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Tfc Francisco Sanz Molina CORPORATE SOCIAL RESPONSIBILITY AND THE FINANCIAL REGULATORY REFORM: THE CASE STUDY OF COBANK, ACB Written by: Francisco Sanz Molina Directed by: Elies Seguí Mas Facultat d’Administració i Direcció d’Empreses Universitat Politècnica de València Index 3 INDEX 1. Summary ........................................................................................................ 14 2. Object and Justification of Subjects Selected ........................................... 16 3. Objectives ..................................................................................................... 20 FIRST PART: EVOLUTION AND CURRENT SITUATION ............... 21 4. THE AMERICAN FINANCIAL SYSTEM: THE FEDERAL RESERVE SYSTEM ................................................................................................ 22 4.1. Definition and characteristics of a financial system .................................. 22 4.2. Financial System: Evolution and development ......................................... 25 4.3. The structure of the federal system .......................................................... 29 4.3.1. The Board of Governors ................................................................... 29 4.3.2. Federal Open Market Committee ..................................................... 30 4.3.3. Federal Reserve District Banks ........................................................ 30 4.3.4. Advisory Committees ....................................................................... 32 4.4. Depository institutions on the U.S. Financial system ................................ 33 4.4.1. Commercial banks industry .............................................................. 34 4.4.2. Federal Farm Credit Banks .............................................................. 35 4.4.3. Government Financial Institutions .................................................... 36 5. THE FARM CREDIT SYSTEM ................................................................ 38 5.1. Cooperative credit origins: Legal and Institutional development ............... 38 5.1.1. Origins .............................................................................................. 38 5.1.2. The early years (1913-1971) ............................................................ 39 5.1.3. The Farm Credit Act and its repercussions (1971-1987) .................. 41 5.1.4. The consolidation of the Farm Credit System .................................. 42 5.2. The Farm Credit System Structure .......................................................... 45 5.2.1. Farm Credit System Overview ....................................................... 45 5.2.2. Regulatory Institutions .................................................................... 47 5.2.2.1. Farm Credit Administration ................................................ 47 5.2.2.2. Farm Credit System Insurance Corporation ...................... 48 5.2.2.3. Farm Credit Council ........................................................... 48 CORPORATE SOCIAL RESPONSIBILITY AND THE FINANCIAL REGULATORY REFORM: THE CASE STUDY OF COBANK, ACB Index 4 5.2.3. The Agent for the System Banks: Federal Farm Credit Banks Funding Corporation ...................................................................... 49 5.2.4. Farm Credit System Banks ............................................................ 49 5.2.4.1. Farm Credit Banks ............................................................. 50 5.2.4.2. Agricultural Credit Banks ................................................... 51 5.2.5. Credit unions and thrift institutions ................................................. 51 5.2.5.1. Saving Banks .................................................................... 51 5.2.5.2. Saving and Loan Associations (S&L) ................................ 52 5.2.5.3. Credit Unions ..................................................................... 52 5.3. Farm Credit System Structure .................................................................. 53 5.3.1. First Level: Primary Customers and their demands ....................... 54 5.3.1.1. Ranchers and Farmers ...................................................... 54 5.3.1.2. Rural Home Owners .......................................................... 55 5.3.1.3. Agribusinesses .................................................................. 55 5.3.1.4. Rural and Agricultural Cooperatives .................................. 55 5.3.2. Second Level: The System Associations ....................................... 57 5.3.3. Third Level: System Banks............................................................. 58 6. CORPORATE SOCIAL RESPONSIBILITY AND PARTICULARITIES ON THE BANKING INDUSTRY ............................................................ 59 6.1. Different Terms and Perception of the CSR ............................................. 59 6.1.1. Corporate social performance and responsiveness ....................... 59 6.1.2. Corporate Sustainability ................................................................. 60 6.1.3. Corporate Social Responsibility (CSR) .......................................... 60 6.1.4. Company Stakeholder Responsibility ............................................. 61 6.1.5. The UK definition of Corporate Social Responsibility ..................... 62 6.1.6. European Union vision of Corporate Social Responsibility ............ 62 6.2. Definition and Trend of Corporate Social Responsibility ........................... 63 6.3. Corporate Social Responsibility Policies and Initiatives ............................ 65 6.3.1. Human resources initiatives ........................................................... 66 6.3.2. Marketing initiatives ........................................................................ 67 6.3.3. Supply chain initiatives ................................................................... 67 6.3.4. Development initiatives .................................................................. 68 CORPORATE SOCIAL RESPONSIBILITY AND THE FINANCIAL REGULATORY REFORM: THE CASE STUDY OF COBANK, ACB Index 5 6.3.5. Environment initiatives ................................................................... 69 6.3.6. Corporate governance ................................................................... 69 6.4. The Emergence of CSR Standards .......................................................... 70 6.5. The Sustainability Report of the GRI ........................................................ 75 6.5.1. Definitions and Characteristics ....................................................... 76 6.5.1.1. Data gathering ................................................................... 76 6.5.1.2. Medium of reporting ........................................................... 77 6.5.1.3. Frequency of reporting ...................................................... 77 6.5.1.4. Application levels ............................................................... 77 6.5.1.5. Sector Supplements for the G3.1 ...................................... 78 6.5.2. Sustainability Report Expansion ..................................................... 79 6.5.3. The Sustainability Report’s Structure ............................................. 81 6.5.3.1. Strategy and profile ........................................................... 81 6.5.3.1.1. Strategy and Analysis ............................................. 81 6.5.3.1.2. Organizational profile .............................................. 82 6.5.3.1.3. Governance, commitments and engagement ......... 83 6.5.3.2. Economic indicators .......................................................... 83 6.5.3.3. Environmental indicators ................................................... 84 6.5.3.4. Social indicators ................................................................ 85 6.5.4. The key changes for the new G4 ................................................... 85 6.6. CSR in the Banking Sector ....................................................................... 86 6.6.1. Evolution of the different rules ........................................................ 86 6.6.2. CSR within Financial Institutions Performance............................... 88 6.6.3. Environmental and Sustainable Banking ........................................ 89 6.6.4. Model of Social Responsible Bank ................................................. 91 6.6.5. Financial Services Sector Supplement on the G3.1 ....................... 92 6.6.6. Specific Sustainable Finance products .......................................... 93 7. THE DEPARTMENT OF TREASURY FINANCIAL REGULATORY REFORM ............................................................................................... 95 7.1. The framework of the Reform ................................................................... 95 7.2. Main points of the financial regulatory reform ........................................... 97 7.2.1. The Fed reinforcement ................................................................... 97 CORPORATE SOCIAL RESPONSIBILITY AND THE FINANCIAL REGULATORY REFORM: THE CASE STUDY OF COBANK, ACB Index 6 7.2.2. Measures for finance firms and markets ........................................ 97 7.2.3. Consumers and investors protection .............................................. 98 7.3. Financial Regulatory Reform influence on the banking sector CSR ......... 99 7.3.1. Society and the Financial Regulatory Reform ................................ 99 7.3.2. Financial Regulatory Reform and Corporate Governance ........... 100 7.3.3.
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