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CSR and ESG – in spite of the recession?

CSR and ESG – in spite of the recession?. Professor Hans De Geer, TI Sweden, SSERiga Tallinn, April 24, 2009. …stakeholders’ expectations. License to operate …. Savers/investors. Financial markets. Media. CG. voters. Employees customers. Politics. Business. CSR. NGO’s (CSO’s ).

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CSR and ESG – in spite of the recession?

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  1. CSR and ESG – in spite of the recession? Professor Hans De Geer, TI Sweden, SSERiga Tallinn, April 24, 2009

  2. …stakeholders’ expectations License to operate … Savers/investors Financial markets Media CG voters Employees customers Politics Business CSR NGO’s (CSO’s) members

  3. Initiatives UN Global compact PRI ISO ILO CAUX Standardisation of expectations through ”soft regulation” Rio GRI OECD ICC EU

  4. Activity 4 Financial market actors Media 1 CG Political actors Business 2 CSR NGO’s (CSO’s) 3

  5. 1 Business • CSR - no longer if but how • 98 % of top 150 companies in Europe addresses CSR on their website, 73 % of top 600. • CSR – the idea that corporations have a responsibility for social and environmental issues that goes beyond their core activity, beyond ”ordinary decency” and beyond regulation • Linked to the concepts of ”embeddedness” and ”sustainability” • Crises,close downs and lay offs makes CSR even more demanding!

  6. Arguments against CSR • CSR is just window-dressing and blue wash! • “The business of business is business” (Milton Friedman). • Macroeconomic waste (Dave Henderson). • Business’ first social responsibility is to be profitable and create jobs! • CSR might lead to protectionism.

  7. Arguments for CSR • Production has in fact negative effects that businesses have an obligation to take care of. • Big corporations do have resources. • Public sector failure. • CSR – the business case • Risk management • Reputation management and brand building • Values based leadership

  8. 2 Politics • Financial crises: Unsound managing of risk in structured products >systemic dependencies >domino effects • Politicians take the initiative back • Reregulation of markets – towards a new Bretton Woods? • Recession: state intervention & support of failing industry • Still: climate issues - high priority during Sweden’s EU presidency

  9. 3 NGOs • NGOs - the opaque sector: lack of transparency • From confrontation to alliances

  10. 4 Financial markets • Friedman’s argument • Institutional owners • ESG issues • Growth of SRI • 2005 - 2007: 102 % in 13 European countries (Eurosif) • 18 % of total assets • € 2,7 quintillion • PRI as support structure

  11. Issues remain HR Child labour increases WR The supply chain: Lay offs here or there? E Climate - and water issues C Corruption increases: Greed as a system

  12. and calls for • The ethics of lay offs • The ethics of increasing social differences • The ethics of risk management • The ethics of systems of remuneration • The fight against corruption

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