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Eiris Guide to Responsible Banking 2 0 NEW Banking.final 17/11/03 12:52 pm Page 2 EIRIS GUIDE TO RESPONSIBLE BANKING 20 0 3 ERS ETHICAL INV ESTMENT RESEARCH SERVICE NEW Banking.final 17/11/03 12:52 pm Page 3 IN T R O D U C T I O N In 2001, EIRIS published its first guide to ethical banking, which demonstrated PRO M O TING RESPONSIBLE how ethical, or socially responsible, investment (SRI) extends beyond unit trus t s BE H A VIOUR IN THE BANKING SE C T OR and OEICs (open-ended investment companies). It proved to be very popular. Since then, there have been significant developments in the field of corporate social FORGE Group responsibility (CSR), not least within the financial sector. The financial sector The FORGE Group comprises major financial has great leverage in encouraging responsible behaviour from the companies it se r vices companies including Abbey National, might invest in or lend to, and there is increasing pressure on the sector to lead Ba r c l a ys, LloydsTSB and Royal Bank of Scotland. In 2002 the Group published its by example. Guidance on Corporate Social Responsibility Ma n a g ement and Reporting for the Fin a n c i a l As well as updating you on the social, environmental and ethical (SEE) behavi o u r Se r vices Sector. It is intended to be a of the top UK banks, this edition highlights some recent initiatives to encourage practical toolkit to help financial provi d e r s understand and address CSR issues including better corporate behaviour from financial institutions. We also feature the Charity human rights, financial inclusion and labour Bank, the UK’s first not-for-profit bank. standards. www.b b a . o r g. u k Banks have a dual role to play London Principles Commissioned by the Corporation of London, Banks can play a dual role in the SRI field. Ethical inve s t o r s can seek responsible on behalf of the Department of the be h a viour from their banks directly, and also indirectly by investing in ethical retail En vironment, Food and Rural Affairs, the funds and pensions. Along with telecoms, banks are among the top holdings in the London Principles project examines the role of the UK financial sector in promoting po r tfolios of SRI funds. Last year ISIS (investment manager of the Friends Provi d e n t sustainable development. One outcome of St e wardship Fund range) war ned Europe’s top banks about their lending policies the project is a set of seven principles whi c h co n c e r ning environmentally sensitive projects, noting the “growing consensus that propose conditions under which financial en vironmental issues can negatively impact a bank’s reputation”. ma r k et mechanisms can best promote the financing of sustainable development. The principles cover the areas of economic Sources of information for this guide pr o s p e r i t y , environmental protection and The majority of information on banks that is presented in this guide comes directly social devel o p m e n t . from the ongoing research that EIRIS underta k es as part of its core work on ww w. f o ru m f o rt h e f u t u r e . o r g. u k researching the social, environmental and ethical behaviour of listed companies. UNEP Financial Initiatives The tables cover some key issues of general concern to all companies and a few Since its inception in 1972 the UN that are specific to the financial sector. Unless otherwise indicated in the text, En vironment Programme (UNEP) has been the information has been extracted from EIRIS’s proprietary software Ethical working with industry to devel o p Por tfolio Manager (EPM) during September 2003 (based on EIRIS surve ys in en vironmental management strategies. Its work with commercial banks, begun in 1991, 2002, and 2003 if received by the end of Sept 2003). EPM enables EIRIS clients seeks to “catalyse the banking industry’ s to access the results of extensive research on more than 2000 companies across awareness of the environmental agen d a ” . the globe. Signatories to the UNEP Statement by Financial Institutions on the Environment and Sustainable Development commit to en vironmental sustainability in three areas: their internal operations, on issues such as What action you can take en e r g y usage; identifying and quantifying The tables are intended to give an indication of what a bank is doing, or what en vironmental risk as part of their normal risk ma n a g ement process; and by devel o p i n g the EIRIS assessment is, in relation to specific issues. Obviously there is products and services that “actively promote far more information than can be presented here. The tables are therefore a en vironmental protection”. www.u n e p f i . n e t “snapshot”. To find out more, you could: l ask your bank additional questions about these and other issues which are Equator Principles im p o r tant to you As well as Third Wor ld debt, societal concern has gro wn over banks’ invol v ement in l rev i e w related reports produced by the banks themselves and by other financing projects in developing countries with st a ke h o l d e r s a high impact on the environment and local l ask for practical examples of policy implementation to back up any claims communities, such as large hyd r o e l e c t r i c dams. The Equator Principles are vol u n t a r y l lo b b y your bank to improve its ethical performance, perhaps referring to the guidelines for investment banks wishing to en vironmental or social policies of other banks, where appropriate adopt International Finance Corporation (part l lo b b y your bank for proactive customer consultation on social, envi r o n m e n t a l of the Wor ld Bank) environmental and social and ethical issues “safeguard” policies when financing projects. No n - g over nmental organisations have given l consider changing your bank if you feel it is not moving in the direction you the Principles a cautious welcome, but favou r would like. Of course, you will need to research the alternatives first. The disclosure of bank policies that support the Banking Code Standards Board stipulates that your bank must co-operate Principles, or third-party verification to fully if you decide to change to another provi d e r monitor compliance (more details are at ww w. f i n a n c e a d voc a c y .org). Barclays and the l consider a combination of provi d e r s: for example, you could leave your Ro yal Bank of Scotland are signatories to the cu r rent account where it is for convenience, but divert your savings to a bank Principles. www.e q u a t o r - p r i n c i p l e s . c o m or building society with a better ethical record. 2 NEW Banking.final 17/11/03 12:52 pm Page 4 Di f f erent types of banking servi c e s Charity Bank High street banks offer services to both companies and individuals. They tend to In 2002 the Chancellor Gordon Brow n be listed on the London Stock Exchange and so have external shareholders to launched the Charity Bank, the UK’s first consider and pay dividends to. The exception here is the Co-operative Bank, which registered charity which is also a bank. is not listed but part of Co-operative Financial Services Ltd. Regulated (like other financial serv i c e p r oviders) by the Financial Serv i c e s Au t h o r i t y, the Charity Bank’s sole Building societies tend to concentrate on providing mortgages and perso n a l business is to accept deposits in order finance services. They are “mutuals” which means they are “owned” by their to make affordable loans for charitable me m b e r s – that is their save r s and borro we r s – instead of having externa l purposes. Individuals can open a sh a r e h o l d e r s. In the last few years several building societies have floated and s avings account in the know l e d ge that become banks, such as Bradford & Bingley, or have been sold directly to a bank; their money is earning a social as we l l as a financial return. The Bank’s origins for example Cheltenham & Gloucester was sold to LloydsTSB in 1995. are with the Charities Aid Foundation EIRIS's guide to building societies and social responsibility cove r s the top building (CAF). In 1996 it seeded a loan fund, societies in detail. I nvestors in Society, which prov i d e d affordable credit to 200 charities. For In t e r net banking and financial servi c e s ha ve flourished over the last few years with some, Investors in Society was the only financial source that would support their more and more people going online to manage their finances. Most high street ideas. As a charitable trust CAF took the banks and large building societies provide online services. Dedicated interne t i n i t i a t i ve as far as it could.
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