The Group’s approach to social and environmental responsibility results from its mutual values and the ten principles of the UN Global Compact, signed by Crédit Agricole S.A. five years ago, putting special emphasis on climate change and international human rights.
In 2007, the remit of the Board of Directors' strategy committee was expanded to cover the Group-wide advancement of its sustainable development policy. This decision confirms the importance placed on integrating Corporate Social Responsibility (CSR) into the Group’s strategy. Similarly, strategic reviews of the various business segments now include an examination of their social and environmental policies.
In late November, we were proud to receive the "Bank of the Year" award from The Banker magazine for our sustainable development policy. As we develop our approach to social and environmental responsibility – on which our asset management subsidiary has sought ratings from external organisations – this external recognition of the progress we are making is highly encouraging for the Group and its staff.
With its new scale and significant and growing international presence, the Group is committed to respecting human rights in its new markets, as it has always done in its home market. As regards working conditions, a European works council was set up in early 2008, and Crédit Agricole S.A. and eight subsidiaries have signed the Diversity Charter.
The Group has a target of reducing energy consumption by 15% over three years and has decided to offset some of its greenhouse gas emissions by investing in energy-saving projects in southern countries accredited by the UN. Crédit Agricole has played an active role in the "Grenelle de l'Environnement" (France's environmental think-tank) and in groups dealing with environmental issues in farming and housing. The decisions taken are now integrated into its growing range of environmental products.
Beyond combating corruption, for which the Group has a vigilant policy and leading-edge tools, it actively addresses all compliance-related issues. Fides, the Group's compliance training programme, has been rolled out to its new entities. Finally, the implementation of MiFID was co-ordinated across all subsidiaries concerned with operations in Europe.
