The Sustainability Journey of BNDES

AN ASSESSMENT OF THE PROGRESS IN THE PERIOD FROM JUNE 2016 TO JUNE 2017

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ABOUT THE REPORT

In the period from June 2016 to June 2017, the Brazilian Development Bank (BNDES) applied a series of structural and operational changes. Among the announced modifications, several have an impact on the bank’s environmental and social management. In addition to these, the bank also made progress on the implementation of its Environmental and Social Responsibility Policy (PRSA), taking action that was included in the Multi-Year Plan of the PRSA (2014-17). Based on the monitoring conducted by SITAWI Finance for Good over the period, twelve key changes were identified in four areas: Governance, Operational Policies, Monitoring of Operations and Fundraising.

In the analysis of what each change could mean for the bank’s E&S management, we considered internal aspects and external aspects. In the cases in which the changes announced by the bank or the proposed steps are also included in the initiatives of the Multi-Year Plan of the PRSA, we have identified the status of these actions within the established time frames – considering the updated version of the Plan, published in July 2017.

This report lends continuity to the analysis published in September 2016 “The Sustainability Journey of BNDES - Analysis and proposals for improving the bank’s environmental and social performance” and is intended to contribute to the monitoring of the bank by society and to the search for solutions in this journey to improve its environmental and social management.

SITAWI FinanCE for good

Founded in 2008 with the mission of mobilizing capital for positive environmental and social impact, SITAWI Finance for Good is a pioneer organization in the development of financial solutions for the social sector and in the analysis of the environmental and social performance of companies and financial institutions. SITAWI monitors and models environmental and social business impacts and advises financial institutions (banks, insurers, pension funds and asset managers) on the incorporation of environmental and social considerations into their business strategies, product development, risk analysis and investments. In 2016, it was named the world’s 9th best environmental and social research firm by Extel’s Independent Research in Responsible Investment (IRRI) survey.