This document summarizes key concepts related to sustainability and sustainable development in the financial sector. It defines terms like sustainability, ESG, corporate social responsibility, citizenship, and business ethics. It then discusses how concepts like operational footprint, products/services, risks, sponsorships, and sustainability at the office relate to banking. It also provides simplified diagrams showing the relationship between these concepts. Finally, it discusses environmental liability and risk management in the financial sector, how these apply to institutional investors, insurance companies, and banks.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
A combined solution to compliance and risk management for sustainability repo...Ardea International
The UK has introduced new regulations for business on how to report. Integration of risk and strategy is key. Diagnostics to help define material social and environmental risk will save costs. Compliance with legal obligations will also be key.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
A combined solution to compliance and risk management for sustainability repo...Ardea International
The UK has introduced new regulations for business on how to report. Integration of risk and strategy is key. Diagnostics to help define material social and environmental risk will save costs. Compliance with legal obligations will also be key.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
European Risk Management Seminar 2018 - Sustainability ReportFERMA
FERMA’s aim in focussing on sustainability in our 2018 European Risk Management Seminar and in publishing this report is to strengthen the risk manager in ensuring the sustainability of our organisations and ultimately our societies.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
Preparing for cyber insurance - FERMA - Insurance Europe - BIPARFERMA
The guide “Preparing for cyber insurance” outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers. It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
Our report finds that investors, asset managers and banks urgently need a way to identify and measure how companies are responding to the risks of climate change.
Ferma PwC European Risk Manager Report_ full set results 2018FERMA
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
European Risk Management Seminar 2018 - Cyber Report FERMA
Not long ago, it seemed like we could be heading for cybergeddon; the forecasts about the threats from cyber space posed such a threat to the digital revolution. Today, as this report illustrates, we are finding a way to make cyber risk manageable, quantifiable and insurable.
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
FERMA information paper to OECD in order to propose captive (re)insurance gui...FERMA
As OECD members are moving towards the implementation stage of the BEPS actions proposed in 2015, certain questions of interpretation have arisen for owners of captive insurance and reinsurance companies.
In the interests of consistent implementation and legal certainty for both tax administrations and taxpayers, FERMA is suggesting guidelines to address captive insurance arrangements.
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
Presentation given at Bangkok Sustainable Banking Forum 2019, 13 August 2019. Sarinee Achavanuntakul, Fair Finance Thailand (สฤณี อาชวานันทกุล, แนวร่วมการเงินที่เป็นธรรมประเทศไทย)
The financial industry has historically
played a number of fundamental roles in
shaping the modern world.
The activities of the industry supported the development of
the free market, economic expansion, improving the quality of
life, personal and national security, and enabled individuals and
organizations to save and invest. Fulfilling these functions requires
the financial sector to constantly take care of its reputation
and trust in the financial system and respond to the changing
expectations of an increasing number of stakeholders. Today,
the industry is at a key point in its evolution. In the face of climate
change and the consequent changes in investment preferences,
stakeholders expect financial institutions to contribute to a
fairer and more sustainable world and to create a new face of
the financial services sector in which profit and social impact can
coexist.
Why now? The pandemic has reinforced the need to build
a sense of purpose, strengthen confidence in banks,
and help address global issues the economy faces, such
as transformation in the face of climate change. The
accumulation in the public debate of issues such as prosperity,
development, social responsibility, justice, conflict, security, ecology
and sustainable development has created a turning point in
history. To continue to grow, the financial services industry needs
to take care of making profits in tune with multiple stakeholders,
keeping consumers at the center of everything they do. And these
consumers are more concerned than ever about climate change
and expect real action from business.
More: https://www2.deloitte.com/pl/pl/pages/zarzadzania-procesami-i-strategiczne/articles/sustainable-finance-magazine/sustainable-finance-magazine-wydanie-pierwsze.html
European Risk Management Seminar 2018 - Sustainability ReportFERMA
FERMA’s aim in focussing on sustainability in our 2018 European Risk Management Seminar and in publishing this report is to strengthen the risk manager in ensuring the sustainability of our organisations and ultimately our societies.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
Preparing for cyber insurance - FERMA - Insurance Europe - BIPARFERMA
The guide “Preparing for cyber insurance” outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers. It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
Our report finds that investors, asset managers and banks urgently need a way to identify and measure how companies are responding to the risks of climate change.
Ferma PwC European Risk Manager Report_ full set results 2018FERMA
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
This new edition of the Cyber Risk Governance Report includes a case study that illustrates how our cyber risk governance model works in practice.
FERMA has made the ongoing digital transformation a priority for our advocacy work for several years now.This is why, in 2017, we launched one of the first European cyber risk
governance models jointly with our European colleagues and internal auditors from the ECIIA.
Events since then have only strengthened our view that corporate governance models will quickly become obsolete if they do not embed governance for cyber risks under the leadership of a risk and insurance professional.
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
European Risk Management Seminar 2018 - Cyber Report FERMA
Not long ago, it seemed like we could be heading for cybergeddon; the forecasts about the threats from cyber space posed such a threat to the digital revolution. Today, as this report illustrates, we are finding a way to make cyber risk manageable, quantifiable and insurable.
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
FERMA information paper to OECD in order to propose captive (re)insurance gui...FERMA
As OECD members are moving towards the implementation stage of the BEPS actions proposed in 2015, certain questions of interpretation have arisen for owners of captive insurance and reinsurance companies.
In the interests of consistent implementation and legal certainty for both tax administrations and taxpayers, FERMA is suggesting guidelines to address captive insurance arrangements.
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
Presentation given at Bangkok Sustainable Banking Forum 2019, 13 August 2019. Sarinee Achavanuntakul, Fair Finance Thailand (สฤณี อาชวานันทกุล, แนวร่วมการเงินที่เป็นธรรมประเทศไทย)
The financial industry has historically
played a number of fundamental roles in
shaping the modern world.
The activities of the industry supported the development of
the free market, economic expansion, improving the quality of
life, personal and national security, and enabled individuals and
organizations to save and invest. Fulfilling these functions requires
the financial sector to constantly take care of its reputation
and trust in the financial system and respond to the changing
expectations of an increasing number of stakeholders. Today,
the industry is at a key point in its evolution. In the face of climate
change and the consequent changes in investment preferences,
stakeholders expect financial institutions to contribute to a
fairer and more sustainable world and to create a new face of
the financial services sector in which profit and social impact can
coexist.
Why now? The pandemic has reinforced the need to build
a sense of purpose, strengthen confidence in banks,
and help address global issues the economy faces, such
as transformation in the face of climate change. The
accumulation in the public debate of issues such as prosperity,
development, social responsibility, justice, conflict, security, ecology
and sustainable development has created a turning point in
history. To continue to grow, the financial services industry needs
to take care of making profits in tune with multiple stakeholders,
keeping consumers at the center of everything they do. And these
consumers are more concerned than ever about climate change
and expect real action from business.
More: https://www2.deloitte.com/pl/pl/pages/zarzadzania-procesami-i-strategiczne/articles/sustainable-finance-magazine/sustainable-finance-magazine-wydanie-pierwsze.html
FOR CS PROFESSIONAL, CA, CMA
Sustainable Development
• Role of Business in Sustainable Development
• Sustainability Terminologies
• Corporate Sustainability
• Corporate Sustainability and Corporate Social Responsibility
• KYOSEI & TRIPLE BOTTOM LINE (TBL)
• One of the fundamental characteristics of a corporate is perpetuity. In the eyes of law, it is treated as a separate legal entity which can hold assets and bear liabilities, can sue and be sued.
• The word sustainable is derived from sustain or sustained. The synonyms of the word sustained as per the Collins Thesaurus include perpetual, prolonged, steady.
• Sustainable development is a broad, concept that balances the need for economic growth with environmental protection and social equity.
• WCED recognized that the achievement of sustainable development could not be simply left to government regulators and policy makers. It recognized that industry has a significant role to play.
• Four fundamental Principle of Sustainable Development- Principle of Intergenerational equity; Principle of sustainable use; Principle of equitable use or intergenerational equity; Principle of integration.
• Corporate Sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments. corporate sustainability describes business practices built around social and environmental considerations • Key drivers need to be garnered to ensure sustainability - Internal Capacity Building strength; Social impact assessment; Repositioning capability; Corporate sustainability.
• Kyosei philosophy reflects a confluence of social, environmental, technological and political solutions. It works in five stages-- First is economic survival of the company. Second is cooperating with labour. Third is cooperating outside the company. Fourth is global activism, and fifth is making the government/s a Kyosei partner
• In 1999 Elkington developed the concept of the Triple Bottom Line which proposed that business goals were inseparable from the societies and environments within which they operate.
• The emergence of corporate responsibility, from being a niche interest of environmentalist and pressure groups to one public. Concern, has in part, stemmed from the realization that corporate governance and social and environmental performance are important elements of sustained financial profitability.
U modernim ekonomskim sistemima, finansijski sektor predstavlja centralnu sponu. U pitanju je globalna industrija sa brojnim i isprepletanim poslovnim odnosima, kako prema poslovnom sektoru, tako i fizičkim licima, pa se stoga s pravom može reći da se nalazi u sedištu pažnje odgovornog ponašanja. Finansijski sektor treba da postavi visoko-odgovorne standarde u poslovanju, na način da bude kredibilni instrument za unapređenje društveno odgovornog poslovanja i u drugim sektorima. Postoje brojni načini za ostvarivanje pomenutog cilja, gde je verovatno najjednostavniji analiza ekoloških, društvenih i upravljačkih performansi klijenata, kao bitan preduslov za obezbeđenje kreditne podrške. Od 2003. godine, globalni finansijski sektor zajedno sa Programom za zaštitu životne sredine Ujedinjenih nacija radi na postizanju ciljeva razvoja i promovisanja veze između održivosti i finansijskih rezultata. Kroz umrežavanje, istraživanje i obučavanje, UNEP FI sprovodi svoju misiju da identifikuje, promoviše i realizuje primenu najboljih ekoloških i praksi koje se tiču održivosti kod finansijskih institucija na svim nivoima poslovanja.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
2. 2
Sustainability & Sustainable Development: Definitions
UNEP FI Guide to Banking & Sustainability
Sustainability
The Brundtland Commission, UN 1987
“Meeting the needs of the present without compromising the ability of future generations to meet their own needs.”
This definition is supported by the equally widely acknowledged three pillars: economic, social and environmental development.
http://www.un-documents.net/wced-ocf.htm
ESG
A generic term usually traced back to the initial work of United
Nations Global Compact on financial markets and sustainability
issues, now widely used in capital markets by investors.
ESG (environmental, social and governance) factors are
considered as a subset of non-financial performance
indicators, which serve to evaluate corporate behaviour and
determine the future financial performance of companies.
United Nations Global Compact Who Cares Wins Series, 2004-2008
http://www.unglobalcompact.org/Issues/financial_markets/index.html
Corporate Social Responsibility
The origins of Corporate Social Responsibility (CSR)
terminology are closer to the corporate sector itself, with a
distinct focus on the concerns, needs and expectations of
society.
As such CSR addresses the integration of issues of concern
to society in companies’ business operations and their
interaction with stakeholders, on a voluntary basis.
Social Responsibilities of the Businessman, Howard Bowen, 1953.
Corporate Citizenship
Corporate Citizenship is a concept close to CSR but perhaps
preferred by some (and especially in North America) for its more
intimate connection to the communities directly surrounding
the corporation.
Corporate Citizenship strives to meet the social, cultural and
environmental responsibilities with the community wherein
which the institution seeks a license to operate, as well as
economic and financial responsibilities to its shareholders
or immediate stakeholders.
Business Ethics
Business Ethics is an approach founded more closely on ethical
and moral beliefs:
what is the right (or wrong) thing to do? When the actions of
individuals and firms, in the pursuit of self-interest and
profits, adversely affect others, it is an ethical imperative to
exercise appropriate constraint.
5. 5
Sustainability & Sustainable Development
& The Green Economy
The financial sector can play a
critical role in the transformation
to a more sustainable
environment.
As financial intermediaries in an
economy, financial institutions
can contribute to mitigating
environmental problems, while at
the same time taking advantage of
the opportunities that
sustainability offers to the finance
sector.
[UNEP FI (2004): Finance & Sustainability
in CEE]
"Support for the green economy
and the environment goes hand-in-
hand with the Cohesion Policy's
objective to deliver sustainable
growth, jobs and
competitiveness. In a difficult
financial climate, this investment will
be instrumental in creating long-term
employment and reviving local
economies, as well as underpinning
the EU's commitment to the fight
against climate change."
Danuta Hübner, European Commissioner for
Regional Policy (9/3/2009)
The Green Economy The Financial Sector…and
7. 7
Sustainability & Sustainable Development: Simplified
Operational Footprint
Products and Services
Risks and Liability
Sponsorships and Social Responsibility
Sustainability at the Office
Green/Sustainable Portfolio
Environmental & Social Risk Management
NGOs and volunteerism
8. 8
Sustainability & Banking: Simplified
Operational Footprint
Sustainability at the Office
Environmental/Quality/Health & Safety
Management Systems
9. 9
Sustainability & Banking: Simplified
Operational Footprint
Sustainability at the Office
Procurement
Data Input Quality and Precision
Use Savings Programme
Top Spenders/Top savers
Statistics:
Building/Counter (in conjunction with CC
allocations)
Indicators
Output
GHG Emissions
Reporting
Indicators
Energy Flow
per source/per area/ per building/ per person
Energy mix - Renewables
Informed Decision Making
Material
Flow
Management
Market/Legislation Monitoring
Benchmarking
Opportunities
-Offsetting
-Carbon Neutral Bank
Resource/Material Flow Analysis
e.g. Energy
11. 11
Sustainability & Banking: Simplified
Operational Footprint
Products and Services
Risks and Liability
Communications, Sponsorships and Social Responsibility
Sustainability at the Office
Green/Sustainable Portfolio
Environmental & Social Risk Management
Sustainability profiling, NGOs and volunteerism
12. 12
Sustainability & Banking: Simplified
Products and Services
Green/Sustainable Portfolio
UNEP FI Survey 2007
Home Mortgages Commercial Building Loans
Home Equity Loans Auto & Fleet Loans
Credit & Debit Cards Personal Accounts
Green Sale & Travel Money Products
Retail Banking
Project Finance Securitization
Venture Capital & Private Equity
Carbon Commodity Products and Services
Corporate &
Investment Banking
Fiscal Funds Investment Funds
Carbon Funds Cat Bond Funds
Asset Management
Auto Insurance
Home & Business Insurance
Carbon Insurance
Insurance
13. 13
Sustainability & Banking: Simplified
Products and Services
Green/Sustainable Portfolio
UNEP FI Survey 2007
Product
or service
Model
Banks
Studied
Region Key Product(s) and Results or Potential Lesson Learned
Home
Mortgage
Dutch
banks
NL Government led „green mortgage‟ initiative.
Homeowners and banks have not found the
scheme particularly attractive. Product
does demonstrate longevity, and has increased
demand for green mortgages in the country.
Banks and customers consider the maximum mortgage
amount too low (€34,000) and selection criteria too
stringent.
Home
Mortgage
CFS UK Offers free home energy rating and offsets
carbon emissions for every year of loan. During
2005, offset over 50,000 tonnes of CO2
emissions. Will soon launch added features into
portfolio. Success.
Significant environmental benefits. Customer loyalty and
acquisition. First Mover Advantage. Potential to improve
brand and reputation. CFS believes “eco home loans will
become the norm in the future.”
Home
Mortgage
Abbey,
HBOS,
Halifax and
others
Europe (UK) Green mortgages have only been announced by
these banks, some of which are the largest
mortgage providers in the country.
UK Government announcement stimulated recent surge
of interes in „green‟ mortgages. Align product design
with stateled initiatives and commitments.
Home
Mortgage
Bendigo
Bank
Australia Generation Green™ Home Loan.
Success.
Offered to both new and old homes, so those with
existing mortgages can take advantage of discounted
rates. Notable savings. All projects must exceed state
requirements.
14. 14
Sustainability & Sustainable Development: Simplified
Operational Footprint
Products and Services
Risks and Liability
Sponsorships and Social Responsibility
Sustainability at the Office
Green/Sustainable Portfolio
Environmental & Social Risk Management
NGOs and volunteerism
15. 15
Sustainability & Banking: Simplified
Risks and Liability
Environmental & Social Risk Management
Probably the most crucial and
challenging element of sustainable
banking and finance…
16. 16
Environmental Liability: What is it about? (1)
The PPP
The famous “Polluter Pays” Principle
Already set out in the Treaty establishing the European Community (Article
174(2) TEC, now Article 191 of the Treaty of the Functioning of the EU)
“Community policy on the environment shall aim at a high level of protection taking into
account the diversity of situations in the various regions of the Community. It shall be
based on the precautionary principle and on the principles that preventive action should be
taken, that environmental damage should as a priority be rectified at source and that
the polluter should pay”
The very basis of Environmental Economics Science
It is about “external” cost internalisation & allocation
Internalisation of Environmental Externalities
17. 17
Environmental Liability: What is it about?(2)
Prevention and Remediation
From fines to cost of prevention and remediation of Environmental Damage
Environmental Risk Assessment & Management
Synthesis between Risk Assessment & Environmental Management disciplines
Financial Security
Insurance Policies?
Other Financial Security Measures/Schemes
18. 18
Environmental Liability & the Financial Sector
Institutional Investment Institutions
The Financial Sector
Banks
Insurance Companies
Banking Groups
19. 19
Environmental Liability & the Financial Sector
Current trends in the industrialised world
Institutional Investors
Growing Attention and measures due to major environmental incidents
Ethical, Socially Responsible, Sustainability, Green FUNDS
Sustainability Indices (FTSE4Good, Dow Jones Sustainability Index)
Voluntary Initiatives
Principles for Responsible Investment
Number of signatories
Asset owners 246
Investment managers 571
Professional service
partners
161
Total 978
http://www.unpri.org
Assets
under management $30.000.000.000.000 (30 trillion$)
20. 20
Environmental Liability & the Financial Sector
Current trends in the industrialised world
Insurance Companies
Pollution and Environmental Liability products evolving
Insurers as Investors
21. 21
Environmental Liability & the Financial Sector
Current trends in the industrialised world
Banks
Multilateral/Development Banks
Commercial Banks
26. 26
Environmental Liability & the Financial Sector
Commercial Banks
Why Bother?
Financial Risks
Legal Risks
Reputation Risks
Credit
Cost of fines and/or remediation for environmental
damage + product/brand/corporate reputational
damage can impair customer's ability to pay back
loans
Collaterals
Reduced value of assets
Costs e.g. for waste removal or land
decontamination
27. 27
Environmental Liability & the Financial Sector
Commercial Banks
Why Bother?
Financial Risks
Legal Risks
Reputation Risks
Potential Liabilities through control of client
management and decision making
Possession of assets
28. 28
Environmental Liability & the Financial Sector
Commercial Banks
Why Bother?
Financial Risks
Legal Risks
Reputation Risks
Association with polluting
customer/project
Vulnerability to NGO and media attacks
29. 29
Environmental Liability & the Banking Sector
Incentives & Disincentives for Environmental Risk Management
Incentives Disincentives
Risk Identification &
Management
Customer Relationships
Competition
Compliance with Basel II
Development of Green
Products & Services
Other Products (Insurance
Policies Etc)
Costs
Customer Relationships
Competition
Potential Management
Involvement Claims
Lack of internal knowhow
Unstable and
incomprehensive
regulatory regime
30. 30
Sustainability & Sustainable Development: Simplified
Operational Footprint
Products and Services
Risks and Liability
Sponsorships and Social Responsibility
Sustainability at the Office
Green/Sustainable Portfolio
Environmental & Social Risk Management
NGOs and volunteerism
31. 31
Sustainability & Banking: Simplified
Communications, Sponsorships and Social Responsibility
Sustainability profiling, NGOs and volunteerism
32. 32
Sustainability & Banking: Simplified
Communications, Sponsorships and Social Responsibility
Sustainability profiling, NGOs and volunteerism
Basic Thoughts
Increasingly crucial for reputation management
Stakeholder mapping essential
Very often blamed for “green washing”
Should be embedded in overall Sustainability Strategy
Environmental/social benefits should be crystal clear
Carefully selected partnerships with NGOs
Volunteerism an essential element
“Walk the talk”, or “practice what you preach”
Engage with international networks and initiatives (UNEP FI, Global Compact, etc)
33. 33
Sustainability & Banking: How?
Management Commitment
Sustainability Management Systems
Roles and Responsibilities
Reporting
34. 34
Sustainability & Banking: How?
Management Commitment
Sustainability Management Systems
Roles and Responsibilities
Reporting
Sustainability Policy
Key commitments’ framework
Signed/Approved by CEO
Sector Policies
In line with key commitments
Applicable to suppliers/customers etc
Sustainability Committees
Senior Management Representatives
Regular Meetings
35. 35
Sustainability & Banking: How?
Management Commitment
Sustainability Management Systems
Roles and Responsibilities
Reporting
Footprint Management
Globally Recognised Standards (ISO14001/EMAS etc)
Environmental & Social Risk Management
A special focus to Relationship Managers
Internal knowhow and Sector Libraries
Monitoring Progress and Continuous Improvement
SMART Indicators
(Specific, Measurable, Achievable, Relevant, Time-bound)
Regular Meetings
Products and Services
Support sustainable innovation
Develop and share know-how
New products and services
36. 36
Sustainability & Banking: How?
Management Commitment
Sustainability Management Systems
Roles and Responsibilities
Reporting
http://www.unepfi.org/publications/banking/index.html
37. 37
Sustainability & Banking: How?
Management Commitment
Sustainability Management Systems
Roles and Responsibilities
Reporting
Audits and Verifications
Increased Transparency and Credibility
Sustainability Reporting Frameworks/Indexes
Global Reporting Initiative (GRI)
Dow Jones Sustainability Index (DJSI)
FTSE4Good
Carbon Disclosure Project
38. 38
Sustainability & Banking:
Reporting
Why ? (1)
(Socially) Responsible Investment [(S)RI] - Sustainable Investment (SI)
Increasingly, investors are diversifying their portfolios by investing in companies
that set industry-wide best practices with regard to sustainability, because:
Attractiveness
Sustainability aims to increase long-term shareholder value
Sustainability performance financially quantified – investable corporate sustainability
concept.
Superior performance and risk/return profiles
A growing number of investors are convinced that sustainability is a catalyst for
enlightened and disciplined management, and, thus, a crucial success factor.
39. 39
Sustainability & Banking:
Reporting
Why ? (2)
(Source: European sustainable investment forum study EUROSIF 2010)
Sustainable investment is now largely perceived by the European HNWI
population as a financial discipline rather than an investment style
Specific knowledge of ESG (environmental, social and corporate
governance) issues necessary in order to be successful.
An explanation of impressing market growth (even in difficult times)
Eurosif estimates the 2010 European HNWI sustainable investment market to be
approximately €729 billion, representing approximately 11% of European HNWIs’
portfolios as of December 31, 2009. This is a growth rate of 35% over the two-year
period since the data was previously collected.
40. 40
Key reasons why banks
consider sustainability issues
Increased credibility and gain in reputation
?
Demand by investors
?
Lower risk and better returns
?
Increased value to stakeholders
?
Potential for business development
?
Liabilities
?
Non-performing loan experience
?
Demand by clients
?
Sustainability & Banking: Why Bother?
41. 41
Transition to Sustainability
Sustainable Banks are definitely the Banks of the Future
Top Management Commitment
Integrate Environmental & Sustainability Strategies in core business
Sustainability Management: a systems approach
A growing need for the development of internal sustainability capacity,
structures and know-how
Open communication & collaboration with stakeholders – commonly agreed
processes
Environmental Risk Awareness & Management in Banking & Investment
doesn’t mean sector exclusions and credit rejections but rather informed
decision making and improved customer relationships - opportunities
Participation in international initiatives & networks (e.g. UNEP FI, Global
Compact etc), external communications, partnerships with NGOs
We practice what we preach, so that we don’t face “green washing”
accusations
Key Messages