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A Lafferty Management Report

Corporate Social Responsibility in Banking


A Guide to Global Best Practice
By Peter Kinahan

www.lafferty.com

LAFFERTY

Corporate Social Responsibility in Banking


A Guide to Global Best Practice

A Lafferty Management Report

Corporate social responsibility (CSR) has pushed its way relentlessly up the agenda of the worlds largest companies over the past decade. While businesses have in the past made the rights of their shareholders paramount in pursuit of returns, it is now recognised that the legitimate concerns of a wider and diverse group of stakeholders must be taken into account: Customers who have a right to quality products and services, delivered in a transparent manner. Employees who have a right to a fair wage and decent working conditions. Local community who seek inclusion in decisions affecting their physical environment and a long-term commitment to the local area. Suppliers who should expect a transparent and fair procurement process and to be compensated according to contract terms. Competitors who should be treated with respect for their rights and their property, physical and intellectual. Governments who should expect compliance and transparency with respect to taxation and other legislative and regulatory requirements. NGOs (non-governmental organisations) and environmental interests who should expect dialogue, collaboration and commitments on the levels on sustainability of resource exploitation.

Outline Contents
Part 1: The rationale behind CSR in banking Defining CSR Background: CSR and the financial crisis The business case for CSR in banking Product responsibility Microfinance and community lending SRI socially responsible investment Corporate governance, remuneration and risk Banking and the environment

Part 2: CSR reporting in banking the top 200 Sustainability Reporting the GRI G3 guidelines Analysis of disclosure policies of the Top 200 banks Part 3: CSR policies Corporate social responsibility highlights from the sustainability reports of the worlds largest banks, including: Bank of America, JP Morgan Chase, Citigroup, RBS, BNP Paribas, Santander, Barclays, UniCredit, Deutsche Bank, ING Bank, Credit Suisse, Itau Unibanco, UBS, Nordea, Banco Bradesco, Standard Chartered, Danske Bank.

Against this background perhaps no industry requires the formulation and communication of a robust and meaningful approach to CSR with the urgency required by the banking sector. The global banking industry never a grouping to have enjoyed popularity is reeling from a massive credibility crisis in the wake of a series of self-inflicted disasters. At this point as popular protest over the effects of the global financial system reaches ever-increasing heights the industry is in dire need to communicate what it is all about and why it still matters to the public. For retail bankers in particular, the damage inflicted by the reckless and often fraudulent activities of investment banks has had the effect of infecting all banks and bankers regardless of culpability. Yet retail banking is not without sin as all-too-frequent mis-selling and predatory pricing scandals have testified over the years.

Corporate Social Responsibility in Banking


A Guide to Global Best Practice

A Lafferty Management Report


CSR policy seeks to define the banks role in terms of its global citizenship But to what extent have the worlds largest banks taken on the principles of corporate social responsibility? Is it a fundamental part of bank strategy or is it simply a means of paying lip service to wooly ideals with little meaningful commitment and practical effect? Can it be harnessed not simply as a defensive mechanism in PR terms but as an active contributor to the bottom line?

This brand new Lafferty report looks at these questions and helps you to review and evaluate current policies and formulate your strategy for the future. Corporate Social Responsibility in Banking is an examination of the practices of the worlds top 200 banks to assess what lies behind the lofty pronouncements. Using the reporting requirements of the Global Reporting Initiative (GRI) as a benchmark, Corporate Social Responsibility in Banking examines the extent of compliance of this group to CSR reporting standards and the quality of their disclosures. The report looks also at other trailblazers in the field. Banking occupies a pivotal role in the creation of a sustainable economy, not just as a large industry sector in its own right, but because banks primary role is as lending and investment intermediaries. In that capacity, bank policy exercises an enormous influence on just about every area of corporate social responsibility in every facet of commerce. In a global context, bank lending and investment to industry has a profound effect on the environment in which we live. In a personal context, product design and disclosure can have dramatic effect on the financial fortunes and security of individuals.
The GRI reporting framework sets out the principles and performance indicators that organisations can use to measure and report their economic, environmental, and social performance.

Corporate Social Responsibility in Banking examines bank policy in the many areas where it interacts with stakeholder rights:

Product responsibility: Good CSR policy requires standards for the fair design and sale of financial products and services. Adherence to laws, standards, and voluntary codes related to marketing communications, including advertising, promotion, and sponsorship is critical. Customer privacy must be respected. Initiatives to enhance financial literacy complements fair marketing of products. Environment: In addition to their own practices, banks role as providers of finance makes it essential that there should be policy to mitigate environmental impacts of bank products and services. Lending policy: There should be processes for monitoring clients implementation of and compliance with environmental and social requirements included in agreements or transactions. Levels of community lending and lending to the microfinance sector can play a critical role in both developing and developed world. And banks must lend responsibly to manage risk on their own side as well as for customers well-being. Risk management: Banks importance to the economy and the potentially catastrophic effects of systemic risk make risk management especially important in the banking sector. Consequently, corporate governance and remuneration policy should always be exercised with this in mind.

A Lafferty Management Report

Corporate Social Responsibility in Banking


A Guide to Global Best Practice

Available from January 2012 Pre-order your copy before 31 December 2011 and save US$500 Fax your order back to us on +44 (0) 20 3008 8426
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