Citi Response re: Dakota Access Pipeline
We have engaged for the last seven months with Rainforest Action Network and a number of other stakeholders, as well as the Standing Rock Sioux Tribe, regarding the project. In response to these concerns, we periodically posted public comments on the developments related to the project on our Citi blog, beginning on November 6, 2016. This was followed with further communications to various stakeholders that we also publicly posted (see here for links to these previous statements [including Citi’s Letter to Investors Regarding the Dakota Access Pipeline, 7 Mar 2017]). We included a case study on the project in our 2016 Corporate Citizenship report (p. 45) published on April 24, 2017.
Today, we issued a further public statement discussing ongoing enhancements to our policies regarding engagement of Indigenous Peoples in developed countries (see here). We would also like to share with you the public summary of a report authored by the law firm Foley Hoag, who we retained jointly with TD Bank on behalf of the banks that financed DAPL, on the gaps between U.S. law and international industry good practice on engagement of Indigenous Peoples around pipeline developments (see here).