GTSFWolverine (IFC-44827)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Countries
  • Cambodia
  • India
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
WOLVERINE WORLD WIDE, INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS May 5, 2022

Disclosed by Bank Aug 19, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Wolverine World Wide, Inc. (“WWW”, “Wolverine” or the “company”) is a designer, marketer and licensor of a broad range of casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The company’s products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States, Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific.

The proposed investment is to establish a $15 million supply chain finance facility (the “project”) under the Global Trade Supplier Finance program (“GTSF” or the “program”) to finance suppliers of Wolverine. The GTSF was approved by the Board on September 21, 2010 (#28723). Under GTSF, IFC provides short-term financing to suppliers (the “suppliers”) in emerging markets selling to large companies (the “buyers”) on open account terms. Under the project, IFC would purchase invoices submitted by suppliers to Wolverine in several emerging markets, on a discounted basis via the Infor Nexus platform and receive payment of the full invoice value from Wolverine at invoice maturity. Through the proposed project, IFC will provide short-term financing through the GTSF program to suppliers in Vietnam, Cambodia, India and China.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Wolverine is a leading global footwear Company. The company was started in 1883 and has been listed on the New York Stock Exchange (“NYSE”) since 1965. Major shareholders of the Company are BlackRock Fund Advisors, the Vanguard Group and other institutional investors.

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Wolverine World Wide Inc Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Wolverine World Wide, Inc.
Steve Tanyko
Sr. Treasury Manager
616.866.5500
steve.tanyko@wwwinc.com
9341 Courtland Drive, Rockford, MI 49351
https://www.wolverineworldwide.com/

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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