UK - Corporate social responsibility standards for the financial services sector have been developed by insurers and leading high street banks.
The standards – published by the Forge Group which links the Association of British Insurers and the British Banking Association – explains the business case for CSR and how a management and reporting framework can be developed to comply with it.
The paper – Corporate Social Responsibility: Guidance for the Financial Services Sector – was also put together in consultation with leading CSR campaigners including the Universities Superannuation Scheme.
The paper covers the issues of human rights, financial inclusion, community involvement and labour standards.
BBA chief executive Ian Mullen said: “We are sure that these guidelines will help continue to raise standards across our sector.”
ABI director general Mary Francis said: “The right approach to social, ethical and environmental issues is vital in adding and preserving value for investors and in the companies they own.”
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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