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Private Sector Steps Towards Meeting the MDGs

Explore how Scotiabank's CSR approach aligns with MDGs, focusing on microfinance aid for poverty reduction, empowered women, and improved healthcare.

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Private Sector Steps Towards Meeting the MDGs

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  1. Private Sector Steps Towards Meeting the MDGs September13, 2005

  2. Summary of Presentation • Introduction • What is CSR? • Business and the MDGs • The Financial Sector and the MDGs • Scotiabank and the MDGs • The Equator Principles • Microfinance • Advancement of Women

  3. Introduction • Scotiabank – A global company that operates in close to 50 countries, with branches in the Carribean, Central and South America • 27% of earnings from international operations and 37% of employees • Scotiabank’s contribution to the achievement of the MDGs is through its Corporate Social Responsibility (CSR) Strategy

  4. What is CSR? Scotiabank has adopted a stakeholder approach to CSR: “The way we interact with our stakeholders to meet our social, economic, environmental and ethical responsibilities”

  5. What is CSR? • CSR is an umbrella concept that touches on a number of topics all of which are related to the MDGs, directly or indirectly: Environment Employees Customers CSR Community Governance

  6. Business and the MDGs • First step is to come up with a plan about how your company can contribute to the MDGs most effectively • Key Questions for the company • How do you perceive your role in society? • What is your core business activity? • What are your greatest social and environmental risks and opportunities?

  7. The Financial Sector and the MDGs • Financial Sector – Some MDG risks • Lack of qualified and healthy employees • Customer base without the tools, knowledge or trust necessary to use banking products • Market environment too unstable to support financial products and services

  8. The Financial Sector and the MDGs • Financial Sector – Some MDG Opportunities • Grow client base through microfinance activities • Grow client base through offering affordable remittance process • Financing of renewable energies • Recruiting high-calibre employees

  9. The Financial Sector and the MDGs • Methods for the Financial Sector to Address MDGs • Philanthropic activities • Affordable banking products / Microfinance • Providing financial education • Best practice in environmental and social standards for lending (e.g. the Equator Principles) • Best practice in environmental and social standards for supply chain management • Advancement of Women

  10. Scotiabank and the MDGs

  11. Scotiabank and the MDGs Core Business Functions Equator Principles Micro-finance Women MDGs

  12. Scotiabank and the MDGs: Microfinance • Microfinance Helps achieve a number of the MDGs: Eradication of extreme poverty and hunger Empowering women Reducing child mortality

  13. Scotiabank and the MDGs: Microfinance • Microcredit is a small amount of money (as small as $50) loaned to a client (mostly women) by a bank or other institution. It can be offered, often without collateral, to an individual or through group lending. • Microfinance is a bundle of financial services, such as credit, savings, insurance and remittances.

  14. Scotiabank and the MDGs: Microfinance • Scotiabank Microfinance Activities • Microfinance activities in Jamaica and Guyana • Developing a Bank-wide strategy on microfinance • Founding member and Treasurer of UN International Year of Microcredit 2005, Canadian Steering Committee

  15. MDGs and Microfinance • MicroEntreprise Financing Limited, Jamaica • Partnership between CIDA (start-up funding), Scotiabank (seed money) and a local organization to create MEFL • Based on group lending model • Clients also receive business and personal development training free of cost • Clients required to save a small percentage of profits • 3,137 recipients to date since 2002

  16. Business and the MDGs CONCLUSIONS www.scotiabank.com

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