A major player in the banking industry aware of its leadership responsibilities, for the past five years, Crédit Agricole S.A. has demonstrated its commitment to application of the United Nations Global Compact and has officially adopted its 10 principles. The Group is actively involved in international initiatives, such as the Equator Principles and the Principles for Responsible Investment, and in early 2008, it signed a new Diversity Charter.
Voluntary commitments
Five years of Global Compact implementation
By signing the United Nations Global Compact in 2003, Crédit Agricole S.A. formalised its commitment to adopt, support and apply the Compact’s 10 fundamental principles within all of its business units. They are derived from :
- The Universal Declaration of Human Rights
- The International Labour Organization's Declaration on Fundamental Principles and Rights at Work
- The Rio Declaration on Environment and Development
- The United Nations Convention Against Corruption
Human Rights
Principle 1 : Businesses should support and respect the protection of internationally proclaimed human rights;
Principle 2 : make sure that they are not complicit in human rights abuses.
Labour Standards
Principle 3 : Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4 : the elimination of all forms of forced and compulsory labour;
Principle 5 : the effective abolition of child labour;
Principle 6 : the elimination of discrimination in respect of employment and occupation.
Environment
Principle 7 : Businesses should support a precautionary approach to environmental challenges;
Principle 8 : undertake initiatives to promote greater environmental responsibility;
Principle 9 : encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
Principle 10 : Businesses should work against corruption in all its forms, including extortion and bribery.
A prominent role in the Equator Principles
Crédit Agricole subsidiary Calyon joined forces with nine other banks in 2003 to establish the Equator Principles (EP). Calyon, the Group’s corporate and investment banking subsidiary, was the first French bank to commit itself to this assessment of the social and environmental impacts of the Project Financing business line, and to add in obligations for borrowers, where required.
A voluntary commitment to responsible finance
One of the first signatory companies to the Principles for Responsible Investment (PRI) in 2006, Crédit Agricole Asset Management has since progressively adopted these principles through the exercise of its voting rights, a commitment to dialogue with other companies and its research activities.
Focus
An overview of the PRI:
The PRI are six principles accompanied by 32 related possible actions developed in coordination with the United Nations Environment Programme Finance Initiative (UNEP-FI) and the UN Global Compact. Established in 2006, the PRI are currently supported by about 250 institutional investors and asset managers representing $13 trillion USD. Aware of the increasing importance of environmental, social and corporate governance (ESG) issues, the signatories are committed to incorporating the principles in all of their analytical procedures and investment decisions, encouraging ESG practices among listed companies and in the investment industry, and working together to adopt and report on implementation of the principles.
The Diversity Charter for the Group’s activities in France
A Diversity Charter was signed on 21 January 2008 by Crédit Agricole’s CEO and the CEOs of LCL, Calyon, Crédit Agricole Leasing, Eurofactor, Crédit Agricole Asset Management, Banque de Gestion Privée Indosuez, Predica and Pacifica. This is evidence of the Group’s commitment and a reaffirmation of its intention to continue to implement measures that have now been in place for several years to promote diversity and fight against all types of discrimination.
Focus
Sofinco and Finaref, pioneers in diversity
Signatories of the Diversity Charter in 2005 and 2006, Finaref and Sofinco promote diversity on a daily basis by implementing effective and original policies. Their initiatives include directly involving recruitment agencies, sponsoring disadvantaged young people and hiring sight-impaired employees. Team reflection is also encouraged through poster campaigns, plays and diversity theme-weeks.
