What Are the Sustainability Issues Facing European Banks - Assignment Example

1 Question What Are the Sustainability Issues Facing European Banks? Data The Sustainability Issues BANK SUSTAINABILITY ISSUES LLOYDS BANKAppointment of qualified employees to handle the Corporate Social Responsibility Programs; the establishment of self-review procedures to ascertain the continuity of the in-house CSR machine; Financial implications of CSR and the requirement for responsible business management (Lloyds, 2010) CREDIT AGRICOLE The major challenge is the accountability issue—Credit Agricole adopted internationally acceptable standard for accountability as defined by AA1000 Accountability Standard in 2008; other main concerns include reporting and measurement of the impacts of the bank’s activities on the environment; adoption of G3 Sustainability Reporting, Global Reporting Initiative, Dow Jones Sustainability Index are all attempts to handle reporting challenges (Credit Agricole, 2010). DEUTSCHE BANK The bank was affected by the financial crisis of 2009; measuring the extent of damage caused by the bank’s operations was a serious challenge, hence the hiring of agencies like SAM, Sustainalytics and Oekom Research to handle these tasks; another important issue is the alignment of Sustainability Management with the ISO 14001 Standard (Deutsche Bank, 2010) BANCO SANTANDER Adapting to global risks and creating corporate governance that will confront the issue of CSR decisively; the use of technological advancement or innovations to address the problems stemming from the bank’s operations; Facilitating the conformity to the global CSR standards (Banco Santander, 2010) DEXIA BANK Adjusting financial products and services to suit the requirements of CSR; the Bank incorporates CSR initiatives into Asset Management Process; how to measure the impacts of the bank’s business processes on the environment (Dexia Bank, 2010). RBS BANK RBS realizes the importance of fair banking, employee engagement and safety and security in the implementation of CSR policies. And these are the main challenges facing the Bank in attaining the status of a “Global Citizenship” (RBS Bank, 2010). BARCLAYS BANK The main challenge for Barclays is the reporting of the Bank’s CSR impacts on its operations; employee involvement is a vital procedure for actualizing CSR projects; Diversity and high cost of maintenance also threaten the Bank’s efforts (Barclays, 2010). HSBC Training of employees to identify any threat to sustainability while carrying out their financial services functions; Build international data centres that will facilitate exchange of information and ideas about sustainability; Implementation of technology and modern working ethics to accommodate the need for efficiency and sustainable operations (HSBC, 2010). BANK OF AMERICA The Bank combines banking operations with philanthropy activities which make it cumbersome at times; monitoring of banking operations to understand the true impacts of the Bank’s activities on the environment and communities; aligning employees to take up the challenges of sustainability (Bank of America, 2010). INTESA SANPAOLO In 2008, the bank set up Social Report Focus Group to increase the engagement of local community, business partners, employees and suppliers in CSR initiatives; Involvement of the Top Management in the initiation and implementation of the adopted policies; imparting CSR into the bank’s normal functions (INTESA SANPAOLO, 2010). Analysis of Data 1 HSBC:-HSBC realizes that training of employees to identify any threat to sustainability while carrying out their financial services functions is a major challenge. This requires building international data centres that will facilitate exchange of information and ideas about sustainability. In the same way, implementation of technology and modern working ethics to accommodate the need for efficiency and sustainable operations are just too costly for the bank (HSBC, 2010). BARCLAYS BANK:- The main challenge for Barclays is the reporting of the Bank’s CSR impacts on its operations. Similarly, the bank needs efforts to increase employee involvement in all its significant procedures for actualizing CSR projects. Diversity and high cost of maintenance also become noticeable challenges for the Bank’s CSR efforts (Barclays, 2010). BANK OF AMERICA:- The Bank combines banking operations with philanthropy activities which make it cumbersome at times. However, the process of monitoring banking operations to detect the true impacts of the Bank’s activities on the environment and communities costs a lot. Also, the bank spends so much to align employees with the challenges of sustainability (Bank of America, 2010). INTESA SANPAOLO:- In 2008, the bank set up Social Report Focus Group to increase the engagement of local community, business partners, employees and suppliers in CSR initiatives. This was a difficult and capital intensive project. The bank also faced the challenge of involving of the Top Management in the initiation and implementation of the adopted CSR policies (INTESA SANPAOLO, 2010). LLOYDS BANK:- The main challenges facing Lloyds lies in the appointment of qualified employees to handle the Corporate Social Responsibility Programs. This is because it costs a lot to hire, train and motivate employees that man the bank’s CSR processes. Similarly, the bank also establishes a procedure of self-review to ascertain the continuity of the in-house CSR machine. And these procedures have great financial implications on the bank’s operations, which is controlled through responsible business management (Lloyds, 2010) RBS BANK:-The bank understands the importance of fair banking, employee engagement and safety and security machinery in the implementation of CSR policies. And these are the main challenges facing the Bank in attaining the status of a “Global Citizenship” (RBS, 2010). DEXIA BANK:-The bank needs to adjust its financial products and services to suit the requirements of CSR. Some of these adjustments have been done in the Bank’s incorporation of CSR initiatives into Asset Management Process and measuring the impacts of its business operations on the environment (Dexia Bank, 2010). DEUTSCHE BANK:- For the fact that Deutsche Bank was affected by the financial crisis of 2009, the bank instituted a mechanism for measuring the extent of damage caused by the bank’s operations—this indeed was a serious challenge to the bank’s management; hence the hiring of agencies like SAM, Sustainalytics and Oekom Research to handle these tasks and the bank works towards the alignment of Sustainability Management with the ISO 14001 Standard in all its operations (Deutsche Bank, 2010) BANCO SANTANDER:-The grave challenge the bank faces is adapting to global risks and creating corporate governance that will manage the issue of CSR decisively. Also, it is now imperative that the bank uses technological advancement or innovations to address the problems stemming from the bank’s operations that are harmful to the environment and facilitate the conformity to the global CSR standards to the bank’s practices (Banco Santander, 2010) CREDIT AGRICOLE:-The bank’s major challenge is the accountability issue—Credit Agricole adopted internationally acceptable standard for accountability as defined by AA1000 Accountability Standard in 2008. The purpose of this is to encourage clear reporting and measurement of the impacts of the bank’s activities on the environment. This position is also emphasized by the adoption of G3 Sustainability Reporting system, Global Reporting Initiative, and in joining Dow Jones Sustainability Index (Credit Agricole, 2010). Question 2: What Are the Challenges of CSR in European Banks? Data 2: Environmental and Social Impacts of Operations Bank Name Major Environmental Concerns Social and Environmentally-Friendly Approaches HSBC Responsible for 866,000 tonnes of carbon dioxide emissions in 2009 due to energy use in offices, branches and data centres; Released 125,000 tonnes of carbon dioxide emissions into air as a result of business travels Increase levels of awareness and use of mobility solutions to reduce the impacts of business travels; Application of IT solutions to track and monitor energy uses; Train employees to monitor operational activities so as to manage the use of energy; Total community investments totalled $100m in 2009; Encourages much participation in community volunteering among its employees; Established Future First—a global education initiative that provides education for disadvantaged children worldwide; JA More Than Money Programme encourages financial education and business literacy (HSBC, 2010) CREDIT AGRICOLE In 2008, the Bank uses 404 Privately owned and leased buildings with carbon dioxide emissions of 26,081.92 equivalent of tCO2 greenhouse gas;95.69% of carbon emissions come from electric energy consumption; Use of fossil fuels for business travels Establishment of Environmental Management System; Incorporation of Environmental considerations into Bank’s Credit Finance System; Compliance with the Environmental Law in the communities of operation; Staff education towards saving the environment; Equal treatment and equal opportunity for all people and committed to human resources development; Adoption of Diversity Charter to encourage peaceful co-existence with people of cultures; Participated in charities and blood donation programs; Provision of housing loans to vulnerable group in the societies; in 2008, the bank provided work experience to 168 youths; Promoting culture through publication (Credit Agricole,2010). DEUTSCHE BANK Released 415,269 tons of carbon into the air due to energy use in offices and on business travels; the presence of hazardous and non-hazardous wastes; Huge water consumption Use of environmental data collection and analysis; Application of Green Technology; Energy efficiency in building and carbon trading; Banking on Green Policy; Supporting diversity among employees; Encouraging work-life balance to help working parents raise their kids properly; Vocational training for people in the community; Sponsorship of healthcare initiatives; Cooperation with local communities in areas of sports, health and youth development; Establishment of Employee Assistance Programme (EAP); Working in collaboration with charities handling disability issues (Deutsche Bank, 2010). DEXIA Carbon dioxide emissions; huge consumption of energy and water; Poor usage of renewable sources of energy; Hazardous and non-hazardous wastes Support renewable energy production; Involved in Forest Footprint Disclosure Project; Undertake office efficient use of energy; Reduction of CO2; Enablement of access to housing and infrastructures through discrete financial support and programmes; Established “Culture for Everyone” programme which aims at bringing from different cultures together; Training programmes for unemployed people and the promotion of diversity for peaceful co-existence (Dexia, 2010). BANCO SANTANDER Large consumption of paper (311,518 kg); Electricity usage (76.3 million); CO2 emissions (100,075.42 tonnes); Water consumption (217,546 m3) Development of FC2E Carbon Fund; Establishment of Environmental Committee to monitor the environmental policies; Educating employees to be energy efficient; Creation of Mutual Funds that finance companies that have direct impacts on people’s lives and development; Offering financial products and services for immigrants to be fully integrated into their countries of abode; Offering products and services that are socially acceptable and beneficial to the customers; Innovation is carried out with reduced impacts on the climate (Banco Santander, 2010). RBS BANK Total energy consumption (1,544.1 GWh); Total wastes (66.4 tonnes); Total business travel requirements (731.6 million km); Estimated CO2 emissions (688.9 ktonnes) Works towards 8% CO2 reduction for 2011; Engage in policies for efficient water and energy consumption; Reduction of business travel by about 24% on a yearly basis; Significant investment in communities worldwide; Published Statements on the importance of respecting the Human Rights of people; Engaging in philanthropy and charitable deeds; Finance deals or projects that would have direct and immediate impacts on people’s development, like infrastructure, health and industries (RBS Bank, 2010). LLOYDS BANK High volume of energy and water consumption that lead to a total of CO2 emissions of 499,207 tonnes in UK alone Establishment of Environmental Steering Group to oversee the reduction in emissions of greenhouse gases; operate within the standards of Carbon Trust; Manage environmental risks through lending practices; Funding of grassroots charities through Lloyds TSB and Bank of Scotland Foundation; Invested a total of 148 million pounds in UK communities; Launched “Money for Life” to provide financial support for educational programmes; Creating a balanced work-to-life culture for its employees; Encouraging increased participation of youths in sporting activities through Lloyds TSB and Bank of Scotland National School Sport Week (Lloyds, 2010) INTESA SANPAOLO Negative impacts on environment due to the operations of the bank from enormous consumption of energy and water that causes huge emissions of greenhouse gases Introduction of environmental criteria in assessing creditworthiness; finance of projects of renewable energy sources; Involvement in infrastructure development to facility mobility and fast transportation; Encourages good lifestyle in the areas of energy consumption and waste disposal; Close proximity to local economies and funding of local businesses that provide immediate employment and benefits to the communities; Establishment of Urban Management programmes to facilitate the modernization of cities and towns (Intesa Sanpaolo, 2010). BARCLAYS Negative impacts on environment due to the operations of the bank from enormous consumption of energy and water that causes huge emissions of greenhouse gases Instituting Barclay’s Climate Action Programme; Working with suppliers to reduce CO2, and offering environmentally friendly products for customers; Involvement in community development and charitable donations; Encourages diversity and respect for diverse cultures; Human resource development and inclusion in the entire management of the bank; Sponsorship of health and safety programmes within the communities (Barclays, 2010). BANK OF AMERICA Facing rise in cost due to huge energy and water consumption; Emissions of CO2 and other hazard and non-hazard wastes Set aside $20 billion in 2008 to finance renewable energy companies; Reduce in-house energy consumption through education; Undergoing community investments to spur economic activities in those communities; Provision of financial supports to non-profit organizations through philanthropic policies; Established Neighbourhood Preservation Initiative that doled out $35 m as grants and investments towards helping those affected by foreclosures; Plans a whooping community investment drive to be up to $1.5 trillion in a decade (Bank of America, 2010). Analysis of Data 2 HSBC:- HSBC increases the levels of awareness and use of mobility solutions to reduce the impacts of business travels among its employees—this indicates that the employees are expected to telecommunicate more than travelling from one location to another. The Bank applies IT solutions to track and monitor energy uses so as to work on the area or section producing the most greenhouse gases. The bank trains its employees to monitor operational activities so as to manage the use of energy. It is reported that the total community investments by HSBC totalled $100m in 2009, and the bank is making constant efforts to increase this amount. HSBC encourages much participation in community volunteering among its employees—this is to aid community development through the actions of its employees. The bank established Future First—a global education initiative that provides education for disadvantaged children worldwide and reduces crime through this means by diverting the minds of youths from thinking about criminal activities. The program, “More Than Money Programme” encourages financial education and business literacy among people in a community. This foster better education for all the children in a community and encourages better livelihood in the future (HSBC, 2010) BARCLAYS BANK:- Barclays instituted Barclay’s Climate Action Programme as an attempt to prioritize its fight against global warming. This is done through close working relationship with its employees and suppliers to reduce CO2, and offering environmentally friendly products for customers. The Bank also pays attention to the benefits of participating in community development and charitable donations, which help in community development. Barclays encourages diversity and respect for diverse cultures, and its human resource development is great and promotes inclusion of diverse cultures in the entire management of the bank. Furthermore, the Bank bankrolls the sponsorship of health and safety programmes within the communities it operates (Barclays, 2010). BANK OF AMERICA:- Bank of America set aside $20 billion in 2008 to finance renewable energy companies in its bid to become one of the chief players in encouraging the production of clean energy alternatives. The Bank also works towards reducing in-house energy consumption through educating its employees and stakeholders. Bank of America also undergoes community investments to spur economic activities in the communities it operates. This is further enhanced through the provision of financial supports to non-profit organizations through philanthropic policies. The Bank established Neighbourhood Preservation Initiative that doled out $35 m as grants and investments towards helping those affected by foreclosures. And the Bank plans a whooping community investment drive to be up to $1.5 trillion in a decade (Bank of America, 2010). INTESA SANPAOLO:- The Bank introduced environmental criteria in assessing creditworthiness for possible borrowers to ascertain that their intended projects would not contribute to environmental degradation. Hence, Intesa finances projects that produce renewable energy sources that would guarantee the supply of clean energy. The Bank also involves itself in infrastructure development to facility mobility and fast transportation within the community it operates. Likewise, the Bank Encourages good lifestyle in the areas of energy consumption and waste disposal among its array of employees and stakeholders. The Bank plays welfare role by maintaining close proximity to local economies and funding of local businesses that provide immediate employment and benefits to the communities. In the light of this, the Bank established Urban Management programmes to facilitate the modernization of cities and towns and provide direct and indirect employment for the people in its communities (Intesa Sanpaolo, 2010). LLOYDS BANK:- Lloyds Bank establishes Environmental Steering Group ESG to oversee the reduction in emissions of greenhouse gases—the primary functions of ESG is to identify areas where the Bank’s operations or the actions of its employees and partners are affecting the environment and recommend solution to arrest the situations. To accomplish this task, the Bank operates within the standards of Carbon Trust—an organization that monitors the extent of emission of CO2 to the environment. The Bank also manages environmental risks through lending practices by only making loans available to companies that are environmentally friendly. The Bank funds grassroots charities through Lloyds TSB and Bank of Scotland Foundation, and has invested a total of 148 million pounds in UK communities. The Bank launched “Money for Life” to provide financial support for educational programmes for families that could not afford to send their children to school. He Bank creates a balanced work-to-life culture for its employees. And it likewise encourages increased participation of youths in sporting activities through Lloyds TSB and Bank of Scotland National School Sport Week to divert their attention from committing crime (Lloyds, 2010) RBS BANK:- RBS Bank works towards 8% CO2 reduction for 2011 as an effort to remain environmentally friendly in all its operations. The Bank also engages in conservative policies for efficient water and energy consumption by requiring that all its employees pay attention to their lifestyles and conserve these scarce resources. The Bank also works towards reducing the number of business travel by about 24% on a yearly basis, and encourage its employees to participate in remote communication among the branches. RBS Bank has made significant investment in communities worldwide, and these actions are helpful in developing both communal and human elements. The Bank publishes statements on the importance of respecting the Human Rights of people, and encourages its employees to welcome diversity and respect one another. The Bank engages in philanthropy and charitable deeds within the communities it operates. And it finances deals or projects that would have direct and immediate impacts on people’s development, like infrastructure, health and industries, which other banks may avoid financing (RBS Bank, 2010). DEXIA BANK:-Dexia supports renewable energy production by financing industries that produce renewable clean energy. The bank is involved in Forest Footprint Disclosure Project, which requires that companies should measure and compensate for the actual carbon footprint they cause annually. Interestingly, the bank undertakes office efficient use of energy by encouraging its employees to be prudent in the use of energy resources. The main goal of all these processes is to be able to reduce CO2 emitted by the Bank. Dexia enables access to housing and infrastructures through discrete financial support and programmes established many years ago and are still in operation. Incidentally, the bank established “Culture for Everyone” programme which aims at bringing people from different cultures together and encourage unparallel diversity. The bank engages in training programmes for unemployed people and the promotion of diversity for peaceful co-existence among its employees (Dexia, 2010). DEUTSCHE BANK:- Deutsche Bank uses environmental data collection and analysis to detect how much greenhouse emissions the bank emit in a given year with the hope of reducing such emissions decisively. Hence, this has engendered the continuous application of Green Technology that could help the bank and its employees minimize their negative impacts on the environment. Therefore, energy efficiency in building and carbon trading are largely encouraged and practiced by Deutsche Bank as it works towards maintaining its positive outlook on keeping the environment clean. This is typically referred to as Banking on Green Policy, whereby the bank management works in collaboration with the stakeholders to arrive at conclusion on policies that are good for the environment and the communities where the bank or its branches operate. Deutsche Bank supports diversity among employees by encouraging peaceful co-existence among its many culturally diverse employees. The Bank encourages work-life balance to help working parents raise their kids properly. In the same way, vocational training for people in the community is one of the important projects undertaken by the bank. This is in addition to sponsorship of healthcare initiatives. Cooperation with local communities in areas of sports, health and youth development are common attributes of the bank. The Bank establishes Employee Assistance Programme (EAP), which aims at helping the employees to attain their best possible level of achievement. For its philanthropic purposes, the bank works in collaboration with charities handling disability issues and other community-developing programmes. This is why Deutsche Bank is referred to as one of the prominent European banks that gives much priority to the climate issue (Deutsche Bank, 2010). BANCO SANTANDER:- The Bank engineers the development of FC2E Carbon Fund that finances in-house and communal environmental preservation programs. It also establishes Environmental Committee to monitor the environmental policies agreed upon by the management of the bank with the stakeholders. The Bank also educates its employees to be energy efficient in all their approaches so as to reduce the level of CO2 emitted by the bank and its partners. Banco Santander creates Mutual Funds that finance companies that have direct impacts on people’s lives and development. It also offers financial products and services for immigrants to be fully integrated into their countries of abode—this immigration effort is one of the reasons the bank is different from other banks operating internationally. The bank offers products and services that are socially acceptable and beneficial to the customers as a way of developing the community for greater success. At the bank, innovation is carried out with reduced impacts on the climate (Banco Santander, 2010). CREDIT AGRICOLE:- The bank establishes Environmental Management System that aims at monitoring the rate of environmental degradation and proffering solutions to address the situation. The Bank incorporates Environmental considerations into Bank’s Credit Finance System by making sure that only companies that are environmentally friendly would have the blessings of receiving its loans and other credit facilities. The bank works in strict compliance with the Environmental Law in its communities of operation. The bank engages in staff education towards saving the environment by emphasizing the importance of healthy lifestyles among its many employees. The bank undertakes equal treatment and equal opportunity for all people and committed to human resources development. The bank adopts Diversity Charter to encourage peaceful co-existence with people of different cultures. And the bank largely participates in charities and blood donation programs to promote wellbeing in the communities it operates. Provision of housing loans to vulnerable group in the societies is one of the unique products carried out by Credit Agricole. And in 2008, the bank provided work experience to 168 youths and encouraged hardworking habit that would prevent them from being involved in criminal activities. The bank promotes culture through publication and constant release of its environmental statements (Credit Agricole, 2010). Question 3: What is the Relationship Stakeholders Have with European Banks? Data 3: The Relationship between European Banks and their Stakeholders BANK NAME RELATIONSHIP BETWEEN EUROPEAN BANKS AND THEIR STAKEHOLDERS LLOYDS BANK Build strong trust and relationship with its stakeholders to seek their understanding in accomplishing many projects for the banking group; Maintain mutual respect with stakeholders in the areas of financial benefits and seeking of consensus on approval on the banking activities (Lloyds, 2010). CREDIT AGRICOLE Stakeholders are in strong support of CSR activities; hence the management of CSR policies are collective activity between the bank and the stakeholders; the relationships with the stakeholders are entrenched in the bank’s management system that allows systematic inclusion of stakeholders directly and indirectly in CSR operations (Credit Agricole, 2010). DEUTSCHE BANK Deutsche Bank maintains good relationship with its stakeholders through the process of inclusive management system and transparency; most CSR policies are actively reviewed and supported by the stakeholders (Deutsche Bank, 2010). BANCO SANTANDER The Bank enjoys stable, participative and demanding relationship with all its stakeholders; this relationship is further strengthened by balanced and transparent corporate governance (Banco Santander, 2010). DEXIA BANK Dexia maintains effective relationship with stakeholders through transparent and anti-corruption processes, anti-money laundering policy and favourable taxable practice. The continued support of the stakeholders is essential for actualizing most of the CSR programs (Dexia, 2010). RBS BANK Despite having diverse interests and expectations, the stakeholders of the Bank work in collaboration to achieve optimal CSR execution; stakeholders have access to the communities influenced by RBS CSR efforts (RSB Bank, 2010). BARCLAYS BANK Barclays has maintained great relationship with its stakeholders through nice policies of human rights, data protection, and consistent corporate governance that emphasizes on the significance of transparency (Barclays, 2010). HSBC The Bank operates with optimum transparency that encourages stakeholders to work in collaboration with it on all CSR programs; educating the stakeholders about the processes of sustainability also increase their interest in CSR (HSBC, 2010). BANK OF AMERICA Strengthening balance sheet and capital position to create constant shareholding value that would satisfies the stakeholders; efficient management system that would establish continuous robust relationship with stakeholders (Bank of America, 2010) INTESA SANPAOLO Improved communication channel helps foster great understanding with the stakeholders; Intensify the engagement of stakeholders in the issues of corporate social responsibility; creating a condition of transparency to win the trust and respect of the stakeholders for better understanding (Intesa Sanpaolo, 2010). Analysis of Data 3 HSBC:- The Bank operates with optimum transparency that encourages stakeholders to work in collaboration with it on all CSR programs. HSBC also educates its stakeholders about the processes of sustainability to increase their interest and participation in CSR (HSBC, 2010). BARCLAYS BANK:-Barclays has maintained great relationship with its stakeholders through nice policies of human rights, data protection, and consistent corporate governance that emphasizes on the significance of transparency (Barclays, 2010). BANK OF AMERICA:-Bank of America uses the strengthening of its balance sheet and capital position to create constant shareholding value that satisfies its stakeholders. These value-building procedures help the Bank to have an efficient management system that would establish continuous robust relationship with stakeholders (Bank of America, 2010) INTESA SANPAOLO:-Intesa Sanpaolo uses improved communication channel to help foster great and mutual understanding with its stakeholders. Similarly, the Bank intensifies the engagement of stakeholders in the issues of corporate social responsibility. This is done through the creation of goodwill condition of transparency to win the trust and respect of the stakeholders for better cooperation (Intesa Sanpaolo, 2010). LLOYDS BANK:- Lloyds builds strong trust and relationship with its stakeholders to seek their understanding in accomplishing many projects for the banking group. And this has been instrumental in maintaining mutual respect with stakeholders in the areas of financial benefits and seeking of consensus on approval of the banking activities that enhance CSR (Lloyds, 2010). RBS BANK:- Despite having diverse interests and expectations, the stakeholders of the Bank work in collaboration with the Bank’s management to achieve optimal CSR execution. The good news is that these stakeholders have access to the communities influenced by RBS’ CSR efforts directly or indirectly (RSB Bank, 2010). DEXIA BANK:-Dexia maintains effective relationship with stakeholders through transparent and anti-corruption processes, anti-money laundering policy and favourable taxable practice. The continued support of the stakeholders is essential for actualizing most of the CSR programs the Bank had undertaken in recent years (Dexia, 2010). DEUTSCHE BANK:- Deutsche Bank maintains good relationship with its stakeholders through the process of inclusive management system and transparency. As a result of this, most CSR policies are actively reviewed and supported by the stakeholders (Deutsche Bank, 2010). BANCO SANTANDER:- The Bank enjoys stable, participative and demanding relationship with all its stakeholders. And this relationship is further strengthened by balanced and transparent corporate governance undertaken by the Bank in all its functions (Banco Santander, 2010). CREDIT AGRICOLE:-At Credit Agricole, stakeholders are in strong support of CSR activities because the management of the bank’s CSR policies are collective activity between the bank and the stakeholders, and this robust relationship has been entrenched in the bank’s management system that allows systematic inclusion of stakeholders directly and indirectly in CSR operations (Credit Agricole, 2010). References Bank of America, 2010. Annual report 2009. New York: Bank of America Banco Santander, 2010, 09 sustainability report: corporate social responsibility at Banco Santander. London: Banco Santander. Barclays Bank, 2010. Barclays Bank PLC annual report 2009. London: Barclays Bank. Bueble, E., 2009. Corporate social responsibility: CSR communication as an instrument to consumer-relationship marketing. Munchen, Germany: GRIN Verlag. Credit Agricole Group, 2010. Corporate social responsibility report 2009. London: Credit Agricole Group. Dexia Bank, 2010. Sustainable development report 2009. Belgium: Dexia Bank. Deutsche Bank, 2010. Sustainable report 2009. Germany: Deutsche Bank. Houghton, J.T., 2004. Global warming: the complete briefing. Cambridge: Cambridge University Press. HSBC, 2010. Sustainability report 2009. London: HSBC. Intesa Sanpaolo, 2010. Social report 2009. Milan: Intesa Sanpaolo. Lloyds Banking Group, 2010. Annual reports and accounts 2009. London: Lloyds Banking Group. RBS Bank, 2010. Changing the way we do business: sustainability report 2009. Scotland: RBS Bank. Werther, W.B. and Chandler, D., 2010. Strategic corporate social responsibility: stakeholders in a global environment. Thousand Oaks, CA: SAGE. Read More