Finance –”Responsible Banking”
Principles for Responsible Banking
The Principles for Responsible Banking were launched by 130 banks from 49 countries, representing more than USD47 trillion in assets, on 22 and 23 September 2019 in New York City, during the annual United Nations General Assembly. More than 45 CEOs together with the UN Secretary-General attended the launch ceremony.
“Banks play a key role in society. As finan¬cial intermediaries, it is our purpose to help develop sustainable economies and to empower people to build better futures. Banking is based on the trust our customers and wider society put in us to serve their best interests and to act responsibly.
“Our success and ability to remain profitable and relevant is intrinsically dependent on the long-term prosperity of the societies we serve. We believe that only in an inclusive society founded on human dignity, equality and the sustainable use of natural resources, can our clients and customers and, in turn, our busi¬nesses thrive.
“We therefore want to take a leadership role and use our products, services and relationships to support and accelerate the fundamental changes in our economies and lifestyles nec¬essary to achieve shared prosperity for both current and future generations.
We therefore commit to the ambitions set out in the following Principles:
We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
2. Impact & Target Setting
We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts.
3. Clients & Customers
We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
We will proactively and responsibly consult, engage and partner with relevant stakehold¬ers to achieve society’s goals.
5. Governance & Culture
We will implement our commitment to these Principles through effective governance and a culture of responsible banking.
6. Transparency & Accountability
We will periodically review our individual and collective implementation of these Princi¬ples and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.