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What Is Ethical Banking

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What Is Ethical Banking What is... ethical banking? Track “Ethical banking” refers to financial services Ethical investments that are designed to promote equity and sustainable development. So-called 'ethical Ethical banks, as well as regular banks and banks' believe that profitability should not investment companies, have developed all kinds of only be measured in financial terms, but also “ethical funds” [also called “socially responsible in social terms. In principle, the term “banking” investment” (SRI), social or green funds]. These refers to services like deposit taking and payment funds invest in financial assets just like a regular services. But in practice, the financial services mutual fund. But in contrast with a regular fund, offered by these ethical banks go beyond mere ethical funds look very closely at the entities issuing banking to include investment and insurance the securities. Different indicators are taken into services. Increasingly, traditional banks are account to judge a firm or organization's beginning to offer ethical products as well. sustainability, including: (1) How it operates in- house: the social and environmental aspects of its Ethical banking own operations such as labour and work conditions, Ethical banks offer customers the ability to open an recycling and energy consumption; (2) How its account and lodge their savings as a basic or time policies, services and products impact society; and deposit. With basic deposits, customers are able to (3) how the issuer actively helps promote withdraw their money at any time; with time sustainable development: e.g. by designing new deposits, they are restricted from withdrawing their products that favour better social or environmental funds before a certain date. Most ethical banks practices. have developed special saving products that seek to On the basis of these data, funds then use different promote sustainable development. For example, strategies to select the firms or entities to invest in: customers may let the interest on their savings be l (partially) transferred to environmental or human Exclusion mechanism or negative rights NGOs, or to a specific environmental project. screening. Ethical funds can exclude entities with unacceptable policies, practices, or Ethical banks in turn use the deposits at their bank products/services. For example, funds may reject to make loans to households and companies, like companies on the basis of poor human resource any other bank. However, in contrast to regular policies or wasteful energy consumption. Some banks, the borrowers are usually screened on funds have stated NOT to invest in World Bank sustainability indicators. For example, some ethical bonds, and companies involved in arms trade, banks particularly grant mortgage loans to animal testing (medical and cosmetic), fur, properties that provide an “ecological payback,” tobacco, pornography, oppressive regimes, such as old houses that are being renovated or new environmental destruction, nuclear power and eco-friendly homes. So-called “community gambling. investment” or “community development” banks l direct their funds to borrowers that are neglected Positive screening. Ethical funds also can by traditional banks, or projects that have a social choose to actively support entities that have the mission (e.g. affordable housing, women-owned right social and environmental policies in place small businesses or educational institutions). (employee-friendly working practices, open management, waste management etc.) In addition, ethical banks often offer their clients Moreover, they may actively seek to finance bank cards and credit cards, which may not contain companies that promote environmentally friendly PVC. private finance : a public interest products, employee education and training, l Government policy can help promote ethical worker health and safety, and renewable energy. banking. Government policy can provide incentives for people to use ethical banking l Best of class. Increasingly, ethical funds are services. For example, in the Netherlands, deciding to invest in companies that do well investors are exempt from interest and dividend compared to other companies in the same sector. income tax on certain green funds that fulfil l Engagement. Many ethical funds use their environmental criteria laid down by the ownership power in companies to advocate for government. more sustainable corporate practices through l Truly green? There are substantial differences dialogue or filing shareholder resolutions. in what SRI funds invest in. Standardized criteria Ethical insurance for social or green funds do not exist and therefore fund managers, and sometimes In addition to banking and investment services, governments, are setting their own terms of some ethical banks also offer 'ethical insurance' reference. European green, social and ethical services. Clients can purchase insurance against funds often include shares of Vodafone, Pfizer, illness, retirement, or car accidents just like at any Johnson & Johnson, GlaxoSmithKline, Microsoft, traditional insurance company. In contrast with Royal Dutch Petroleum (Shell), Astrazeneca, BP regular insurers however, ethical insurers invest and Nokia. Many of these companies are subject their received insurance premiums according to an to NGO protests. Some observers have thus ethical investment policy. In addition, some insurers identified the need for clearer standards and and re-insurers are increasingly realizing that supervision to ensure that ethical funds are truly environmental phenomena like global warming will ethical. EuroSIF (European Social Investment pose financial threats to the insurance industry, Forum) has designed guidelines that fund since insurers will increasingly face claims related to managers can use to provide more clarity around severe weather events such as floods, increased their SRI funds. For example, EuroSIF precipitation or drought. Some “ethical insurers” encourages funds to be more open as to how have therefore actively sought to finance more they define Socially Responsible Investment in environmentally friendly activities, such as the first place, what exact criteria they use to renewable energy or projects that promote the use select their investments, and how they perform of bikes and public transport instead of cars. their research. Trends & Critical Issues: l Increase in popularity. Ethical banking has seen an enormous rise, especially since the 1990s. In particular, ethical funds have been More info popping up all around the world. According to www.triodos.co.uk (UK based ethical bank) SiRi, a global network of corporate social www.bancaetica.com (Italian ethical bank) research firms, as of June 2004 there were 354 www.communityinvest.org green, social and ethical funds in Europe -- 13% www.siri.org more than in the prior year. Total assets under www.naturesave.co.uk (UK based ethical insurer) www.eurosif.org management of these European SRI funds www.socialinvest.org accounted to EUR 19 billion. Despite this www.wbbeurope.org/alternatives.php (survey of ethical banks) enormous growth, ethical funds still represent only 0.47 % of the total assets managed on the European continent, as well as globally. This fact sheet was produced by SOMO, centre for research on multinational corporations -www.somo.nl- for BankTrack, the campaigners network tracking the private financial sector. T: +31-30-2334343, F: +31-30-2381112, E: [email protected], www.banktrack.org.
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