|Survey finds financial services sustainability reporting lacking|
|Tuesday, 30 October 2012 11:29|
A report released today outlined the sustainability reporting of 49 FTSE 350 financial services firms. It found that most focus on corporate social responsibility but fail to outline a sustainable business strategy.
After four years of recession, protests and scandals that have revealed the worst about the industry, the reputations of most financial services firms have been devalued. The Living Group says the sector needs to promote its long-term business strategies, not only its short-term financial performance to produce effective communications.
Nick Smith, communications director at Living Group says, “Companies have a duty to their shareholders, clients and their staff to ensure that they are able to not only survive but thrive, as a responsible business. There has never been a more crucial time for financial services firms to not only talk about behaving with absolute integrity (with a strong rationale for a adopting a specific CS strategy) but that they are visibly seen to be doing so.”
The survey rated communications online, in print and via pdf in a variety of categories. It determined that, overall, banks rated at 82% for sustainability reporting, the best in the sector, while only 37% of asset managers reported on sustainable business strategies. Provident Financial, which proved best in class in all of the judged categories, effectively integrates corporate sustainability into its long-term strategy communications at all junctures. The sustainability reporting FTSE financial services firms aligned almost identically with the financial services industry as a whole.