Share this

A new letter

Global / 07-05-14 / by

Banks, companies and academics have devised a tool to help achieve zero deforestation in their supply chains. Finbarr Bermingham reports on how the sustainable shipment letter of credit presents an opportunity for trade finance to change its ways.

 

March 31, 2014 should go down in history as the day on which the death knell sounded for climate change denialism. The second instalment of the Intergovernmental Panel on Climate Change (IPCC)’s Fifth Assessment Report opens with the unambiguous and disarming statement: “Human interference with the climate system is occurring, and climate change poses risks for human and natural systems,” before unleashing 30 chapters of damning evidence to back it up.

The past year has been described as a watershed in raising awareness of the extent at which climate catastrophe is ravaging the planet. Reports such as the IPCC’s have helped hammer the issue home – indeed the media coverage it received in the west was unprecedented. But for many of us, a look out the window would suffice. Britain just experienced its wettest winter in 250 years. Temperatures in parts of the Arctic have been 10°C higher than average. Heat waves and bushfires consumed swathes of Australia, while the polar vortex affected more than 200 million North Americans, with jets being forced to park up on the runways of O’Hare International Airport in Chicago, fuel frozen in their engines.

Perhaps the only silver to have lined the ominously dark clouds was the IPCC’s follow-up report a fortnight later, which concluded that reversing the trend would be very affordable. “It doesn’t cost the world to save the planet,” quipped economist Professor Ottmar Edenhofer, the IPCC project leader. Research found that diverting the capital intended for fossil fuel production towards renewable energy projects would only shave 0.06% from expected global GDP growth. The time for dawdling is gone. There can be no more excuses. Now is a time only for action.

In trade, a number of initiatives have been trumpeted loudly over the course of the year. The IFC’s Climate Smart Trade programme incentivises renewable energy trade, as well as the trade of energy-efficient goods. The EBRD followed the World Bank and US Exim in putting an end to the financing of coal-fired plants. But, reflecting the pattern in the wider world, the pace of change continues to proceed at a glacial pace.

A new opportunity
Banks are keen to impress the fact that they’re service providers and that their actions are always a reflection of their clients’ demands. It’s a line that often sounds convenient and shorn of responsibility but one which could take on new significance in the soft commodities space, in light of recent developments. It is early days, but, the work being done by the University of Cambridge Institute for Sustainability Leadership (CISL), the Consumer Goods Forum (CGF) and the Banking Environment Initiative (BEI) has the potential to drive important change in the way in which trade finance influences the planet.

The CGF brings together the CEOs of more than 400 retailers, manufacturers and service providers across 70 countries. Its member companies have combined sales of more than US$3tn and employ almost 10 million people. In November 2010, it passed a resolution that pledged to mobilise resources within its member businesses to achieve zero net deforestation in their supply chains by 2020.
“For consumer goods companies, the greatest impact we have most directly on climate change and greenhouse gas emissions is through our raw material sourcing,” Gail Klintworth, chief sustainability officer at Unilever explains to GTR. “We have our own operations, but they tend to be relatively small compared to energy companies, for example. We have our downstream impact, people using our product, but the upstream – the sourcing of paper, pulp, beef, soya, palm oil – this is our greatest impact on deforestation, which accounts for more than 15% of greenhouse gas emissions.”

Unilever – which purchases about 3% of the world’s palm oil for use in products such as margarine, ice cream, soap and shampoo – has independently imposed more stringent targets on itself. By the end of 2012, it was sourcing 100% of its palm oil from certified sustainable sources. In July 2013, it invested US$100mn in a palm oil fractionation plant in Indonesia. Part of the project was “ensuring that the guys delivering the palm to our plant need to put in place systems to make sure it’s traceable. We can trace the origins, and secure a steady supply of palm oil that’s not coming from deforested areas”.

Bankrolling it
This is where the banks come in. Traceable palm oil will come with a stamp, saying it was produced causing zero deforestation. “That’s why a tripartite agreement would be very useful,” says Klintworth. The CGF started dialogue with the BEI – a group of 10 banks which was simultaneously looking for ways in which to direct capital towards environmentally-responsible activities – and researchers at the CISL in 2011 to see where the banking sector could help rollout sustainability standards and provide finance through cogs on the commodity supply chains.

“They set out to ask the question of how the banking sector can align its services with the requirement on the consumer goods side,” Andrew Voysey, director, finance sector platforms at the CISL tells GTR. “Within that context, a very specific focus on documentary trade finance emerged. We discovered that operationally, it’s very straightforward for a bank handling a letter of credit (LC)
for palm oil to differentiate between one that has come from a sustainable source and one that hasn’t. We found that banks had already produced sustainable LCs in the area without knowing it.”

The parties eventually arrived at the Soft Commodities Compact, which will see the two groups “investigate what it would mean to align the banking industry’s services with the CGF’s 2010 resolution to mobilise resources within their respective businesses to help achieve zero net deforestation by 2020”.

Perhaps a more concrete conclusion to discussions was the development of a product called the sustainable shipment letter of credit (SSLC): a mechanism which is to be piloted with palm oil, and eventually rolled-out across soya, beef and paper and pulp (although no timescales have been set).

In 2007, a report by the United Nations Environment Programme (UNEP) found that if Indonesia kept producing palm oil at the rate it was and in the way it was, it would destroy 98% of its forests by 2022. Deforestation for palm oil plantations is a significant contributor to greenhouse gas emissions. It has destroyed much of the habitat of endangered creatures such as the Sumatran tiger, the Asian rhino and the Sumatran orang-utan. Lax enforcement of environmental standards has led to widespread water pollution, while the plantations have also led to the displacement of indigenous communities. Palm oil, in environmental, social and reputational terms, is one of the most toxic commodities on the planet. In short, it seems like a good place to start.

Much of the trade in countries at risk from deforestation is still carried out on a documentary basis, meaning there is widespread use and understanding of the LC. In this case, the issuing bank would issue an SSLC at the request of a buyer and on the proviso that the supplier meets pre-existing standards set by the Roundtable on Sustainable Palm Oil (RSPO), which are designed to ensure the product isn’t made to the detriment of any forests, people or communities. Meeting these standards, would ensure the LC comes bearing its Certified Sustainable Palm Oil (CSPO) stamp.

The documentary process, as Voysey says, is relatively straightforward, but the rolling out may prove more challenging. “The first step is asking whether this is something the trade finance world can participate in, and that’s been answered with a tick. It’s possible with a mechanism which would allow banks to respond to buyer demand for a sustainably-certified LC for palm oil. The next step is the supply chain transformation the CGF is trying to lead, which is complex. Two things stand out in defining that complexity: that buyers are increasingly looking for traceability, and the cost involved in transitioning to this new way of operating. There are costs and ultimately it comes down to the fact that producers working to more sustainable modes of production expect to earn a premium. The general acceptance is that there should be a premium.”

Where’s the catch?
The IFC has been involved in the working group for the SSLC and the expectation is that in the early stages, it would offer a preferential rate of coverage for banks confirming SSLCs (much in the same model as its own Climate Smart Trade programme). However, most people involved agree that this is unsustainable. “You could look at that as a form of subsidy and that won’t go on forever,” says Jeremy Wilson, Barclays’ vice-chairman and chair of the BEI’s working group. “But momentum is building steadily across the commercial spectrum about the need to make sure your product is what it says it is and is safe in the sense that consumers won’t be poisoned, but also that it isn’t damaging the environment in which we live.”

Therein lies the future of the SSLC – and indeed any sustainability practice. As momentum builds, the commercial imperative becomes stronger. People won’t buy products if they don’t satisfy environmental concerns. For banks, the pressure will also grow stronger. Unless they can match the principles of their clients, they will lose the business. Those behind the SSLC should be aiming to make it an industry-wide standard, not just a niche offering.

“None of this is philanthropy,” says Klintworth at Unilever. “We want to do good for our business. The costs to our business in terms of extreme weather, the volatility of raw materials, and the future impact on growth are great. Over the past few years the impact of deforestation has cost us more than US$300mn, whether that’s through the disruption of distribution systems or floods. In addition, things like the availability of water for people to use our products may not be there in the future.”

Klintworth argues the case more forcefully than most, but everyone agrees that the commercial imperative of sustainability must be its major driver. This includes the rollout of the SSLC. If it can be proven that the SSLC is commercially attractive, that banks and companies will secure more business through acting sustainably, then the potential is there to embed similar products in supply chains.

Josh Levin is a senior programme officer in finance and commodities at the charity WWF. He was involved in the development of the SSLC and believes it has significant mileage. “It has a lot of potential, especially for transactions that occur at high-speed, like trade finance. This is not project finance, there aren’t months of due diligence. But the potential is not realised by just creating it. Information is only as powerful as what you do with it. If banks start to require RSPO in their trade finance portfolio, it will be realised, and now they have a tool for doing that.”

Levin published a report in 2012 entitled Profitability and Sustainability in Palm Oil Production, which found that global average palm oil yields are 3.4 metric tonnes per hectare, compared to the RSPO-accredited plantation average of 5 metric tonnes per hectare. His research shows that RSPO certification has a very positive impact on the bottom line.

The other side of the coin
But not everybody is sharing in the excitement. For a start, the RSPO has many critics. The International Union of Food Workers has slammed the RSPO for being “a hollow front for corporate greed and brutality”. Greenpeace has accused the RSPO of complicity in the forest fires that ripped through Sumatra last year, saying: “The palm oil industry’s so-called sustainability organisation, the RSPO has its head in the sand. There is no indication that the RSPO is conducting a comprehensive review of its members’ operations to assess whether RSPO members are implicated in the illegal use of fire or are otherwise negligent. Instead, the RSPO chose to pursue a selective review of just five of the many companies that were reported in the news around the time of the fires.”

Lobby group Bank Track reported in 2013 that French banks Société Générale and Crédit Agricole financed palm oil giant Sime Darby’s plantation in Liberia. Sime Darby is, according to Bank Track, “wallowing up farmlands and forests used by local communities to sustain their livelihoods”. It claims the contract signed to secure the land with the Liberian government contravened “several human rights principles in conventions ratified by the Liberian government as well as principles enshrined in Liberian law”. The communities filed a complaint with the RSPO, of which Sime Darby is a founder member. But because the organisation is voluntary and none of its recommendations binding, nothing was done (it should be noted that neither bank is a member of the BEI).
Levin admits that RSPO isn’t flawless, but is of the view that it’s better than no model at all. “Although the current criteria aren’t perfect, the RSPO is a vast improvement over business as usual,” he says. Surely, though, if the tool is to be progressed, it must be taken more seriously by the very stakeholders that helped devised it.

When GTR contacted Greenpeace to get a view on the SSLC, the charity welcomed the sentiment, but said that for the banking sector in particular, the focus should be on restricting other damaging areas of their business, rather than embarking on new ventures.
Richard George, UK forest campaigner, says: “On paper an initiative that increases the ease with which commodities producers can get access to credit if they do the right thing may be a good thing, but we’d much rather banks spent their time reviewing their balance sheets, reviewing who they’re lending to. We don’t see the problem being getting more money for good things, like sustainable commodities. The problem for us is that there’s far too much money for bad things.”

George commends the efforts of companies such as Unilever, which he says “have responsibility to demand commodities that are produced in a way that meets the values of the people that buy their products”, but views the gesture as being hollow if the banking sector is not willing to insist on such products being used everywhere in the world, on all transactions. He balks at the idea that banks should only be client-led and calls for banks to take the initiative on sustainability issues. He says: “We have global banks that are all over the high streets and bankrolling really controversial projects in Indonesia. In a way that makes them closer to a consumer company: they have a public face and a brand that’s vulnerable. The bottom line is not all that matters anymore. There’s been enough evidence of what’s happening on the ground in countries that have extended their commodity production for people to say: ‘that’s where the money was so we went there’.”

In some ways, the banks can’t win: they’re damned if they do, damned if they don’t. The fact that they’re investigating ways in which to affect zero deforestation in consumer goods’ supply chains is undeniably positive. However, it is not difficult to understand the scepticism: since 2008, BEI members SMBC and Westpac have funded 54 Australian coal and gas projects between them. A 2013 report from the World Development Movement found that the top five UK banks (HSBC, Barclays, Standard Chartered, RBS and Lloyds – of which Barclays and Lloyds are BEI members) have lent more money for Indonesian coal projects than any other country since 2009 (Barclays rejected the chance to respond to comments on other areas of their business).

The efforts of the BEI, the CGF and the CISL should be commended, but the congratulations should stop there: the hard work commences now. Every time a bank makes an announcement around climate change or sustainability, it is greeted with cynicism. This is the perfect chance for trade financiers to prove the cynics wrong. They may not have many chances left.

Tags:

take me back

Comments


Recommended for you

Privacy Policy

Our privacy commitments

This Privacy Policy outlines the information we may collect about you in relation to your use of our websites, events, related publications and services (“personal data”) and how we may use that personal data. It also outlines the methods by which we and our service providers may (subject to necessary consents) monitor your online behaviour to deliver customised advertisements, marketing materials and other tailored services. This Privacy Policy also tells you how you can verify the accuracy of your personal data and how you can request that we delete or update it.

This Privacy Policy applies to all websites operated by Exporta Publishing & Events Ltd (as indicated on the relevant website).

This privacy statement does not cover the activities of third parties, and you should consult those third-party sites’ privacy policies for information on how your data is used by them.

Any questions regarding this Policy and our privacy practices should be sent by e-mail to privacy@gtreview.com or by writing to Data Protection Officer at, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, United Kingdom. Alternatively, you can telephone our London headquarters at +44 (0) 20 8673 9666.

Who are we?

Established in 2002 and with offices in London and Singapore, Exporta Publishing & Events Ltd is the world’s leading trade and trade finance media company, offering information, news, events and services for companies and individuals involved in global trade.

Our principal business activities are:

  • Business-to-Business financial publishing. We provide a range of products and services focused on international commodities, export, supply chain and trade finance markets including magazines, newsletters, electronic information and data
  • Organisers of seminars, conferences, training courses and exhibitions for the finance industry

Exporta Publishing & Events Ltd is a company registered in the United Kingdom with company number 4407327 | VAT Registration: 799 1585 59

Data Protection Policy

This Data Protection Policy explains when and why we collect personal information about people who visit our website, how we use it, the conditions under which we may disclose it to others and how we keep it secure.

Why do we collect information from you?

Our primary goal in collecting personal data from you is to give you an enjoyable customised experience whilst allowing us to provide services and features that will meet your needs.
We collect certain personal data from you, which you give to us when using our Site and/or registering or subscribing for our products and services. However, we also give you the option to access our Sites’ home pages without subscribing or registering or disclosing your personal data.

We also collect certain personal data from other group companies to whom you have given information through their websites (including, by way of example, Exporta Publishing & Events Ltd and subsidiaries, in accordance with the purposes listed below). Should we discover that any such personal data has been delivered to any of the Sites, we will remove that information as soon as possible.

Why this policy exists

This Data Protection Policy ensures Exporta Publishing & Events Ltd:

  • Complies with data protection law and follow good practice
  • Protects the rights of staff, customers and partners
  • Is open about how it stores and processes individuals’ data
  • pretexts itself from the risk of a data breach

We may change this Policy from time to time so please check this page occasionally to ensure that you’re happy with any changes. By using our website, you’re agreeing to be bound by this Policy.

Data protection law

The Data Protection Act 1998 described how organisations – including Exporta Publishing & Events Ltd – must collect, handle and store personal information. These rules apply regardless of whether data is stored electronically, on paper or on other materials. To comply with the law, personal information collected must be stored safely, not disclosed unlawfully and used fairly.

The Data Protection Act is underpinned by eight important principles. These say that personal data must:

  • Be processed fairly and lawfully
  • Be obtained only for specific, lawful purposes
  • Be adequate, relevant and not excessive
  • Be accurate and kept up to date
  • Not be held for any longer than necessary
  • Processed in accordance with the rights of data subjects
  • Be protected in appropriate ways
  • Not be transferred outside the European Economic Area (EEA), unless that country of territory also ensures an adequate level of protection

How do we collect information from you?

We obtain information about you when you use our website, for example, when you contact us about products and services, when you register for an event, register to receive eNewsletters, subscribe or register for a trial to our GTR magazine/website.

 Types of Personal Data Held and its Use

1.      Customer Services and Administration

On some Sites, Exporta Publishing & Events Ltd collects personal data such as your name, job title, department, company, e-mail, phone, work and/or home address, in order to register you for access to certain content, subscriptions and events. In addition, we may also store information including IP address and page analytics, including information regarding what pages are accessed, by whom and when.

This information is used to administer and deliver to you the products and/or services you have requested, to operate our Sites efficiently and improve our service to you, and to retain records of our business transactions and communications. By using the Sites and submitting personal information through the registration process you are agreeing that we may collect, hold, process and use your information (including personal information) for the purpose of providing you with the Site services and developing our business, which shall include (without limitation) the purposes described in the below paragraphs.

2.      Monitoring use of our Sites

Where, as part of our Site services, we enable you to post information or materials on our Site, we may access and monitor any information which you upload or input, including in any password-protected sections. Subject to any necessary consents, we also monitor and/or record the different Sites you visit and actions taken on those Sites, e.g. content viewed or searched for. If you are a registered user (e.g. a subscriber or taking a trial), when you log on, this places a cookie on your machine. This enables your access to content and services that

are not publicly available. Once you are logged on, the actions you take – for example, viewing an article – will be recorded (subject to any necessary consents). We may use technology or a service provider to do this for us. This information may be used for one or more of the following purposes:

  • to fulfil our obligations to you;
  • to improve the efficiency, quality and design of our Sites and services;
  • to see which articles, features and services are most read and used
  • to track compliance with our terms and conditions of use, e.g. to ensure that you are acting within the scope of your user licence;
  • for marketing purposes (subject to your rights to opt-in and opt-out of receiving certain marketing communications) – see paragraph 3 below;
  • for advertising purposes, although the information used for these purposes does not identify you personally. Please see paragraph 5 below for more details;
  • to protect or comply with our legal rights and obligations; and
  • to enable our journalists to contact and interact with you online in connection with any content you may post to our Sites.

Please see paragraph 5 below for more information on cookies and similar technologies and a link to a page where you can turn them on or off.

3.      Marketing

Some of your personal data collected under paragraphs 1 and 2 above may be used by us to contact you by e-mail, telephone and/or post for sending information or promotional material on our products and/or services and/or those of our other group companies.
We give you the opportunity to opt-out of receiving marketing communications. Further detail can be found on the applicable Site and in the footer of each marketing communication sent by us, our group companies or service providers. See also “Consents and opt-outs” section below.
We will not share your information with third parties for marketing purposes.

4.      Profiling

We may analyse your personal information to create a profile of your interests and preferences so that we can contact you with information relevant to you.

5.      Cookies and similar technologies

All our Sites use cookies and similar technical tools to collect information about your access to the Site and the services we provide.

What is a cookie?

When you enter some sites, your computer will be issued with a cookie. Cookies are text files that identify your computer to servers. Cookies in themselves do not identify the individual user, just the computer used.

Many sites do this whenever a user visits their site in order to track traffic flows, recording those areas of the site that have been visited by the computer in question, and for how long.

Users have the opportunity to set their computers to accept all cookies, to notify them when a cookie is issued, or not to receive cookies at any time. Selecting not to receive means that certain personalised services Exporta Publishing & Events Ltd offers cannot then be provided to that user.

 

Why do we use cookies?

  1. Log In – Where we provide log in mechanisms for site users a cookie is created at login and for the duration of the session. Each cookie contains a unique reference number only (no personal information) which is used to confirm you are authorised.
  2. Analytics – To allow us to keep track of traffic to our website we use cookies. The cookies simply tell us if you have previously visited our website so we can get more accurate figures for New vs Returning visitors.

Find and control your cookies

All of the major browser providers offer advice on setting up and using the privacy and security functions for their products. If you require technical advice or support for a specific browser/version please contact the provider or visit their website for further details: www.microsoft.com / www.mozilla.com / www.apple.com
 / www.opera.com / www.aol.com / www.netscape.com
 / www.flock.com / www.google.com

We may use cookies to:

  • remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough
  • remember your login session so you can move from one page to another within the Site;
  • store your preferences or your user name and password so that you do not need to input these details every time you visit the Site;
  • customise elements of the layout and/or content of the pages of Site for you;
  • record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
  • collect statistical information about how you use the Site so that we can improve the Site; and
  • gather information about the pages on the Site that you visit, and other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider.

Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that, or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.

6.      E-mail tracking

E-mail tracking is a method for monitoring the e-mail delivery to those subscribers who have opted-in to receive marketing e-mails from GTR, including GTR Africa, GTR Asia, GTR Americas, GTR Europe, GTR Mena, GTR eNews, Third party e-mails and GTR Ventures.

Why do we track e-mails?

So that we can better understand our users’ needs, we track responses, subscription behaviour and engagement to our e-mails – for example, to see which links are the most popular in newsletters. They enable us to understand the consumers journey through metrics including open rate, click-through rate, bounces and unsubscribes. Any other purposes for which Exporta Publishing & Events Ltd wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.

How do you track GTR eNewsletters?

To do this, we use pixel GIFs, also known as “pixel tags” – these are small image files that are placed within the body of our e-mail messages. When that image is downloaded from our web servers, the e-mail is recorded as being opened. By using some form of digitally time-stamped record to reveal the exact time and date that an e-mail was received or opened, as well the IP address of the recipient.

7.      Consents and opt-outs

You can give your consent to opt-out of all or any particular uses of your data as indicated above by:

  • Indicating at the point on the relevant Site where personal data is collected
  • Informing us by e-mail, post or phone
  • Updating your preferences on the applicable Site or eNewsletter (unsubscribe and preference options are available in the footer of each eNewsletter)

To turn cookies and similar technologies on and off, see the information in paragraph 5 above. Any questions regarding consents and opt-outs should be sent by e-mail to privacy@gtreview.com or by writing to Data Protection Officer at, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, United Kingdom. Alternatively, you can telephone our London headquarters at +44 (0) 20 8673 9666.

8.      Disclosures

Information collected at one Site may be shared between Exporta Publishing & Events Ltd and other group companies for the purposes listed above.

We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.

9.      Public forums, message boards and blogs

Some of our Sites may have a message board, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.

10.  Data outside the EEA

Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Exporta Publishing & Events Ltd may transfer your personal data, for the above-listed purposes to other third parties, which may be located outside the European Economic Area and/or with a different level of personal data protection. However, when conducting transfers, we take all necessary steps to ensure that your data is treated reasonably, securely and in accordance with this Privacy Statement.

Who has access to your information?

Confidentiality and Security of Your Personal Data

We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.

However, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.

We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:

  • unauthorised access
  • improper use or disclosure
  • unauthorised modification
  • unlawful destruction or accidental loss

All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.

Responsibilities

Everyone who works for or with Exporta Publishing & Events Ltd has some responsibility for ensuring data is collected, stored and handled appropriately. Each team handling personal data must ensure that it is handled and processed in line with this policy and data protection principles. However, the following people have key areas of responsibility. The board of directors is ultimately responsible for ensuring that Exporta Publishing & Events Ltd meets its legal obligations.

Name of Data Controller


The Data Controller is Exporta Publishing & Events Ltd. Exporta Publishing & Events Ltd is subject to the UK Data Protection Act 1998 and is registered in the UK with the Information Commissioner`s Office.

How to access, update and erase your personal information

If you wish to know whether we are keeping personal data about you, or if you have an enquiry about our privacy policy or your personal data held by us, in relation to any of the Sites, you can contact the Data Protection Officer via:

  • By writing to this address: Data Protection Officer, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, UK
  • Telephone: +44 (0) 20 8673 9666
  • E-mail: privacy@gtreview.com

Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.

Exporta Publishing & Events Ltd allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:

  • erased
  • rectified or amended
  • completed

Disclosing data for other reasons

In certain circumstances, the Data Protection Act allows personal data to be disclosed to law enforcement agencies without the consent of the data subject. Under these circumstances, Exporta Publishing & Events Ltd, will disclose requested data. However, the Data Controller will ensure the request is legitimate, seeking assistance from the board and from the company’s legal advisors where necessary.

Changes to this Privacy Statement

We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.

Providing information

Exporta Publishing & Events Ltd aims to ensure that individuals are aware that their data is being processed, and that they understand.

  • How the data is being used
  • How to exercise their rights

To this end, the company has a privacy statement, setting out how data relating to individuals is used by the company. This is available on request and available on the company’s website.

Review of this policy

We keep this Policy under regular review. This Privacy Statement was last updated in April 2018.

Welcome to GTR's new website! Enjoy 4 free articles on us.
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active subscription, please
to continue your access.
Sorry, this publication is available for subscribers only!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active subscription, please
to continue your access.
Welcome to GTR's new website!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active subscription, enjoy 4 articles on us this month!
to start your access.
Or
Welcome to GTR's new website! Enjoy 4 free articles on us.
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active subscription, please
to continue your access.
Sorry, this publication is available for subscribers only!
If you are a GTR subscriber, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active GTR subscription, you can still enjoy 4 free articles this month on us!
To subscribe to GTR,
Welcome to GTR's new website!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at rhedley@gtreview.com or
If you do not have an active subscription, enjoy 4 articles on us this month!
to start your access.
Or
Can't see GTR's events?
Try clearing your web browser's cache, cookies, and/or history!
For assistance, please call +44 (0) 20 8673 9666 or