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Company Response

22 Jul 2019


ING response

...Regardless of national legislation, ING is guided by our Environmental and Social Risk Framework. Within this framework, deforestation and/or burning down of tropical forests is a restricted activity. This means zero tolerance to provide a product or service that facilitates deforestation and/or burning down of tropical forests. Please see the appendix below for the reference to our public framework. Within our ESR Framework we include a forestry and agricultural commodities sector policy. As mentioned therein, ING recognises that while we do not finance products directly facilitating deforestation in the Amazon, commodity traders such as the client's listed within the aforementioned report face supply chain risks. We take these risks into account. In our 2018 ESR Framework review a key change has been made in enhanced supply chain due diligence. A comprehensive highlight is included in the appendix below. Accompanying our sector policy, the ESR Framework guides ING to re-assess clients running high risks on a yearly basis, and clients with normal risk profiles every three years. Within this continuous monitoring we would be made aware of fines issued to our clients. Based on the nature of the controversy, the sector, the region involved, as well as the client profile we can set out an engagement plan with our clients...