17
The practical content of CSR will depend on
the size of the enterprise and the sector in
which it is active.
An adequate CSR policy is a full part of the
core activities of a company. It results from the
conviction that the integration of CSR aspects
is a necessary pillar for the long-term profit-
ability and the stability of the company. CSR
is therefore not just important for society, but
also for the shareholders. It covers more than
just PR or communication.
The CSR policy focuses on the social impact
of the company’s core activities. Depending
on the nature of these activities the policy will
pay more attention to specific aspects of CSR
and less to other aspects. CSR for companies
in the chemical sector, for example, will focus
more on the ecological impact. For financial
institutions the emphasis will rather be on the
impact on the economy and the interests of
consumers.
Socially
responsible
banking
A socially responsible and sustainable bank-
ing sector accepts to take on responsibility for
the impact of its activities on society and is
prepared to be accountable for this.
The impact of the banking sector on the stabil-
ity of the economy requires a sector managed
with integrity and due diligence that:
> handles the risks inherent to its activity in a
realistic and responsible manner;
> is transparent to customers and stakeholders
about its operational management and the
products offered;
> pays attention to its basic function as engine
of the economy, by e.g. lending to private
persons and companies.
Characteristic of the activities of the financial
sector is that it also has an indirect impact on a
sustainable society. Via the integration of CSR
criteria in the policy regarding the funding of
governmental bodies, companies and private
persons, borrowers are motivated to take sus-
tainability into account in their projects.
Also via the offering of sustainable products
(
e.g. sustainable saving products, ethical
funds, green loans) a sustainable economy is
indirectly stimulated.
In addition, the financial sector, as a large-
scale employer, also has social responsibility.
We are thinking here of attractive and chal-
lenging long-term employment, as well as a
fair and balanced remuneration policy.
Finally, the sector also has direct ecological
impact due to, e.g., power and paper con-
sumption in the many branches and the mo-
bility of the employees. Also in the future, Fe-
belfin will draw the attention of its members
to the importance of CSR for a vigorous finan-
cial sector.
>
What do we mean by corporate social responsibility and socially responsible banking?