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.
15 entities of Crédit Agricole SA Group are involved in FReD : Amundi, Crédit Agricole Assurances, Crédit Agricole Bank Polska, CACEIS, Crédit Agricole CIB, Crédit Agricole Consumer Finance, Crédit Agricole Immobilier, CA Indosuez Wealth Group, Crédit Agricole Leasing & Factoring, Crédit Agricole Payment Services, Cariparma, Crédit Agricole S.A., Crédit du Maroc, LCL et Uni-Éditions. Since 2011, over 800 projects FReD have been completed.
The average assessment of the progress made by each entity is used to construct the « Group FReD Index». 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 have also included their FreD index or the Group FReD index in the bonus and profit-sharing calculations or in calculating managers' variable remuneration. So approximately 10,000 employees are impacted on their variable compensation.