Wells Fargo has appointed eight environmental experts from industry, academia and non-profit organisations to its newly created Environmental Advisory Board. The board was set up as part of the US bank's 10-point 'environmental commitment', which it set out last year.
The various Equator Principle banks have introduced a variety of approaches to 'beef up' their environmental and social risk management. Some have employed in house teams of experts to train their staff, while others rely on consultants due to concerns that 'in house staff would become out of touch with what is happening in the wider market too rapidly'.
"They'll be our eyes and ears in industry, academia and non-governmental organisations to make sure we anticipate emerging environmental issues in our communities and globally," said John Stumpf, Wells Fargo's president.
The bank – which is the fourth largest in the US – also recently appointed Barry Neal as head of environmental finance, charged with overseeing $1 billion in lending and investments in "environmentally beneficial business opportunities" over the next five years.