Last month, the Equator Principles Association (EPA) released the latest version of its sustainability risk framework for banks.
The publication of the fourth iteration of the Equator Principles followed a review process beset by delays, rumours of rifts between bank members and even a hoax by the Yes Men pranksters.
Stakeholders on the outside of that process describe it to Responsible Investor variously as “a mess”, “very opaque” and “a black box”.
Now that people have had a chance to appraise the text, both investors and civil society have expressed their disappointment at its lack of ambition – and expectation wasn’t exactly high following the release of the draft in the summer.
It was a “monumental waste of time and resources for everyone involved” says Johan Frijns, director of Dutch campaign group BankTrack.
Perhaps more concerning for the EPA is that even some of its own members are lukewarm. Robin Willing, Senior Sustainability Off…