FReD an original CSR approach
Acting together as a committed and responsible Group
At the heart of the strategy of Crédit Agricole SA, corporate social responsibility (CSR) is now embodied in a process of participatory and evolutionary progress, called FReD.
The objective is to involve the entities, stimulate initiatives, and build up the Group’s sustainable development policies in collaboration with each business lines.
FReD has two interlocking aims:
- Provide the entities with a common framework that allows them to determine and formalize their own CSR policies;
- Assess the Group’s social performance.
13 entities of Crédit Agricole SA Group are involved in FReD : Amundi, CACEIS, Crédit Agricole Assurances, Crédit Agricole Corporate and Investment Bank, Crédit Agricole Consumer Finance, Crédit Agricole Immobilier, Crédit Agricole Leasing & Factoring, CA Indosuez Wealth (Group) - avec CA Indosuez Wealth (France), CA Indosuez Wealth (Europe), CA Indosuez (Switzerland) S.A., CFM Indosuez Wealth - Cariparma, Crédit Agricole S.A., LCL, Crédit Agricole Payment Services and Uni-Éditions. Since 2011, over 600 projects FReD have been completed.
A number of retail bank subsidiaries abroad are currently testing the implementation of FReD (Crédit Agricole Bank Polska, Crédit du Maroc, Crédit Agricole Egypt).
The average assessment of the progress made by each entity will be used to construct a « FReD Index», which measures the Crédit Agricole S.A. Group’s social performance.
The index has an impact on senior management compensation throughout the Group, in the same way as operating income, thus demonstrating the strategic importance of CSR policy.
Some entities decided to go further. For example, since 2016 Crédit Agricole CIB has included the FReD index in calculating the applicable bonus for all staff in France, over 4,500 employees. Crédit Agricole Immobilier includes the FReD actions in the bonus calculations for its 721 employees. In 2016 CACEIS introduced a CSR/FReD criterion in France in the bonus and profit-sharing calculations for 1,926 beneficiaries. Lastly, Crédit Agricole Italia uses the FReD index in calculating its managers' variable remuneration.