Bedtime reading for bankers?
Not for the first time we were reminded over the last week of the importance of cross-sector CSR initiatives. The solutions for CSR related reputational issues which have become a threat to an entire sector are often so complex that they are beyond the capability of individual companies no matter how large or powerful they might seem. This is a lesson that the mining majors learned a few years ago. Consequently ICMM, a CEO led organisation, was formed to help the industry address them. Its subsequent activities are testament to what can be achieved in a relatively short space of time.
It is a lesson that the banking sector in particular seems not to have heeded. We are watching the situation “over the pond” between the seemingly all powerful Goldman Sachs and the American authorities and courts with some interest. Meanwhile the UK high street banks are facing stiff new competition from a variety of new market entrants (such as Tesco, Virgin Money and Metro). They are all looking to capitalise on the public’s mood towards the existing services by offering a fresh approach. Other problems include the threat of more regulation and taxes. These have been encouraged by increasingly noisy campaigns from a number of NGOs and growing support in the media.
The banking sector has a basis on which to build an ICMM type approach. Initiatives such as the Equator Principles have demonstrated that such an exercise might well be possible. May we take this opportunity to suggest a bit of bedtime reading for banking employees who are interested in tackling these issues. We think that you will find the ICMM website information thought provoking and rather useful!
