.credit-suisse Annual Review Part 4 Our broader responsibilities
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    .credit-suisse Annual Review Part 4 Our broader responsibilities .credit-suisse Annual Review Part 4 Our broader responsibilities Document Transcript

    • ANNUAL REVIEW 2000 PART IV OUR BROADER RESPONSIBILITIES
    • PART I 2 Financial highlights 2000 4 Editorial PART II 6 An overview of Credit Suisse Group 8 Strategic review 12 Organisation 14 Financial review PART III 18 Review of business units 20 Credit Suisse Financial Services 26 Credit Suisse Private Banking 29 Credit Suisse Asset Management 32 Credit Suisse First Boston 36 Risk management PART IV 38 Our broader responsibilities PART V 44 Consolidated results 46 Income statement 47 Balance sheet 48 Off-balance sheet business 48 Selected notes to the consolidated financial statements 52 Management 57 Main offices 58 Information for investors www.credit-suisse.com 39
    • CREDIT SUISSE GROUP OUR BROADER RESPONSIBILITIES As a company with operations around the globe, Credit Suisse Group also bears social responsibilities. This applies not only to its business activities, but also to the treatment of its employees, other stakeholders and the environment. Credit Suisse Group offers its employ- management for several years. In ees a stimulating working environment, 1997 Credit Suisse Group became the an attractive package of training and first bank to gain ISO Norm 14001 career opportunities and performance- certification for its branches in Switzer- related compensation in keeping with land. In the summer of 2000 the certifi- market conditions. It aims to be the cation was extended to cover all the employer of choice and to attract the Group’s banking business and locations best talent. The abilities and varied outside Switzerland, as well as its Swiss cultural backgrounds of its employees insurance operations and locations. To are one of Credit Suisse Group’s attain certification, companies must strengths, and it actively promotes prove that they actively engage in sys- equal opportunity and cultural diversity. tematic environmental management, Bringing together employees in the comprising analysis, planning, imple- newly created business area Credit mentation and monitoring. Companies Suisse Financial Services was a major also must demonstrate the ongoing de- project in the past year. Within the velopment of environmental objectives. constraints imposed by local regula- Its activities in this field have earned tions, conditions of employment for Credit Suisse Group a place among the 40,000 employees in thirty countries 230 companies listed in the Dow Jones were standardised. New schemes for Sustainability Group Index. Since 1995, employee assessment and develop- the Group has published an Eco ment, recruitment and progressive Performance Evaluation (the last of working time models were also devel- which appeared in 1999) and an oped. Apart from the integration of the Environmental Report (latest edition: staff of Donaldson, Lufkin & Jenrette end-2000) in alternate years. (DLJ), Credit Suisse First Boston’s Credit Suisse Group plays an active Human Resources team worked to part in discussions with non-govern- improve the attraction and retention of mental organisations (NGOs) and is key talent. Under the heading of involved in a number of international “Making CSFB a Better Place to initiatives. The environmental charters Work”, the business unit launched a which it has signed include: number of initiatives designed to help employees balance the demands of • Global Compact, an initiative the industry with their unique personal launched by UN Secretary-General goals. These include flexible working Kofi Annan and aimed at ensuring arrangements, a sabbatical policy and adherence to nine principles relat- new resources for working mothers. ing to human rights, working conditions and protection of the environment; Comprehensive environmental • Statements of the United Nations management Credit Suisse Group has been a world Environmental Program (UNEP), leader in the field of environmental which spell out obligations for 40
    • One day to help society On its first Winday on 6 April 2000, Winterthur donated the equivalent of one hour’s salary for each of its 28,000 employ- ees, making possible the construction of five schools in the Zulia region of Venezuela. Implemented together with UNICEF, the project provided schooling for thousands of children in the flood-stricken region. Winday was not, howev- er, only about donating money. Winterthur employees around the world spent the day engaged in discussions relating to the motto “More for People”. The event improved communication and led to a deeper understanding of the values which Winterthur represents. As a result of the positive response, Winday will be held again in coming years. banks and insurance companies to tions. The Jubilee Foundation supports Boston’s social involvement is centred in protect the environment and pur- mainly social and charitable projects New York, where it supports education sue sustainable development. with an interdisciplinary focus. From programmes for socially-disadvantaged Consideration of ecological, ethical the approximately one thousand re- young people. The company also and social issues is also gaining im- quests which it receives each year, the encourages its employees to take an portance in the field of product devel- Foundation grants substantial financial active part in social projects. The num- opment. In addition to its two existing support to a select number of high- ber of employees who donate their environmental funds, Credit Suisse quality projects, helping to bring inno- free time to work in charitable organi- Asset Management collaborated with vative ideas to fruition. Credit Suisse sations, community centres and neigh- institutional investors in November Group supports young talent by spon- bourhood associations reached new 2000 to establish Prime New Energy, soring the international “Credit Suisse record levels last year. a holding company for investments in Young Artist Award” and the Swiss renewable energy sources and “Prix Credit Suisse Jeunes Solistes” as Promoting interdisciplinary dialogue energy-efficient technologies. In part of the International Music Festival With its recently launched “Thought choosing companies for inclusion in in Lucerne. The Group also supports Leader Programme”, Credit Suisse the fund, the fund managers work study weeks organised by the young Group aims to promote interdisciplinary with Credit Suisse First Boston’s scientists’ foundation “Schweizer discussion on the social challenges Energy Technology Team. Jugend forscht”. facing the world in the new millennium. Credit Suisse First Boston’s This programme of events is organised Foundation Trust supports over 150 by Credit Suisse and Winterthur and Commitment to charity Each year Credit Suisse Group do- charitable organisations in the US, UK provides leading figures from the nates approximately CHF 15 million to and the Asia Pacific region every year. worlds of politics, industry, science and a variety of organisations and institu- A great deal of Credit Suisse First culture with a platform for exchanging www.credit-suisse.com 41
    • CREDIT SUISSE GROUP OUR BROADER RESPONSIBILITIES Supporting tomorrow’s stars Young talent needs not only to be recognised, but supported. Musicians em- barking on a solo career need financial backing as well as opportunities to per- form on important world stages. In 2000, the “Credit Suisse Group Young Artist Award” made its début, awarding a CHF 75,000 prize and the chance to play with the Vienna Philharmonic to the 27-year-old Dutch cellist Quirine Viersen. The Viennese “Gesellschaft der Musikfreunde” auditions candidates, while the International Festival of Music Lucerne and the Vienna Philharmonic provide performance venues. With this prize, awarded every two years, Credit Suisse Group helps talented young soloists make the decisive breakthrough to a major international career. views on thought and action. “Thought cultural activities is sponsorship of new Leaders” are people whose ideas and productions at the Zurich Opera House actions are instrumental in shaping the and support for important exhibitions at world of the 21st century, and point a number of Swiss art museums. the way for the rest of society. The Credit Suisse and Winterthur are “Thought Leader Programme” com- involved in the international project prises individual events such as plat- snowtime.com, a winter sports service form discussions and speeches as on the Internet which is developing into well as events lasting several days, one of the leading electronic guides to such as the WinConference. The winter sports. Credit Suisse and programme will be officially launched Winterthur are jointly sponsoring on 28 March 2001 with a speech by Expo.02, the Swiss national exhibition. UN Secretary-General Kofi Annan in The project cyberhelvetia.ch, an Zurich. Internet game of virtual identities launched in January 2001, has already gained a significant following one year Sponsoring provides unique before the Expo is officially opened. experiences Credit Suisse Group is involved in Maintaining its traditional support of sponsoring activities through its busi- soccer, equestrian sport and triathlon, ness units, which grant sponsorship at Credit Suisse’s sports sponsoring the local level. These sponsoring activi- activities are aimed at continuity ties allow customers and the general and sustainability. In terms of cultural public to take part in sporting and cul- activities, Credit Suisse concentrates tural events of the highest calibre. on music and fashion, and is the main In addition to its support for the sponsor of all the major Swiss fashion Sauber Swiss Formula 1 team, events. In 2000, Credit Suisse spon- Credit Suisse Private Banking’s sports sored the internationally-renowned sponsorship programme concentrates mime group Mummenschanz and other on golf and horse racing in St. Moritz stage sponsorships include the (White Turf). The main focus of its Welttheater in Einsiedeln, Switzerland. 42
    • Shared values Credit Suisse Group is committed to a set of shared values which guide all its activities. The Group’s Code of Conduct focuses on six core values. Integrity “We realise that our global franchise is based on our core ethical values and our longstanding reputation for integrity, trust, confidentiality, fairness and professionalism. We re- spect the interests of our stakeholders (clients, employ- ees, shareholders, service providers, government authori- ties, financial regulators, competitors, media) and of society as a whole.” Responsibility “We honour our commitments and take personal responsi- bility for our actions. We promise only what we can de- liver. We do not mislead our stakeholders.” Winterthur sponsors a Swiss hand- ball team, the Swiss Gymnastics Fairness Association and – jointly with Credit “We believe in courteous and respectful treatment of our Suisse – the Swiss Football stakeholders. We support equal opportunities and a work Association. In the field of culture, environment free of discrimination and harassment of any Winterthur supports the Swiss Youth sort.” Symphony Orchestra. As part of its “Comedy” sponsoring programme, it Compliance supported six regional comedy festivals “We acknowledge the importance of all relevant laws, in addition to the main event, the regulations, policies and standards, both internal and ex- Arosa Humour Festival. The activities ternal, and comply with them. We are committed to ex- of the Foundation for the Prevention of emplary management discipline and a first-class control Accidents in road safety for children and compliance environment.” and safety at sporting events also continued successfully in 2000. Transparency Additionally, Winterthur was the exclu- “We seek constructive, transparent and open dialogue sive main sponsor of the World Health with our stakeholders based on fairness, mutual respect Organisation’s first congress on com- and professionalism.” bating AIDS, malaria and tuberculosis, which was held in Winterthur. Confidentiality “We treat confidential as such and do not disclose non- public information concerning the Credit Suisse Group companies, their clients and employees, unless required by law.” www.credit-suisse.com 43