January 24, 2005

Scotiabank adopts Equator Principles

TORONTO, ONT-Scotiabank has joined 27 other banks worldwide in adopting the Equator Principles, a set of voluntary, internationally recognized project finance guidelines developed to set environmental and social standards for the banking industry. Equator Principles apply to global development projects with a capital cost of $50 million (U.S.) or more. Established in 2002, they are based on guidelines set by the World Bank and the International Finance Corporation. "Scotiabank takes seriously Corporate Social Responsibility (CSR) and has incorporated it as one of our strategic objectives. Adopting the Equator Principles is part of our commitment," said Kaz Flinn, Scotiabank's vice-president of CSR. The bank's environmental policy addresses issues such as sustainable real estate practices, credit risk and provision of financial support to conservation organizations. Scotiabank was among the first banks in the world to endorse the United Nations Environmental Program's (UNEP's) Statement by Financial Institutions on the Environment and Sustainable Development. More information on the Equator Principles is available on-line at www.equator-principles.com.
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