Covalence EthicalQuote » ABN-Amro

Global Compact Survey

info — Thu, 13 Sep 2007 16:13:16 +0000

In 2006 and 2007, UNI Finance conducted a survey on finance companies’ commitments to Principle 3 of the UN Global Compact, “Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining”. 35 major finance companies were asked to elaborate on their commitments to Principle 3. In a second step, a sample of trade unions from around the world assessed the actual practice of these companies in different countries of operation. The UN Global Compact is an international initiative that brings companies together with UN agencies, trade unions and civil society to support ten universal principles in the areas of labour, human rights, the environment and anti-corruption. This aims at encouraging businesses worldwide to adopt social and sustainable policies and to communicate the progress made in mplementing them. General trends emerging from both the replies of companies and the assessments of trade unions are: The labour dimension of CSR is neglected compared to issues such as the environment and broader human rights. Implementation of policies and codes of conduct beyond companies’ home countries is limited. There seems to be no comprehensive overview by group management of what is happening in other countries in terms of industrial relations. Companies’ behaviour and practice hardly go beyond national legal requirements. Companies have not yet developed tools to truly implement policies and monitor them across countries of operation. > Continue.

Message received by Covalence | Country: Global | Company: Barclays, HBOS, Royal Bank of Scotland, UBS, ABN Amro, BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, Banco Santander, Societe Generale | Source: Union Network International

Banks Embracing Green Challenge, Study Finds

info — Tue, 03 Jul 2007 13:34:31 +0000

According to the latest Banking Industry report from research group Covalence, competition for eco-minded customers has helped improve how banks’ services affect the environment. The study looked at the EthicalQuote Reputation Index for nine industries from June 2006 to June 2007 and found that the banking sector was ranked second highest in its overall reputation, following the food & beverage sector and just ahead of technology companies in score. “Over last year the Banking Industry has witnessed a favorable evolution in the areas of Eco-Innovativeness of its products, Environmental Impact of Production and Social Sponsorship,” the report’s authors write. Among the big news that gave the industry its boost were high-profile sustainability events like the private finance takeover of TXU, which aims to reduce the amount of coal-fired power plants used by the utility and increase investments in renewables. The report notes that Citigroup and HSBC were among the most positively ranked banks in the study. Image source: greenbiz.com

Publication: Covalence in the Press | Country: Spain | Company: HSBC, ABN AMRO, Bank of America, Barclays, Citigroup, JP Morgan Chase, Wells Fargo, UBS, Royal Bank of Scotland, BNP Paribas | Source: GreenBiz

Rapport Covalence secteur bancaire 2007

info — Mon, 02 Jul 2007 14:42:52 +0000

Le secteur bancaire obtient la deuxième meilleure cotation éthique de juin 2006 à juin 2007 comparé à neuf autres secteurs, indique un rapport publié le 29 juin 2007 par la société genevoise Covalence, Covalence Banking Industry Report 2007. Au cours des 12 derniers mois le secteur bancaire a progressé dans le domaine des produits écologiquement innovants, l’impact environnemental de la production et le sponsoring social. L’agitation verte au sein des banques est à la fois due au marché (demande croissante de la clientèle pour des fonds d’Investissement Socialement Responsable, intérêt pour l’investissement dans les énergies renouvelables) et aux standards internationaux (Principes des Nations Unies pour l’Investissement Responsable, Initiative Financière du Programme des Nations Unies pour l’Environnement, Principes d’Equateur révisés). La tradition bancaire de confidentialité, prudence et neutralité est bousculée par la tendance actuelle à la transparence et à la communication directe. Aujourd’hui, les banques communiquent activement pour montrer au public comment elles contribuent au développement durable. La responsabilité sociale de l’entreprise émerge comme un important facteur de compétition au sein du secteur.

Publication: Covalence in the Press | Country: Spain | Company: HSBC, ABN AMRO, Bank of America, US Bancorp, Banco Bilbao, Citigroup | Source: Médiaterre France / Covalence

Green Competition Moves Banks – Covalence Banking Industry Report 2007

info — Fri, 29 Jun 2007 06:35:09 +0000

Banks show the second best EthicalQuote reputation score from June 2006 to June 2007 compared to nine other industries, states a report released on 29 June 2007 by Geneva-based ethical reputation research firm Covalence, Covalence Banking Industry Report 2007. Over last year the Banking Industry has witnessed a favorable evolution in the areas of Eco-Innovativeness of its products, Environmental Impact of Production and Social Sponsorship. The reason for this green turmoil amongst various enterprises in the banking industry stems from both the market side (increased consumer demand for Socially Responsible Investment funds, growing attractiveness of investing in renewable energy) and evolving international standards (United Nations Principles for Responsible Investing, UNEP Finance Initiative, Revised Equator Principles). Traditional banking practices of confidentiality, cautiousness and neutrality are giving way to transparency and direct communications. Nowadays, banks have become quite aggressive in showing the public how they contribute to sustainable development. Corporate Social Responsibility emerges as an important competition factor in the banking industry. > Continue.

Publication: Covalence Press Release | Country: Global | Company: ABN AMRO, BBVA, Banco Santander, Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Fifth Third Bancorp, HBOS PLC, HSBC, JP Morgan Chase, Lloyds TSB, Merrill Lynch, Mitsubishi Tokyo, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, UBS, US Bancorp, Wachovia Corp, Wells Fargo | Source: Covalence

Banks getting aggressive on sustainable development and climate change

info — Thu, 28 Jun 2007 14:14:57 +0000

Within the industry (25 among the largest banks in market capitalization), HSBC is leading the way ahead of ABN AMRO and Bank of America, while US Bancorp and Banco Bilbao occupy the last positions. While global warming offers banks opportunities (carbon emissions reduction plans, investments in renewable energy), it also brings increased scrutiny on their credit policies (environmental risks in project finance). According to some banking groups, which includes Barclays Capital, Deutsche Bank, Citibank, ABN AMRO, Credit Suisse, Dresdner Kleinwort, Fortis and Climate Change Capital, trading activity in voluntary offsets has been hard to verify. In some cases, the credits may have been sold multiple times to different buyers, which risks giving the much broader market a reputation for shoddy practices, suggest media reports. However, banks show the second best EthicalQuote reputation score from June 2006 to June 2007 compared to nine other industries, states a report released on 29 June 2007 by Geneva-based ethical reputation research firm Covalence, Covalence Banking Industry Report 2007.

Publication: Covalence in the Press | Country: Global | Company: HSBC, ABN AMRO, Bank of America, US Bancorp, BBVA, Barclays, Deutsche Bank, Citigroup, Credit Suisse, Dresdner Kleinwort, Fortis, Morgan Stanley, ING/Postbank, Triodos Bank, ASN Bank | Source: CARBONyatra.com

Climate change? Not with my money

info — Sat, 09 Jun 2007 15:43:22 +0000

Investments by Dutch banks cause more than three times the CO2 emissions that the Netherlands emits annually. The banks invest over twenty times more in projects that harm the climate such as oil extraction and coal-fired plants, than in projects for climate friendly renewable energy. ABN AMRO is the worst performing Dutch bank with the biggest climate impact. These are the findings of a Friends of the Earth Netherlands (Milieudefensie) report published today. With the slogan “Climate Change? Not with my money!”, the environmental organisation is calling on consumers to switch to a climate friendly bank. Milieudefensie has launched the website, www.nietmetmijngeld.nl (“not with my money”), calling for climate conscious banking. “Banks have an enormous climate impact. Their investments in fossil fuels cause 594 million tonnes of greenhouse gas CO2 emissions. This is more than three times the amount that the Netherlands emits in a year, “ says Donald Pols of Friends of the Earth Netherlands. “The 6.9 billion euros that banks invest in renewable energy are peanuts compared to the 118 billion euros that they invest in fossil fuels.” The banks are not very open about the impact of their investments on the climate. Milieudefensie’s report is the first overview to date comparing these investments. Image source: milieudefensie.nl

News selected by Covalence | Country: Netherlands | Company: ABN AMRO, Triodos Bank, ASN Bank | Source: Milieudefensie / Banktrack

ABN Amro launches climate change index

info — Thu, 29 Mar 2007 19:17:42 +0000

ABN Amro has launched an equity index tracking firms that address climate change and other environmental issues. Paul Thind, a London-based executive director at ABN AMRO, and the index developer, said: “This… benchmark reference instrument can be used both to invest in the growth potential of the market addressing climate change and also effectively manage and measure risk associated with these issues.” The Climate Change & Environment Index comprises 32 stocks, each with a market capitalisation of at least €600 million ($800 million) and daily liquidity of €1 million. “We look at the ones we can viably invest in,” explained Thind. Renewables make up a total of 45% of the index, while water companies make up 25%, followed by waste management at 20%. Other sectors include platinum and palladium mining and geothermal. “We did a measure of the economic importance of each of these sectors,” said Thind. Although the index is not pure-play, large firms must earn at least $1 billion a year from their activities in one of these sectors in order to be included. The index includes Birmingham-based water utility Severn Trent and Paris-based environmental services firm Veolia Environnement, both at 6.25%. Danish turbine manufacturer Vestas Wind Systems makes up 2.5% of the index, while South Dakota-based ethanol firm VeraSun makes up 4%. Image source: nature.orgNews selected by Covalence | Country: Global | Company: ABN Amro | Source: Environmental Finance