The Equator Principle, A Risk Management Framework...

The equator principle, a risk management framework designed and adopted for financial institutions that requires those who are bound by this code to carefully measure, determine, and think through the environmental and social implications of a project and make the proper procedures to ensure that debtor it is loaning the money to exercise a pretty high standard of care before financing the said project. The equator principle sets a minimum standard of due diligence to support responsible decision making for these financial institutions before making a loan. Currently, there are 80 financial institutions who have adopted the equator principle. Among these financial institutions is the third largest bank by market capitalisation in Australia†¦show more content†¦Phnom Penh Sugar, the sugar plantation behind these dreadful news is a company owned by Cambodian tycoon and ruling party senator Ly Yong Phat, who with the help from ANZ Bank, has successfully transformed 20,000 hectares of land in the once peaceful Kampong Speu province in Cambodia, the country’s most impoverished region, into the largest sugar operation in Cambodia. These news leaves the impression to the public eye, especially the analysts, investors, and stakeholders, that the banking giant’s desire to portray itself as an ethical bank, as a bank that is a signatory to various internationally renowned standards that are committed to social and environmental sustainability is less than serious. Modern times requires the need for modern managers, and these modern managers are required to have a high sensitivity about issues concerning ethical behaviour and social responsibility due to increasing pressure from interest groups, legal bodies, government officials, media coverage, and the public. A manager’s level of thinking about corporate social responsibility ranges from â€Å"To make a profit is the only responsibility of a business† to â€Å"It is also within an organisation’s responsibilities to assume responsibility for its impact on society† Proactive responsibility is present when an organisation assumes responsibilities that go above and beyond what its immediate responsibilities areShow MoreRelatedBusiness Ethics : Australian And New Zealand Banking Group2923 Words   |  12 Pageswith ethics principles. The case study part focus on values and principles within the banking industry, and canalise the subject into ANZ Case. 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