Communication on progress 2008
- Participant
- Published
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- 19-May-2009
- Time period
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- January 2008 – December 2008
- Links
- Description
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A member since 2003, the Group has once again reiterated its commitment to the United Nations' Global Compact and published its Progress Report. The policies and initiatives that comply with the principles provided for by the Pact are indicated by the symbol We support the Global Compact or by the footnote "as per our commitment under the Global Compact", although the icon bears no legal or regulatory value.
The cross-reference index also provides an overview of the CSR website according to the 10 governing principles of the Global Compact.
In order to reinforce this commitment, the Group has:
- integrated the principles of the Global Compact within the guidelines that it issues to suppliers;
- implemented procedures to ensure the respect of human rights in all project financing;
- established rules governing its operations in "sensitive" countries.
Indeed, banking activities may only be developed in sensitive countries if they meet the needs of a local customer base.
Moreover, the Group has no significant impact upon society or environment through its direct investments : the industrial investment portfolio dates back (is historical), is limited and decreasing. None of these investments is related to the arms sector.
Generally-speaking, Société Générale Group is committed to promoting the best social practices possible in each of the countries in which it is established, including in developing countries and/or those countries considered to be sensitive in light of their human rights record. These practices include ongoing training, the promotion of local young executives (including female staff), medical insurance that exceeds legal obligations or standard practices at a local level and the adoption of a global share ownership program, etc.
The Groups shareholdings in industrial companies for its own account do not cover the armaments sector.
In 2006, the Group reinforced its commitments to two more specific priorities: the fight against climatic change with the signing and application of the Carbon Disclosure Project (CDP) to the entire Group and the signing, by SGAM, of the Principles of Responsible Investment.
In 2007, the Group adopted the Equator Principles (EP), the voluntary commitment of a group of banks to comply with international standards regarding social and environmental impact in respect of project financing. More than 55 banks have now signed up to the EP, representing more than 85% of the project finance business.
In 2008, the Group joined the EP Steering Committee and took active part in the working groups to continue sharing best practice and promotion of these Principles. Also noteworthy, with regard to climate change Société Générale made known its decision to be Carbon neutral by 2012, reduced its GHG emissions per occupant by 3.5% (2008vs2007) and has undertaken a voluntary approach to offset its residual emissions by purchasing carbon credits for CDM projects (cf press release dated March 24, 2009).
The Group has also renewed its membership of the CDP. Throughout the year, the Group has adopted a proactive approach to climate change in terms of both its business and proprietary activities.
Within the Group, Société Générale sets its own corporate and social responsibility policy targets. Each year, it reviews the progress made and updates these targets for the years to come.
- Principles covered
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- Principle 1 - Businesses should support and respect the protection of internationally proclaimed human rights
- Principle 2 - Make sure that they are not complicit in human rights abuses
- Principle 3 - Businesses should uphold freedom of association & effective recognition of the right to collective bargaining
- Principle 4 - The elimination of all forms of forced and compulsory labour
- Principle 5 - The effective abolition of child labour
- Principle 6 - Eliminate discrimination in respect of employment and occupation
- Principle 7 - Businesses should support a precautionary approach to environmental challenges
- Principle 8 - Undertake initiatives to promote greater environmental responsibility
- Principle 9 - Encourage the development and diffusion of environmentally friendly technologies
- Principle 10 - Businesses should work against all forms of corruption, including extortion and bribery
- Languages
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- English, French