Creating positive impact for society
“The activities of a financial institution can make a real difference in the lives of people.”
– Guy Cormier, CEO, Desjardins Group, Canada
Signatory banks have been able to drive positive social change in a number of ways. The availability of sustainability-linked loans for social impact companies, for example, has supported the building of new schools. Lines of credit, as well as services such as financial advice sessions, have been developed to promote the success of women, communities of colour and disadvantaged individuals. Elsewhere, banks are supporting struggling rural communities with initiatives designed to increase rural incomes finance and support for sustainable agriculture solutions such as low carbon production.
Reflecting society on the inside
Signatory banks have also taken steps to look inside and assess where further progress is needed to ensure banks themselves are meeting expectations about social impact. This includes improving the gender and ethnic representation of employees at all levels of the banks, and especially management levels.
One regional bank has established a dedicated business line to support groups and projects dedicated to having positive social impact. It offers credit to those who struggle to secure it from more traditional routes and supports activities that generate measurable positive social impact.
One bank launched a new diversity fund to invest in companies where they support diversity in their own governance.
One bank has defined potential human rights issues by sector and encourages its corporate lending clients to identify, manage and disclose human rights issues in their supply chains.
One bank has designed a credit card specially designed for non-profits and mission-driven organisations.
One regional bank has established a dedicated business line to support groups and projects dedicated to having positive social impact. It offers credit to those who struggle to secure it from more traditional routes and supports activities that generate measurable positive social impact.
One bank launched a new diversity fund to invest in companies where they support diversity in their own governance.