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 - 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 is 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 as CACEIS, Crédit Agricole Assurances, Crédit Agricole CIB, Crédit Agricole Immobilier, Crédit Agricole Italie, decided to go further and have included the FreD index in the bonus and profit-sharing calculations or in calculating managers' variable remuneration. Almost 8,000 employees are impacted on their variable compensation.