Source : ABBL
On 8 May 2012, the iNDR, the National Institute for Sustainable Development and Corporate Social Responsibility, awarded the ABBL with its label for socially responsible companies. With this CSR label, the iNDR aims to promote an economic growth model that incorporates sound governance principles and respecting social and environmental interests.
It was important for the ABBL to formalise its existing commitment to sustainable development by adhering to the various criteria set out in the iNDR’s benchmarking tool. Since the process of applying for the label is a team effort and involves close cooperation between company management and staff, the iNDR believes that receiving the label is also an outward reflection of enhanced relations between an institution and its personnel.
Based on a voluntary approach, the ABBL had to demonstrate its commitment in the following categories as part of the auditing process to receive the label:
- Social (e.g.: equal opportunities, work-life balance, health and safety at the workplace)
- Governance (e.g.: transparency, control management, remuneration)
- Environmental (e.g.: use of renewable energy sources, waste management, reduction of energy consumption).
Over the years, the ABBL has been strongly committed to encouraging life-long learning and health and safety at work as a founding member of and through its active involvement in the IFBL, the Luxembourg training institute in banking and finance, the ATTF, the financial technology transfer agency, the Luxembourg School of Finance as well as the Association for health and safety at work in the financial sector, ASTF.
Moreover, in 2006 the ABBL, together with other institutions, created the Luxembourg Fund Labelling Agency LuxFLAG, whose mission is to award a recognisable label that allows investors to identify socially responsible investment funds in the field of microfinance investment vehicles and environment investment vehicles.
Building on its experience, the ABBL also significantly contributed to the various initiatives by the Ministry for Equal Opportunities, notably by promoting its own Charta for diversity and equal opportunities in the financial sector.
Although the definition of CSR as a concept is relatively recent, a company’s commitment to sustainability demonstrably pays off in terms of long-term competiveness. It thus has a positive impact on a company’s reputation, its productivity as well as relations with its stakeholders.
The ABBL will continue to promote CSR amongst its members by means of various awareness-raising initiatives.
Luxembourg financial sector actors are clearly aware of the stakes as well as the challenges of implementing an effective corporate social responsibility strategy. All stakeholders are working together to position Luxembourg as a financial centre recognised for its social responsibility and ethical standards.