Institute of Brazilian Business and Public Management Issues – IBI

The Minerva Program

Spring 2006

Sustainable Development: the Role of Financing Institutions

Author: Sandra Berto

Washington, D.C. – April 2006

 TABLE OF CONTENTS

1. INTRODUCTION ............................................................................................................. 4
2. CONCEPTS...................................................................................................................... 6
2.1. Sustainable Development - Social, Economic and Environmental ......... 6
2.2. Fostering Agency .................................................................................................. 7
2.3. Corporative Governance ..................................................................................... 9
2.4. Stakeholders......................................................................................................... 12
2.5. Accountability ...................................................................................................... 13
3. LEGAL FRAMEWORK ................................................................................................ 15
3.1. Financial Institutions and Environment Protection ................................... 15
3.2. Licensing of Activities ....................................................................................... 15
3.3 Regulation Evolution.......................................................................................... 18
3.3.1 National Environmental Policy Act............................................................... 18
3.3.2 The Green Protocol........................................................................................... 19
3.3.3 The Law of Biotechnology .............................................................................. 19
3.3.4 The Equator Principles .................................................................................... 20
3.3.5 The Brazilian Law on Environmental Crimes ............................................ 21
4. THE CONCEPT OF SUSTAINABILITY........................................................................ 23
4.1. Evolution of the Sustainability Concept............................................................ 23
4.2. The Sustainability Applied To the Market ......................................................... 24
4.3. Eco-efficiency: economic activity and conservation of the environment 26
4.4. The Enterprise Responsibility.............................................................................. 28
5. THE PRACTICE OF SUSTAINABILITY ................................................................... 30
5.1. Management and Communication.................................................................. 30
5.2. How the companies are evaluated for the rating agencies...................... 36
5.3. Little overlapping in the sustainability questionnaires ............................ 38
5.6 The future in the reports.................................................................................... 39
5.7 To demonstrate the linking with the economic final result ..................... 40
5.8 The way to follow................................................................................................. 40
6. THE ROLE OF FINANCIAL INSTITUTIONS............................................................... 42
REFERENCES....................................................................................................................... 45

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 "We are marked as the society that arrived in XX century in a border of an
environmental crisis.
Species becoming extinct, air and water contaminated, the effect greenhouse are not
the environmental crisis. That is just its indicators. The environmental crisis is ours
crisis about values, relationships, identity and knowledge. And the tip of spear of our
behavior in check is the consumption inconsequent that it places the Planet in risk."

C’eu D’Ellia, cineaste

The companies do not support itself isolated, they exist inside of a universe of
suppliers, customers and collaborators and government. Our products involve the
two moments: management of the internal processes and the relationship with other
companies and ins titutions.

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 1. INTRODUCTION

The subject to be focused in this paper will be the "Role of the Financial
Institutions in Implementing Projects of Sustainable Development".

Currently, a worldwide awareness exists, where countries as Brazil search the

way for its development. The concern with jobs and income generation, health
improvement, investments in education and basic infrastructure, passes, also, for
sustainable forms of improvement quality of life.

By the point of view of the national legislation, the role of the Financial
Institutions is determinative in implementation of actions that aim at Sustainable
Development. Evidently, that besides supporting financially these projects
responsibilities and sanctions foreseen in law happened of fostering agent paper.
The projects must be analyzed as far as its economic viability, sustainability in the
market and possibility to injure the environment. Financial agents need to establish
criteria that respect the norms and also demand competent agencies licensing.

The development of national public policies must search the economic, social
and environment sectors involvement. Through the municipal public administrations
the natural potential of the communities can be discovered and be supported.
Partnerships between the community, the public power and the financial agents
promote the urban and agricultural development of the country and search low
income populations sustainability.

Promoting and stimulating ideas that reflect innovations for the quality of life in
a sustainable environment is the main mission of the financial agents. Investments in
basic sanitation, treated water supply, destination of residues, support the culture
and the generation of income, education and communitarian environment

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awareness. Renewable energy, innovative application of clean technologies in
companies and sustainable use of the natural resources (land, agriculture, water,
flora and fauna) are action to be stimulated and evaluated by risk and sustainability.
Evaluation of direct impact in the environment improvement can be measured
through the reduction of poverty and wastefulness, confirming the increment
populations’ quality life and, at the same time, preserving the planet.

Financing is determinative factor of the development, but for that is important

to know the theory and the form as the modern economy functions. To identify
partners, potential investors, to know the sources of available resources and the cost
of these, as well as the ways of legal views are the forms to help reducing the
poverty, increasing the economic development and to keep sustainable
environmental.

Stimulating new potentially initiatives is to fulfill the role of the financial

institutions.

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 2. CONCEPTS

2.1. Sustainable Development - Social, Economic and Environmental

In 1987, the ONU World-wide Commission for the Environment and

Development (Unced) divulged the document Our Common Future that was more
known as Brundtland Report. The report defines sustainable development as "the
one that takes care of the necessities of now without compromising the
possibility of the future generations to take care of its own necessities".

According to this definition, is clearly perceived that the concept does not have
to see only with the impact of the economic activity on the environment. In truth,
economic activity, nature and social welfare form the basic tripod in which the idea of
sustainable development is supported.

According to Brundtland Report, some things need to be done to ensure the

concept application, such as limita tion of the population growth, long term guarantee
to offer food, preservation of biodiversity, development of technology in renewed
power plants, adequate treatment of the industrial residues. The application of the
concept to the reality not only involves the public and the private institutions, but it
requires the participation of the social movements, constituted by NGOs. The
objective to be reached is the improvement of the life conditions associated with the
environment preservation.

The idea of sustainable development today is incorporated at the enterprise

management. This means that the companies need to be economically profitable,

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environmentally compatible and socially fair. In this way they will be creating the
basic conditions for their remained in the Market.

The Non-Governmental Organization (NGO) Roy F. Weston recommends that

this concept has to be assimilated by corporative leads, extending later at the all
levels of the organization, so that it creates a culture that joins production and natural
resources preservation.

2.2. Fostering Agency

One of the main objectives of the Fostering Agencies is to implement projects

in the way to keep governments campaign promises and consequently to take care of
the population expectations. It is a kind of financial institution that not have the profit
as its only objective, but to foment development in the private, public and agricultural
sectors, financing companies, city halls and small agriculturists. (Source: Central
Banking of Brazil (Resolution CMN 2,828, of 2001)).

The fostering agencies have as corporate object the financing of current ratio
and fixed assets associated with the projects in the State where they have
headquarters. They must be constituted as an anonymous society of closely held
corporation and to be under the State’s control. Each State can constitute only one
agency. Such entities have status of financial institution, but they cannot catch
resources on the public market, appeal to the rediscount, have reserve account in the
Central banking, contract inter finance deposits as depositor or depositary and nor to
have share participation in other financial institutions.

The transformation of a fostering agency in any another kind of institution

integrant of the National Financial System is forbidden. The fostering agencies only
can practice operations with proper resources and with resources of origin such as:

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 - Constitutional funds;

- Federal, state and municipal budgets;

- National and international organisms and financial institutions of

development.

By the same legislation the fostering agencies are authorized to:

- The accomplishment of financing operations of turn and fixed assets

associated with the projects in the State where they have headquarters;

- The installment of guarantees, according to the current regulation;

- The rendering of consulting and financial agent services;

- The rendering of services of development funds administrator, observed the

Complementary Law nº 101, of May 4th 2000, art. 35. (Source: Legis - State
legislature of the RS)

The Fostering Agency of the Rio Grande do Sul state was created through the
Law n° 10,959, of May 27th 1997.

The Caixa Estadual S.A. – Agencia de Fomento/RS, according to its Social

Statute, will search for, in the specific sector of its performance and in the form of the
current law, the economic and social development of the State of the Rio Grande do
Sul, having as its main objectives:

I - the view of the necessary resources to the financing of the public and
private activity, throug h concession of medium and long run credits, mainly for the
less favored regions of the State;

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 II - the support to the small private economy, through the concession of
differentiated loans to the micro companies and small business companies, such as
defined in law, guaranteed to them ways of growth and permanence in the market;

III - the creation of financing programs to popular habitation, technological

qualification and environmental conservation;

IV - the increment of farming production, through the concession of financings

compatible with the activities executed for this sector;

V – to reach the resources necessary to the accomplishment social and

communitarian character projects, mainly those that aim at the generation of jobs and
the improvement of life conditions of less favored parcels of population or that aim to
diminish social inequalities between the diverse State regions;

VI - in the scope of its own activity, it can administrate or apply resource funds,
also of operations already contracted by other agencies of same kind, of the Rio
Grande do Sul state government interest. The institution can, exceptionally, finance
or support projects out of the Rio Grande do Sul State, since that it is join with other
states or with the Union, and that the project interest the Rio Grande do Sul State.

2.3. Corporative Governance

Corporative Governance is the practice and the relationship between the

shareholders / corporate shareholders, Administration Advice, independent audit and
statutory audit committee, with purpose to optimize the performance of the company
and to facilitate access to the capital. Its features are:

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 • System that has the same treatment between the shareholders, being,
therefore, instrument of defense of the minority stockholders interests;

• Good corporative governance assures to the partners equity, transparency,

rendering of accounts (accountability) and responsibility for the results.

The necessity of a continuous evolution in the companies has provoked an

obsession for effectiveness and rising of the organizations yields levels. The
competition each day incites more the fast obsolescence of concepts, technologies
and products. It has demanded more working hours, devotion and reflection from the
companies’ executives and shareholders Therefore; there is no space in the market
for companies who do not have a competent management.

After the account scandals of the Enron and the Parmalat, the companies had
started to value more the good practices of the Corporative Governance.

In this context, the Advice of Administration has promoted great resulted in the
companies who adopt it. Currently called Corporative Governance, it has inserted
new forms and visions of how to face the businesses and to define strategies. The
retaken of Advice importance is not only occurring in big corporations, but also in
medium and small companies. The existence of the Corporative Governance has
promoted as increase of companies’ respect in the market, also adding value to
them.

The Advice must be formed by members of different segments such as, for
instance, strategy and management, finances, marketing, market, technology,
planning, human resources and legal area, congregating thus diversified professional
experiences and necessary qualifications for the function (the Code of Better
Practical of Corporative Governance, published by the IBGC - Brazilian Institute of
Corporative Governance). Different and heterogeneous professional visions are
interesting in a process of discussion and analysis, and the gotten results can be

10
interesting. Definitions can be important for present and future of the company since
a harmonization are reached.

The main tools of the Corporative Governance are: the Administration Advice,
the Independent audit and the statutory audit committee. However, so that the
concept works in a practical way, it is necessary that the Administration Advice
exerts, in fact, its paper in the organization, establishing strategies of long run,
auditing and evaluating performance of management and indicating independent
audit.

The Organization for Cooperation and Economic Development (OCDE)

promotes regularly, in some countries, discussion sessions and evaluation about this
subject. In 1999, it launched the Global Corporate Governance Forum to give
inclusion and visibility to the concept. In 2000, the McKinsey & Co. in partner with the
World Bank carried through research to measure eventual additions of value in
companies that have adopted good practice of governance. The universe of the
consultation represented, at the time, investments superior the US 1,6 billion. The
result was that investors are willing to pay between 18% and 28% more for action of
companies with transparent attitudes. Three quarters of them had said that the
performance of the Administration Advice is very important.

In Brazil, the concept passed to be valued from the creation of the Brazilian
Institute of Corporative Governance (IBGC), in 1995, that had produced a Code of
Good Practical that serves of reference for the national companies. The defe nse of
participation of the minority stockholders is one of the main items of the statute.

Another research on the effective independence of the advice, carried through

in 2003, disclosed that the independent council members occupy less than 10% of
board in the Brazilian companies. To improve the picture, the Sao Paulo Stock
Exchange launched, in 2002, the New Market. It is about a segment of listing
destined to negotiation companies’ assets that are compromised with transparent

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practices of corporative governance and assure additional rights to the minority
stockholders.

Also deserves citation the Program of New Anonymous Societies Support,

from the BNDES, that stimulates the adoption of good practical for the small and
medium companies.

2.4. Stakeholders

The companies had been seen for a long time only as private property, where
the owners or shareholders chose the direction, with responsibility to decide all
routes of the business.

A new concept of organization suggests that the companies need to be intent

to their public commitments that they are related, that include an ample variety of
groups, with distinct interests, that were before not cited on the business
management.

These groups are called stakeholders, term used to assign to physical or legal
people who can affect a company, directly or indirectly, by means of its opinions or
action. The inverse reasoning also is valid: the word mentions individuals or groups
that can be affected by the corporation actions. They are consumers, shareholders,
suppliers, collaborators and its family, unions, communities next to the company,
governments, entities of the civil society etc. In certain cases, also competitors can
be interested people.

In the end of 70s, the business-oriented North American Wharton School

developed the Stakeholder Project, with the objective to create a theoretical model of
management that allowed to the executives implant corporative strategies in a

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turbulent environment. However, the theoretical bases of stakeholders effectively
concept had been elaborated in the article Stockholders and Stakeholders: the New
Perspective on Corporate Governance, of R. Edward Freeman and David Reed,
published at the California Management Review in 1983.

2.5. Accountability

The word has English origin (and have no similar in Portuguese even so can
be translated as "responsibility"), being necessary the incorporation of this concept
for the public and private sectors.

In last analysis, accountability is the rendering organization reached results

accounts. It is not only about the countable results. It also involves the social aspects,
such as the difference of wages between the employees, the number of women or
black people in commands positions, among others issues. Above of everything, the
term is related with e
l gitimacy and confidence that institution inspires to the public
and to its shareholders.

In the case of a governmental institution, the principle is the same. For

Lamounier (1997), accountability says about to the sensitivity of the public authorities
in relation to the citizens that think. The existence of effective institutional
mechanisms has to take in account democracy and new active and participatory
citizenship.

The most important in this issue is not the pure and simple translation, but the
concern that already exists with the responsibility and the rendering of accounts to
the society. Despite the years of internal and external control, the public managers
responsibility always was toward inside of the State, or either, the rendering of an
administration accounts would have to contemplate the necessities, standards and

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requirements of the governments and the control agencies. The true customer - the
society - was not at least consulted and the public administration had functioned not
to the citizens hip, but such as it gave a favor to the society.

In this context, it would be simple if the problem was only in the public
administration. But it is perceived that the search of full accountability also passes for
the reform of the society. The society needs to know and to want to charge, needs to
be interested for the public administration, must understand the relationship between
the good administration and the quality of life; in short, it must be more citizen.

Thus, accountability is not only a question of organizational development or

administrative reform. The simple creation of mechanisms of bureaucratic control has
not been enough to become effective the responsibility of the public servants. Other
variable are involved such as change of values and cultures and the proper concept
of public service, as much on the part of the public administration as on the part of
the society. In this direction is still can be perceived a disrespect of the public officers
to the customers and a lack of zeal for the public money. In the case of the society, is
noticed an attitude of passive acceptance related to favoritism, nepotism and all type
of privileges, as well as tolerance and passivity to corruption, to double taxation (the
tax more the gratuity) and to the wastefulness of resources.

This picture, dated of the later 80s, presents improvements today however the
essence of the information is valid to have in mind that is not profitable to remodel a
part while the set remains steady. Considering that true control of government, the
effective control, is consequence of an organized citizenship; watcher and
conscientious of its rights, a non mobilized society will not be capable to guarantee
accountability.

The adoption of the principles Accountability has to take in account the

existence of an effective democracy and the emergency of an active and participant
citizenship, in accordance with most of the analysts.

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 3. LEGAL FRAMEWORK

3.1. Financial Institutions and Environment Protection

The increase of the social awareness concerning the importance of the

environment and the consequent demand for actions that guarantee its preservation
for the future generations has contributed for the evolution of the laws and
government regulations. The financial institutions must demand the environment
licensing of projects, as well as the observance of principles of social and
environment responsibility in its execution. In this context, the adoption of prevention
measures becomes indispensable such as specific clauses in financing contracts,
conditioning the funding to the environmental compromises.

Project financing plays an important role in financing development throughout

the world. In providing financing, particularly in emerging markets, project financiers
often encounter environmental and social policy issues.

Considering the environmental legislation, it is mandatory in the case of official

credit institutions to demand that their borrowers prove compliance with all applicable
environmental rules as a prerequisite for obtaining financing. This takes the form of
demonstrating due environmental licensing, according to the phase of the
undertaking.

3.2. Licensing of Activities

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 Pursuant to the Brazilian environmental law, the setup of effectively or
potentially pollutant activities, as well as activities that utilize natural resources, shall
be subject to environmental licensing, which consists of a public administrative
proceeding in which the environmental agency evaluates and authorizes the location,
installation, expansion and operation of the venture, considering the applicable legal
provisions, regulations and technical rules in each case.

During the environmental licensing process, the entrepreneur may be required

to submit:

Environmental studies support the analysis for the required licenses. There
are various types of environmental studies, and the environmental licensing agency
shall indicate the study that applies to the specific case.

Licensing for projects causing actual or potential significant environmental

damages – a list of examples is given in CONAMA Resolution 1/86 – requires a prior
Environmental Impact Study (EIA) and the respective Environmental Impact Report
(RIMA), which must: (i) analyze all the technological and project location alternatives
as compared to the possibility of not executing the project, (ii) systematically identify
and evaluate the environmental impact produced in the implementation and
operation of the activity, (iii) define the geographical limits of the area that will be
directly or indirectly affected by the impacts, known as the area of influence,
considering in all cases the hydrographic basin in which the project is located, and
(iv) consider the governmental plans and programs proposed and being implemented
in the applicable area of influence.

Environmental licensing encompasses three distinct and successive phases in

which the environmental feasibility of the project is analyzed and the conditions for
the project’s implementation and operation are established. These phases involve
the issuance of three licenses: (i) the Preliminary License (LP), granted in the
preliminary planning phase for the project or activity, approving its location and
design, attesting the environmental feasibility and establishing the basic requirements

16
and conditions to be complied with in upcoming phases of implementation; (ii) the
Installation License (LI), which authorizes the installation of the project or activity
according to the specifications contained in the approved plans, programs and
projects, including the measures for environmental control and other conditions; and
(iii) the Operating License (LO), which authorizes the operation of the project after
certification of effective compliance with the provisions of the prior licenses, the
measures for environmental control and conditions set for the operation.

In addition to authorizing the steps for implementing the project, the

environmental licenses may set conditions and restrictions for the installation and
operation of the project. The conditions established in the environmental licenses
involve the adoption of preventive, mitigating and compensatory measures
concerning the environmental impacts.

The power to issue environmental licenses lays with the SISNAMA. IBAMA
has jurisdiction to license projects that cause national and regional impact, activities
in indigenous lands, in territorial waters, on the continental shelf and exclusive
economic zone, in addition to nuclear activity.

The state environmental protection bodies have jurisdiction to license projects

whose impacts do not surpass the territorial limits of the state, located in territorial
spaces protected by state dominion, or whose jurisdiction has been delegated by the
federal government by agreement or other proper legal instrument. Municipalities
may issue environmental licenses for activities that cause local environmental impact,
according to CONAMA Resolution 237. However, local environmental licensing for a
certain project does not substitute licensing from applicable state or federal bodies,
as the case may be.

The implementation and operation of projects without the necessary

environmental licensing may subject the owner to administrative and penal sanctions,
without prejudice to civil liability for the ecological damages that may have been
caused.

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 3.3 Regulation Evolution

3.3.1 National Environmental Policy Act

Federal Law 6.938/81, also known as the National Environmental Policy Act,
established the national environmental policy, which consists of a series of directives
and rules related to environmental protection and recovery of damages to the
environment.

The National Environmental Policy Act introduced into Brazilian legislation the
concept of sustained development, according to which economic development must
be compatible with the conservation of the environment and with the rational use of
natural resources. It also established the “polluter pays” principle, according to which
the burden of preserving the environment and repairing environmental damage falls
upon the party responsible for carrying out the polluting activity, and the “user pays”
principle, which – although it currently applies only to consumers of water resources
in certain regions of the country – seeks to impose compensation for the commercial
use of natural resources.

To implement its directives, the National Environmental Policy Act contains

mechanisms that enable the government to receive information, supervise and
undertake planning with respect to the environmental status of the country and the
exercise of activities having an impact on the environment.

These mechanisms include (i) the establishment of environmental quality

standards, (ii) environmental zoning, (iii) evaluations of environmental impact, (iv)
licensing and supervision of effectively or potentially pollutant activities, (v) the

18
creation by the federal, state and municipal governments of specially protected
territories, called Environmental Conservation Units, (vi) disciplinary or compensatory
penalties for noncompliance with environmental obligations, (vii) the Federal
Technical Register of Activities that are Potentially Pollutant and/or that Use
Environmental Resources and the Federal Technical Register of Environmental
Defense Activities and Instruments, and (viii) the Environmental Control and
Inspection Fee charged in the exercise of the environmental supervisory functions of
SISNAMA agencies.

3.3.2 The Green Protocol

The Presidency of the Republic launched the Green Protocol, through which
public banks have been committing themselves not to fina nce environmentally
aggressive undertakings and to provide support to sustainable productive systems,
adapting, for this purpose, their procedures for analysis and concession of credit.
Recently, measures were drawn up for forest regions to avoid that standing forests
be taxed as unproductive for purposes of Rural Land Tax, thus avoiding a stimulus to
the non use of goods and services that a native forest can provide. Considering that
foreign investments receive the same treatment as domestic investments, the Green
Protocol may contribute to guide foreign investments in the direction of sustainability.

3.3.3 The Law of Biotechnology

The Act on Guidelines for the Use of Genetic Engineering Techniques and for
Release into the Atmosphere of Genetically Modified Organisms (Law No. 8.974, as

19
modified by Decree No. 1.752, 20 December 1995) sets the standards for use of
genetic engineering techniques in the construction, cultivation, manipulation,
importation, transportation, marketing, consumption, storage, and release and
disposal of genetically modified organisms (GMOs). It creates classifications of
genetic material based on the risk the pathogen presents with the objective of
protecting the life and health of humans, animals, plants and the environment. This
Act authorizes creation of the National Technical Commission on Biosafety (CTNBio)
and outlines its responsibilities, structure, staffing, functioning and standards. The Act
requires any organization using genetic engineering techniques and methods to
create an Internal Biosafety Commission (CIBio) and outlines their responsibilities. It
outlines crimes and corresponding punishments, including the crime of the genetic
manipulation of germ cells. That Act also authorizes the Brazilian Ministry of
Agriculture and Supplying to conduct inspections of entities that works with
genetically modified organisms.

3.3.4 The Equator Principles

The Equator Principles are a voluntary set of guidelines for managing

environmental and social issues in project finance lending, developed by leading
financial institutions. They are based on the environmental and social standards of
the IFC – Institution Finance Corporation, the financial branch of the World Bank, and
apply globally to development projects in all industry sectors with a capital cost of $50
million or more. The “Equator Principles” are the minimal environmental and social
responsibility criteria that should be met in order for credit to be granted.

These criteria include, among others, the environmental impact of the project
on the flora and fauna, mandatory financial compensation for the population that is
affected by a given project (for instance, families that are obliged to move because

20
the area they live in is being flooded by a hydroelectric power station), the protection
of indigenous communities and a ban on financing employment of child or slave
labor.

According to the criteria, there are three classifications for loans with respect
to environmental and social risk: A (high risk), B (medium risk) and C (low risk). For
projects that are classified as A or B, banks will undertake to prepare an
environmental report suggesting changes to the project, in order to diminish the risks
it poses to the community in which it will be implemented. This should include the
alternative of not completing the project.

3.3.5 The Brazilian Law on Environmental Crimes

On March 30th, 1998 the Brazilian Law on Environmental Crimes, Law N°

9.605/98 came into force, which sets forth the penal and administrative crimes
resulting from conduct or activities harmful to the environment. By establishing legal
means to assure an ecologically balanced environment, healthy life quality and the
integrity of air, water bodies, forests and biodiversity, this law fixes civil,
administrative and criminal penalties not only for private individuals, but also for
corporations and business. It includes modern methods where jail sentences are
replaced by restraining orders that restrict the defendant’s possibility of continuing to
abuse the environment. The new law corrects glaring ambiguities which previous
legislation covered in a scattered and disjointed manner.

Great relevance is also given to the corporation’s penal responsibilities. From

now they shall be made responsible for environmental infraction, be it committed
through the legal, contractual or collegiate representative’s decisions to their own
interest or benefit, or who, by any means, could have contributed to practice of crime
at the measure and proportion of their own culpability. This follows a trend already
existing in the United States of America, Canada, France, New Zealand and other

21
nations. This law punishes, as well, managers, administrators, members of a council
and/or technical organism, auditors, executives, corporation’s agents or proxies, who
knowing about criminals conduct of others, fail to impede their practice when
everything possible should be done to avoid it.

It is also provided the compulsory extinction of a corporation which has been

formed or utilized aiming at facilitating or enshrouding an environmental crime; in this
case, its patrimony shall be transferred to the National Penitentiary Fund; the
reversibility of punishment based on the environmental claim, putting into evidence
the environment against the former punishment of loss of liberty; the concept of
prevention to environmental crime with the introduction of “ crime of dangerous” when
understood as conduct or activity threatening to the environment.

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 4. THE CONCEPT OF SUSTAINABILITY

4.1. Evolution of the Sustainability Concept

In the 1960s, the first analyses of the wild consumption of the natural
resources and the levels of degradation of the environment were alarming and a little
bit radical, foreseeing the planet collapse if was kept the same rhythm of exponential
economic growth.

The thought was that standards of industrialization, productivity in agriculture,

natural resources uses and consequence pollution, reached for the developed
countries and aimed for the developing countries, would not be attainable without the
planet destruction.

At the same time, the situation of the poor countries demonstrated that "the
biggest pollution is poverty". This could be seen clearly in agricultural zones, with the
ground erosion and deterioration caused by incorrect practices in agriculture, forest
exploration, inadequate sanitary conditions and contamination of water and food. In
the urban zones of the poor countries, as well, the problems are still more complex
due to the high urban densities and low-income levels.

Brainstorming for these problems the Conference of Stockholm of 1972 had

been defended the following principles:

• For the developing countries, the best instrument to improve the environment
and to combat the pollution is economic and social development;

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 • Development and environment are complementary concepts, not
antagonistic;

• As the industrial pollution is provoked mainly by the developed countries,

compete to these countries the biggest responsibility in the fight against it.

• The extreme poverty is one of the biggest barriers to the sustainability.

4.2. The Sustainability Applied To the Market

The sustainability search for the entrepreneurs demands changes of the

reactive and the pro-active attitudes, as well as incorporation of the complexity of the
factor time, to glimpse the short, the medium and the long term. It also demands the
conscience of the factor space importance, observing that local actions,
geographically restricted, have global effect if talked back. To be sustainable the
companies must seek to produce better and more with less, or either, more products
of better quality, with little pollution and little use of natural resources.

If the prices are fixed without subsidies and protective policies, the competition
stimulates the producers to use the minimum of resources, reducing the advance on
the natural systems. It also stimulates to minimize the pollution and promotes the
creation of new technologies to become the production more efficient, of the
economic and environmental points of view.

According to Brundtland Report, for the benefit of all the involved parts on
international economic interchanges, is necessary that two conditions are satisfied:

? The maintenance of ecosystems, that the global economy depends,

must be guaranteed;

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 ? The economic partners have to be convinced that the interchange has a
fair base.

The idea of economic justice depends on a bigger interaction between the

companies and its stakeholders. It demands, too, a combination between command-
and-control system, auto-regulation and economic instruments. In the command-and-
control system the government establishes regulations and norms, with performance
standards by technologies and products, effluent emissions and waste destination.
Companies and citizens have to obey or they will be punished with fines and
interdictions. The auto-regulation is the initiative of companies to regulate itself, by
means of standards establishment, monitoring and goals of pollution reduction (for
example, the adhesion to the Norms of Certification ISO). Economic instruments are
used for the governments to influence the market. They are differentiated taxes and
incumbencies on pollution, prices to stimulate or to discourage products
environmentally adequate or inadequate, among others.

Democracy and politic stability are essentials prerequisite to the sustainable

development. Without democracy, open markets do not exist, nor auto-regulation. As
well as does not exist propitious framework to the free functioning of the market
without politic stability. The sustainable development needs the respect to the law
and to the property, and at the same time, the permanent search of the social equity
with reversion of the current situation of income concentration.

Another requirement of sustainability is the transparency in all levels and of all

social agents (governments, companies and civil society organizations). It means
absence of corruption, absence of subsidies and predictability of governmental
regulations. Transparency means also to consider the opinions and expectations of
stakeholders. Consumers informed about environmental and social consequences of
its choices could take the best decisions: to choose the best correlation between
products, prices and enterprise practices.

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 The sustainability requires a massive reduction of misery and insertion of
millions of people per year in the market economy.

Currently, half of the population lives with less than two dollars per day in the
planet. There are three million people without access to education, habitation,
drinking water, sanitation, services of health and transport. In consequence, they are
people with no access to property and to consumption market. Their not satisfied
basic necessities are, in the truth, opportunities of business for entrepreneurs who
mobilize capital and manage costs in order to offer solutions at prices that this people
can afford. To achieve this part of population the investments strategies must be
based on the efficiency of the capital and high volumes of sales, instead of high
edges of profits on small number of business.

The social pressure on the companies makes them compromised in keeping

the credibility, the brand image and the reputation. These values start to compose the
intangible assets, as well as the ability of the employees, the work practices,
relationships with customers and markets. These things tend to be more valued in
the future than the physical assets as mobile and equipment. Investors search each
time more for company value indicators that include more than economic parameters.

The companies’ sustainability depends on the management of the reputation.

This demands compromise of all the company with human values such as ethics,
transparency, respect to the environment and social responsibility.

4.3. Eco-efficiency: economic activity and conservation of the

environment

Eco-efficiency is an enterprise management philosophy that incorporates the

environmental management, aim the companies quality growth, offering goods and

26
services at competitive prices, satisfying the necessities and bringing quality of life
reducing the consumption of natural resources (raw material).

In the concept of the eco-efficiency, pollution represents resources that "had

run away" from a production system, therefore, an economic anomaly. Prevent the
pollution starts to be interest of the productive system. The environmental control
leaves of being a threat and becomes of being a strategic competitive advantage.

The World Business Council for Sustainable Development (WBCSD) makes

recommendations to help the companies to include the eco-efficiency in its
businesses, as following:
• Enterprise Culture: to implant a vision eco-efficient in all levels of the
company;
• Education and Training: of the employees and consumers;
• Recognition: to identify risks and opportunities;
• Use Environmental Management Systems (SGA);
• Implant Tools of Management such as environmental audit;
• Environment Design reducing content of used materials;
• Processes and Production: attention to the use of the energy and emissions;
• Purchases: to demand suppliers compromised with practical of sustainable
development;
• Marketing: to identify eco-efficient products;
• To offer Services that works after the sell;
• Close the cycle: to extend the company responsibility for all the chain of their
products life cycle;

The WBCSD identifies also the Eco-efficiency Instruments:

• Environmental Management Systems (SGA);
• Environmental Certification (ISO 14000);
• Analysis of the life cycle (ACV);
• Processes of cleaner production (P+L).

27
 The first one, Environmental Management Systems, search for the
improvement of the company environmental performance through Environmental
Audit. The second one, the Environmental Certification, is a certification of the SGA,
given for an authorized organism of control.

The analysis of the life cycle has shown that the recycling is not always the
best solution, sometimes being the re-utilization more advantageous of both points of
view, environmental and economic.

Cleaner production has as basic principle the reduction or elimination of

pollution during the process of production and not in the end. The traditional vision of
pollution control considers only the environmental topic, while method P+L
incorporates the economic issue. Pollution is raw material that was badly used,
therefore the residues had cost in the beginning of the process and will continue to
cost in the end.

4.4. The Enterprise Responsibility

The data of income distribution in Brazil show that the 10% richer have 28
times more income that the 40% poorer. This situation is unsustainable at long run.
The misery is unacceptable under the environmental, ethical and social approach, as
well as a limit of the economic point of view, since it inhibits the productive sector
when limiting income, jobs and generation of taxes.

To promote the sustainable development is over all an organizational problem.

It means to invest in people, to give to the people the chance to grow and to get
skills, says Gro Harlem Brundtland.

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 To face this organizational problem, the called project Corporative Social
Responsibility (RSC) was developed. The RSC represents the continuous
commitment of the company with its ethical behavior and the economic development,
promoting at the same time the improvement of the quality of life of its workers and
families, of the local community and the society as a whole.

Despite the questionings on the roles of governments and companies in

regards to social services of education and health, what it is not argued are the
essential values inlaid in the RSC notion.

• Respect to the human rights

• Respect to the labor laws
• Environmental Protection
• Valuation of welfare of the communities
• Valuation of the social progress

Companies who assume and manage its social responsibility have extra
patrimony. The society and stakeholders will be more supportive with the company
therefore RSC is a factor of competitiveness and survival.

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 5. THE PRACTICE OF SUSTAINABILITY

The adoption of the general concept of sustainable development, by itself, is

not enough. The company has to evaluate its situation, to determine the strategic
objectives, to define the groups of interest and to enlighten its vision to define its
contribution for the sustainable development.

The company’s commitment with the sustainable development will not be

effective, until it will be operated. To make it happens, the board of directors have to
communicate, intern and external, its commitment. Internally, it means, many times,
to develop incentives so that the leaders and the collaborators get involved in these
questions. Externally, a report on the sustainable development is an important
instrument to disclosure periodically the work that has been developed.

5.1. Management and Communication

The communication process is part of a general management system and

must drive to the corporative improvement performance.

Some companies start for an integrated approach, including the management

and the communication. Some of them start on developing the management process
(incorporating objective of sustainable development in the management and
information systems), while others opt to starting developing the communication
process (focused for internal and external public).

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 Whichever the starting point, the final result will have to be a process of
integrated management and communication, what it will create real value for the
company. The information in itself does not lead to the action or the change of
behavior, unless it is on the management systems.

The management process contains five phases.

First, the company must define its general objectives for the sustainable
development, on the basis of its specific activity and which must be supported by
strategies and policies that implement the future activities.

Second, during the planning phase, the company must determine which the
activities are necessary to carry through the general objectives, strategies and
policies of sustainable development and, still, to include goals and indicators of
monitoring.

It is not convenient that the decision of the goals is taken in the level of the
administration. Preferable is to place goals to the level of corporation. This can
contribute to aware the whole corporation and to create conditions that allow to the
initiative and the innovation. It has also necessity to establish monitoring systems to
measure the indicators and the performance that had not been previously recorded.

Third, the necessary activities for the operational planning have to be

performed in accordance to the business plan. Some companies can opt to the
certification of its management systems for external entities, in order to guarantee
that its activities are executed in accordance with one determined norm (for example:
ISO 14001). That option can be a strong incentive to the progress.

Fourth, the accompaniment and the evaluation of the activities must have in
account the objectives, goals and key indicators established by the company. The
objective is to integrate the activities related with the sustainable development in the
regular operations of the company and in the management processes.

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 The phase of accompaniment and evaluation allows the management staff of
the company to evaluate the results of its activities related with the sustainable
development, in view of the internal indicators formulated during the planning phase.
The results must be incorporated in the communication process.

Fifth, during the phase of revision and learning, the management staff must
question themselves on: What it was right? What it was wrong? Where is it
necessary to interfere? The answers will go to help to develop and to improve the
management process, allowing, in this way, that the objectives and general goals
related with the sustainable development are reached.

The communication process

The communication of the results for the exterior can seem a simple exercise
of transparency, but, in reality, it is more than this. In fact, it offers to the management
staff an additional chance of improvement, through the readers’ reaction, critics and
suggestions.

To consider the stakeholders opinions is an aid to shape the strategy, goals

and objectives. All the contributions must be carefully considered as part of the
learning process, to adapt and to fine tune company objectives with the sustainable
development.

The communication process encompasses five main steps:

1 - Definition of the communication objectives

2 - Planning of report

3 - Elaboration of report

4 - Distribution of report

5 - Collect and analysis of the reactions

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 According to Fernando Almeida:

"A company only can be declared eco-efficient and socially responsible if

proving, through reports that verify the measurement indicators.

Specifying and quantifying parameters to express the degree of involvement in

the production of the sustainable development is still a challenge for who have the
incumbency to make it. In Brazil or elsewhere, the systematization of concepts and
routines was still not defined, being a process in progress.

The GRI - Global Reporting Initiative is one of the most consistent instruments
to unify the various initiatives on this process. Sustainability Reporting Guidelines on
Economic, Environmental and Social Reporting aims at to maximize the value of the
reports to whom it makes and to whom it uses.

Thus, a sustainable report must follow the principles:

? To be pertinent to the environment protection, to the human health and

to the improvement the life quality;
? To help the decision taking process;
? To recognize the diversity of the companies;
? To allow the comparison among the companies;
? To be objective, measurable, transparent and provable;
? To be understandable and significant for stakeholders;
? To be based on a global evaluation of the organization. Aspects related
with the suppliers and the consumers must be also considered.

The reports must enclose three dimensions of the sustainability:

Economic: To include, beyond economic information, also wages and

benefits, workers productivity, creation of jobs, expenditures with research and

33
development, expenditures with third-party and investments in training of human
resources, among others.

Environment: To include the impacts of processes in the physical

environment, biodiversity and the human health.

Social: To include data on the labor safe and worker health, labor laws, labor
force turn over, human rights and wages and work conditions in the operations third-
party.

The elements organization on the sustainable report must follow the

established hierarchy as:

Categories: Areas formed for subjects’ economic, environment or social of

stakeholders’ interest (for example, air, energy, work, impacts on the local economy).

Aspects: General types of information related to a specific category (for

example, emissions of gases of the effect greenhouse, consumption of energy for
source, infantile work, donations the community). A category can include various
aspects.

Indicators: The measurements of an individual aspect can be used to

accompany and to demonstrate performance. They are generally quantitative. One
determined aspect can include some indicators (for example, tons of emissions,
water consumption for unit of product, annual financial contributions for the
community).

Another recommendation of the GRI is that the sustainability reports include

indicators relative that allow comparing products or processes, performance of
different organizations or different sectors inside of the same organization, to
evaluate the efficiency of an activity, the intensity of an impact or the quality of a
certain value.

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 To be considered sustainable indicators, the economic, social and
environmental parameters have to be integrated.

In Brazil, it was developed through partnership between representatives of

public and private companies, the called Social Balance. It relates working and social
expenses, associating them with the net revenue, the operational result and the pay
role. The report still includes data on labor safe, participation of social minorities in
the staff, initiatives, as employees involved in voluntary works and requirement of
suppliers’ ethical standards.

The Ethos Institute of Companies and Social Responsibility, a NGO,

formulated a questionnaire to help the companies in evaluating its social
performance. The document divides the enterprise performance in seven great
subjects:

? Values and transparency

? Public internal
? Environment
? Supplying
? Consuming
? Community
? Government and society

The Brazilian Entrepreneurs Council of Sustainable Development (CEBDS)

also formulated a list of the sustainability indicators, in order to evaluate the degree of
companies’ involvement with sustainable development. This list is based in available
literature, in the GRI Guidelines, in the social balance of the IBASE and in the Guide
of RSC, published by CEBDS. They are:

1. Economic indicators (Production; Total volume of sales, Exportation,

Participation in the GDP, Rude Invoicing, Net revenue, Operational Profit, Added
Value, Pay Role, Tributes)

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 2. Environment indicators (Energy Consumption, Materials Consumption,
Natural Resources Consumption, Emissions Generation, Effluent and Residues,
Environment Accidents)

3. Social Indicators (Workers Indicators, Labor Indicators, Community Social

Indicators

“The sustainability reports and the evaluations are, more often, used as crucial
information for the decisions taking on investments and loans. Consequently, the
companies and the financial sector must give priority to the coherence enter the
requirements of communication and evaluation of the sustainability.”
Bert Heemskerk President Executive of the Rabobank Group

As the financial sector is not homogeneous, to find the information that they
look for in the reports on the sustainable development depends on some factors.

The companies have to understand the diversity of the necessities and the
interests of this group - that oscillates between rating agencies, investment fund
socially responsible (FISR's), sustainability fund, and banking sector and common
investment. Here is the reason why it is difficult to establish a data set that serves the
interests of whole sector.

The financial sector needs to realize its necessities and find the
communication strategy adjusted to disclosure them, identifying some of challenges
associated to the companies’ performance evaluation on the sustainable
development.

It is necessary to identify non-financial risks and opportunities relevant for the

financial performance.

5.2. How the companies are evaluated for the rating agencies

36
 It exists, currently, a proliferation of sustainability rating agencies, whose
intention is to offer information on the companies social and environment
performance to investors and other interested people.

The reason of increasing these agencies is the necessity of more information

on the companies’ performance in the field of sustainable development, by investors,
insuring companies, bankers, managers fund and brokerage companies. As the
traditional analysis of the enterprise performance, elaborated currently for the
financial analysts, does not contemplate this information, the investors appeal to the
sustainability rating agencies to fill the information gaps.

Normally, these agencies divide in three phases the evaluation of the

sustainability performance in the companies: the first phase consists of data collect;
the second phase corresponds to data analysis and verification and third is the
consolidation, benchmarking, or either, evaluation phase.

In the first phase, the agencies proceed to the collect of data on a company,
using several techniques, such as: questionnaires, interviews, company information
published in periodicals and magazines, financial data proceeding from different
sources and visits to the company.

The second phase is analysis and the verification data that can involve the
comparison of the companies’ statement and the published information, aiming at
company profile construction.

Many companies as arbitrary see the final phase of process evaluation;

therefore it involves relative and subjective weights attribution to different aspects.
This is the registered mark of rating agencies. This model uses information collected
and creates punctuation for the sustainability. As consequence, it has not disclosure
on way this phase happen, although, slowly, this attitude is changing.

37
 5.3. Little overlapping in the sustainability questionnaires

As part of the project "To communicate the Sustainable Development", the

questionnaires used for the main rating agencies had been analyzed and the results
lack of comparison. In the sustainability field, really different concepts are measured,
for this reason the companies are evaluated of different forms.

Besides that, in the opposite of it would be waited, the overlapping of

questions is just around 15% among the questionnaires. The overlapping refers to
just certain aspects, such as, external access to the information, risks in game,
activities scale, company mission and policies declaration, emissions levels, subjects
related with human rights and supplying. It suggests to the evaluated companies that
all the questionnaires are different and require an extra effort to be filled.

These questionnaires are concentrated in the environment and social

questions, giving little importance to the financial performance. There are few rating
agencies that supply fund evalua tion and management integrating these processes.

The manner of supply-standardized questionnaires would be through

generically evaluation criteria. Thus, the credibility of evaluation process would not be
only strengthened, as also it would improve the comparison with each other. The
cooperation among 12 rating agencies from different parts of the world, on the
Sustainable Investment Research International - SiRi Group, had proven that it is
possible to give consistency to its work, when using questionnaires, data collect
methods and similar analyses.

The analyses affected to the questionnaires had disclosed a high degree of

similarity with Global Reporting Initiative (GRI) routes. The content of these routes
was issues approached more than 80% of rating agencies questionnaires.

38
 The subjects that are not contemplated by routes are deepened analyses of
costs, specific social and environment themes and the integration of the sustainability
in the management companies. Thus, these routes could play an important role to
improve the questionnaires consistency.

A great progress would be creating a system that allowed managing 90% of

total sustainability questions and remaining promptly in accordance with the routes of
GRI.

The necessity of a bigger consistency and transparency in the companies’

evaluation process was considered as the responsible key factor for the confidence
in the evaluation of the answers.

The sustainable development has to be joining and, at the same time,

balanced with the necessity to transmit value to the shareholder ".

If a bigger comparison degree among the questionnaires will be reached, a

double benefit is obtained: in first place, in the companies decrease resources for the
correct fulfilling of some questionnaires and, in second place, the agencies will obtain
bigger consistency of the results of its evaluations and, the same it will happen in the
evaluation of the same company effected by different agencies. Thus, the evaluation
process will become more transparent and conviction.

5.6 The future in the reports

In the sustainable development reports, the companies would have to be

concentrated more in the future. The value of a company in the stock exchange is not
only determined by the profits of the moment, but also for the expectation in relation
to its future capacity to generate revenues. In practical terms the companies must

39
divulge its future plans in relation to the sustainability, besides including data about
last activities.

A sustainable development report to be practical for the readers must to show

risks and opportunities related with the sustainability agenda and have to consider if
answers to these questions are integrated in the activity company practical and
procedures. For many businesses, this integration is a challenge to the current
concentration attitude, over all in short term, in the financial impacts.

5.7 To demonstrate the linking with the economic final result

The primordial challenge continues to be the demonstration of the linking

between the sustainability and the positive effect in the economic result, that is, to
convert the sustainability parameters into quantified indicators that can be used by
the financial analysts.

The companies do not have to only demonstrate the value of the capacity to
prevent risks, but also to present the positive influence in the yield of the company.
Regarding the interest groups necessities, the information must be related with the
value for the shareholder. It is necessary to reach a balance between the immediate
costs, involved in the sustainability policies implementation and the benefits in the
long run.

5.8 The way to follow

40
 As much to the companies as to the financial sector, a degree bigger
coherence in the communication and the evaluation is necessary on the sustainable
development. One manner to obtain more is through the adoption of practical
communication and proportional evaluation, through common references points, as
the case of GRI (Global Rating Initiative).

Although to become the communication and the evaluation most consistent,

comparable and trust, the routes cannot become already very rigid, they must be
enough flexible to allow the companies communicate the main sustainable
development issues and resolve the remains case the case.

Standardization is necessary to be reach balancing what is feasible and

practical with requirements information increasing, assuming a step of each time
toward to the sustainable development.

41
 6. THE ROLE OF FINANCIAL INSTITUTIONS

The financial sector plays a key role in the world economy functioning, but it is
by no means a homogenous industry. The sector includes a different array of
businesses ranging from commercial, public and investment banks and asset
management institutions, credit insurance and direct insurance groups.

Without doubt, financial sector can play an important part in advancing

sustainable development cause.

The idea of sustainable development meets, today, enterprise management

incorporated. This means that the companies economically need to be income
producing, environmentally compatible and socially fair. On this form, they will be
creating the basic conditions for its permanence in the Market.

In the private sector, the concept is assimilated by corporative leads,

extending later the all the levels of the organization, not as a revolution, but yes as a
evolution process, seeking to create culture that link production and natural
resources preservation. It is necessary that will be legalized a company’ production
impact process in the environment. Sustainable development rules creates culture as
base and as final step project execution come together production and environment
preservation, with use of suitable technology.

The municipal, state and national level must act in way to provide adequate
conditions for the program fulfillment in such proportion. The appropriate legislation
elaboration to the sustainable development and accomplishment of infrastructure
works, water treat system installation and sewer that prime for the non-wastefulness
and the treatment of the residues.

42
 Some measures for implantation program adequate to the concept of
sustainable development are: use of new construction raw materials; reorganization
residential and industrial zones distribution; exploitation and consumption of energy
alternative sources, as solar, windy and geothermal; usable materials recycling; food
and water non-wastefulness; lesser use of harmful chemical products to the health in
the nourishing production processes.

In the context of the crises of development and environment, that the

institutions national and international economic policies and had still not obtained to
surpass, the search of the sustainable development requires:

? Policy system who assures the effective participation of the citizens in

the power to decide process;
? Economic system capable to generate excesses and know-how
technician in trustworthy and constant bases;
? Social system that can decide the tensions caused for a not-balanced
development;
? Production system that respects the obligation to preserve the
ecological base;
? Technological system that searches new solutions constantly; An
international system that stimulates sustainable standards of I deal and financing;
? Administrative system flexible and capable to correct itself.

The financial institutions come contributing in excellent form for the country
sustainable development; incorporating the environment variable in its policies of
credit concession and demands from their financed projects the evidence of the
environment regularity.

The Green Protocol was basic for this evolution in relation to the financial
institutions public signatories, in the same way that the Principles of the Equator for
the private institutions.

43
 However, it has much to make for the excellence of financial sector
performance, in favor of the environment, especially by means the implementation of
some recommendations contained in the Green Protocol.

The financial institutions must promote the constant qualification of its

employees with regard at this matter, also to acquire kno wledge them concerning the
civil liability and criminal of the financiers for actual damages to the environment. The
interaction of the financial institutions with the environment agencies is essential,
because the effective fulfillment verification of the vast Brazilian environment
legislation in relation to each financed project is ability of the environment agencies.

The adoption of internal systems of environment risks classification projects,

including the measurement environment liabilities costs, can facilitate its analysis,
allowing the priority of proposals that use environmental sustainability procedures.

Other mechanisms of control must be added to the financing process, as, for
example, the Negative Certificate of Environment Debit.

Also the creation of specific credit facilities is important, with longer periods
and minor taxes of interests, for projects that aim at to environment preservation, as
those related the basic sanitation, recycling, recover areas of solid residues
destination, between as much others.

Thus, one expects that the financial institutions continue financing excellent
projects for the national economy, without, however, to lose the focus in the
sustainable development, a time that is basic its performance for the protection to the
environment, assuring its continuity for the gifts and future generations.

The goals are high. But so are the potential rewards – not just for the financial
sector, but also for society as a whole.

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