNB), Rand Merchant Bank (RMB), Ashburton Investments, and Wesbank. The group has representation elsewhere in Africa, including Nigeria, as well as the United Kingdom, Dubai, Australia, China, and India. The bank signed the Equator Principles in 2009.

Website https://www.firstrand.co.za/
Headquarters
4 Merchant Place, Cnr. Fredman Drive & Rivonia Road, 4th Floor
2196 Sandton
South Africa
CEO/chair Alan Pullinger
CEO
Supervisor
South African Reserve Bank
Annual reports CSR report 2021
Annual report 2021
Ownership
listed on JSE Limited & Namibian Stock Exchange

FirstRand's largest shareholder is the South African state- owned Public Investment Corporation (15.1%). The bank's complete shareholder structure can be accessed here.

Subsidiaries
Rand Merchant Bank – South Africa
Complaints and grievances

FirstRand operates a group ethics line reporting facility which can be accessed here.

Related Dodgy Deals

FirstRand has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

Dodgy Deals map

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On record profiles

Policy Assessments

Tracking the Equator Principles

EPFIs reporting status

BankLast update
Country
Reporting period
PF deals under EP
Project names reported
% Project names reported
Details
FirstRand Bank Ltd
2022-03-15
ZAF
2020
8
8
100
1.01000000009E+38
0
South Africa
Profile
Reporting period
2020
PF deals under EP
8
Project names reported
8
% Project names reported
100
20220315
Last update: 2022-03-15
Explanation

EP reporting page: https://equator-principles.com/reporting-firstrand-limited-2019-2020/

Explanation

Project name reporting status of Equator Principles signatories for each financial institutions' most recent reporting period. Where there is no percentage presented the EPFI has not reported having financed any project transactions in that reporting period. 

For more details see this page.

Banks and Human Rights

Human Rights Benchmark Africa 2021

BankLast update
Country
Score
Ranking
Details
FirstRand
ZAF
1
Laggard

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0
South Africa
Score
Laggard
1
Explanation

FirstRand's human rights policies, processes and reporting were assessed as part of the Human Rights Benchmark Africa 2021. The bank is assessed as a Laggard, with a total score of 1 out of 14.

Policy: 1/3
Due dilligence: 0/5
Reporting: 0/3
Remedy: 0/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.

News

| |
Type:
Year:
blog
external news
our news

At least $132 billion in finance for fossil fuels is locking Africa out of a Just Transition, shows new report

African countries kept in fossil fuel stranglehold by Overseas money
2022-03-03 | BankTrack, 350.org Africa, AFIEGO, Africa Coal Network, Alerte Congolaise pour l’Environnement et les Droits de l’Homme (ACEDH), Alliance for Empowering Rural Communities (AERC), Centre for Alternative Development (CAD), Environment Governance Institute (EGI), Friends of the Earth Ghana, Friends of the Earth Mozambique, Friends of the Earth Togo, Innovation for the Development and Protection of the Environment (IDPE), Laudato Si, Lumière Synergie pour le Développement (LSD), Milieudefensie, Oil Change International, Save Okavango (SOUL), Solidarité pour la Réflexion et Appui au Développement Communautaire (SORADEC), Synergie de Jeunes pour le Développement et les Droits Humains (SJDDH), Women Environmental Programme Nigeria, WoMin, Zimbabwe Environmental Law Association (ZELA)
blog
external news
our news

South African banks opt out of EACOP financing

Four of South Africa’s five major banks have said they will not support the East African Crude Oil Pipeline (EACOP), in Uganda and Tanzania.
2022-02-08 | Energy Source
blog
external news
our news

Fifteen banks now steering clear of East African oil project, says Just Share

2022-02-08 | Mining Weekly
blog
external news
our news

Standard Bank isolated as other South African banks steer clear of Total’s EACOP oil pipeline

ABSA, FirstRand, Nedbank and Investec all confirm they will not finance EACOP
2022-02-08 | Africa | BankTrack, #StopEACOP, Just Share
blog
external news
our news

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
blog
external news
our news

Banks and biodiversity: are banks moving towards Kunming?

As China hosts the first part of the UN Biodiversity Conference, banks are called upon to support its goals
2021-10-14 | Nijmegen | BankTrack
blog
external news
our news

Some SA banks committed to fossil fuel disinvestment — others aim to keep coal and oil financing furnaces burning

2021-10-04 | Daily Maverick
blog
external news
our news

Analysis of FirstRand’s new climate and energy policies

2021-09-17 | JustShare
blog
external news
our news

Victims of Liberian gold mine disaster see groundbreaking complaint against development banks accepted

DEG and Proparco indirectly backed the Liberian mine through investments in FirstRand, a South African commercial bank
2021-08-09 | Inclusive Development International
blog
external news
our news

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
blog
external news
our news

African banks responsive on human rights but most lack basic policies, finds new benchmark

Nigeria’s Zenith leads after publishing previously unavailable policies; state-owned National Bank of Egypt comes in last place with no points
2021-03-29 | BankTrack
blog
external news
our news

New BankTrack Equator Principles reporting tracking tool launched

2020-09-21 | BankTrack
blog
external news
our news

Covid-19 showing importance of early action in tackling global threats, says NPO

2020-04-08 | Engineeringnews.co.za
blog
external news
our news

Is your cash fuelling the climate crisis?

2019-11-25 | Mail & Guardian Online
blog
external news
our news

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
blog
external news
our news

FirstRand joins exodus of banks funding new coal-fired power plants

2019-02-03 | Daily Maverick
blog
external news
our news

Principles must bring commitments

Banks endorsing draft Principles for Responsible Banking called upon to urgently act on what they sign
2018-11-26 | Paris | BankTrack
blog
external news
our news

What Banking Officials Told South African Corruption Inquiry

2018-09-18 | Bloomberg
blog
external news
our news

Fake green hues in big banks’ environment-friendly boasts

2018-03-22 | BusinessDay
blog
external news
our news

Equator Principles goes beyond project finance, improves transparency

2012-08-13 | Environmental Finance
blog
external news
our news

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

2011-10-25 | Washington | prizmablog.com
blog
external news
our news

Time to Improve the Equator Principles, BankTrack Says

2011-10-24 | Washington | Social Funds
blog
external news
our news

BankTrack to Equator Principles banks; ‘get the Outside Job done’

Equator Principles update must lead to new Principles focused on people and planet
2011-10-23 | Washington | BankTrack
blog
external news
our news

Financiers search for sustainable future

2011-10-20 | Washington | Environmental Finance
blog
external news
our news

New rules for Equator Principles, but no new commitments from banks

New governance rules represent missed chance for Equator Principles to take bold steps forward on transparency and accountability
2010-07-01 | Nijmegen, the Netherlands | BankTrack
blog
external news
our news

Equator Principles: Action, not words needed

BankTrack calls upon Citi, new chair of Equator Principles to take bold steps forward
2010-03-15 | Nijmegen, The Netherlands | BankTrack
blog
external news
our news

Civil society groups call for bold steps forward with Equator Principles

Major reforms needed on transparency, accountability, implementation and climate change
2010-01-14 | Nijmegen | BankTrack
blog
external news
our news

First Rand adopts Equator Principles

2009-07-16
blog
external news
our news

First Rand adopts Equator Principles

2009-07-16

Documents

Type:
Year:
our publications
2022-11-15 00:00:00

Who is financing fossil fuel expansion in Africa?

2022-11-15 00:00:00 | Urgewald, BankTrack, 350.org Africa, Africa Coal Network & Oilwatch Africa, et al.
annual reports
2022-05-18 00:00:00

CSR report 2021

2022-05-18 00:00:00 | FirstRand
bank documents
2022-05-10 00:00:00

TCFD report 2021

2022-05-10 00:00:00 | FirstRand
annual reports
2022-05-03 00:00:00

Annual report 2021

2022-05-03 00:00:00 | FirstRand
csr policies
2021-06-30 00:00:00

Climate change policy

2021-06-30 00:00:00 | FirstRand
csr policies
2021-06-30 00:00:00

Policy on energy and fossil fuels financing

2021-06-30 00:00:00 | FirstRand
other documents
2021-06-24 00:00:00

Guidance on Biodiversity Target Setting for PRB signatories

2021-06-24 00:00:00 | UNEPFI
annual reports
2021-06-01 00:00:00

CSR Report 2020

2021-06-01 00:00:00 | FirstRand
other documents
2021-03-21 00:00:00

PBAF Common Ground Paper

2021-03-21 00:00:00 | Partnership for Biodiversity Accounting Financials
annual reports
2021-03-08 00:00:00

Annual report 2020

2021-03-08 00:00:00 | FirstRand
bank documents
2020-11-03 00:00:00

Report to society

2020-11-03 00:00:00 | FirstRand
annual reports
2019-11-12 00:00:00

Annual integrated report 2019

2019-11-12 00:00:00 | FirstRand
correspondence
2019-09-11 00:00:00

Letter from FirstRand to BankTrack on PRB implementation

2019-09-11 00:00:00 | FirstRand
csr policies
2019-08-31 00:00:00

Policy statements relating to restrictions on the financing of certain sectors/activities

2019-08-31 00:00:00 | FirstRand
csr policies
2018-10-23 00:00:00

Code of ethics

(date listed represents date as accessed on website)
2018-10-23 00:00:00 | FirstRand
csr policies
2018-04-15 00:00:00

Environmental sustainability policy

2018-04-15 00:00:00 | FirstRand
csr policies
2017-01-24 00:00:00

Suppliers code of conduct

2017-01-24 00:00:00 | FirstRand
csr policies
2015-12-31 00:00:00

Anti-bribery policy

2015-12-31 00:00:00 | FirstRand
bank documents
2012-08-01 00:00:00

Environmental and Social Risk Analysis and Equator Principles report

2012
2012-08-01 00:00:00 | FirstRand
other documents
2011-10-19 00:00:00

2011 Global Investor Statement on Climate Change

2011-10-19 00:00:00 | IIGCC, INCR, IGCC, UNEP-FI, PRI
bank documents
2011-05-31 00:00:00

FirstRand 2010 Corporate Governance and Sustainability Reporting - Independent Assurance Statement

2011-05-31 00:00:00 | FirstRand
correspondence
2010-12-18 00:00:00

Letter from BankTrack to EPFIs on issues around Equator Principles Review process

2010-12-18 00:00:00 | Banktrack
bank documents
2010-11-22 00:00:00

Carbon Footprint and Carbon Disclosure Project Summary Report

2010-11-22 00:00:00 | Firstrand
csr policies
2010-08-17 00:00:00

Environmental Policy

2010-08-17 00:00:00 | Firstrand Group
csr policies
2010-08-17 00:00:00

Environmental Health & Safety Policy

2010-08-17 00:00:00 | First Rand Bank
bank documents
2009-11-01 00:00:00

United Nations Global Compact Communication on Progress 2009

2009-11-01 00:00:00 | First Rand Bank
bank documents
2009-06-30 00:00:00

Global Reporting Initiative Content Index 2009

2009-06-30 00:00:00 | First Rand Bank
bank documents
2008-11-01 00:00:00

United Nations Global Compact Communication on Progress 2008

2008-11-01 00:00:00 | First Rand Bank

Policies

Voluntary standards

FirstRand has committed itself to the following voluntary standards:
  • Carbon Disclosure Project
  • Equator Principles
  • Global Reporting Initiative
  • Partnership for Biodiversity Accounting Financials (PBAF)
  • Partnership for Carbon Accounting Financials (PCAF)
  • Principles for Responsible Banking (PRB)
  • Principles for Responsible Investment (PRI)
  • Taskforce on Nature-related Financial Disclosures (TNFD)
  • UNEP Finance Initiative
  • United Nations Global Compact

Investment policies

FirstRand's webpage on corporate social responsibility can be accessed here.

Year:
csr policies
2021-06-30 00:00:00

Climate change policy

2021-06-30 00:00:00 | FirstRand
csr policies
2021-06-30 00:00:00

Policy on energy and fossil fuels financing

2021-06-30 00:00:00 | FirstRand
csr policies
2019-08-31 00:00:00

Policy statements relating to restrictions on the financing of certain sectors/activities

2019-08-31 00:00:00 | FirstRand
csr policies
2018-10-23 00:00:00

Code of ethics

(date listed represents date as accessed on website)
2018-10-23 00:00:00 | FirstRand
csr policies
2018-04-15 00:00:00

Environmental sustainability policy

2018-04-15 00:00:00 | FirstRand
csr policies
2017-01-24 00:00:00

Suppliers code of conduct

2017-01-24 00:00:00 | FirstRand
csr policies
2015-12-31 00:00:00

Anti-bribery policy

2015-12-31 00:00:00 | FirstRand
csr policies
2010-08-17 00:00:00

Environmental Policy

2010-08-17 00:00:00 | Firstrand Group
csr policies
2010-08-17 00:00:00

Environmental Health & Safety Policy

2010-08-17 00:00:00 | First Rand Bank

Equator Principles

Implementation and reporting

FirstRand is reporting on the implementation here.

Contact and complaints

Good moves

Year:

2022

Standard Bank isolated as other South African banks steer clear of Total’s EACOP oil pipeline

On Tuesday 1st February, after years of delay, France’s Total and China’s CNOOC Ltd signed the Final Investment Decision (FID) to proceed with the East African Crude Oil Pipeline (EACOP) project. While heralded by the project proponents as a major breakthrough, the project is yet to secure all of the required…
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