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CSR at Scotiabank

CSR at Scotiabank. Kim Brand Santiago, Chile December 9, 2008. Summary. Introduction to Scotiabank CSR – General CSR at Scotiabank Global Chile Equator Principles Conclusion. Caribbean & Central America. Asia/Pacific. Latin America. Canada + 3 Geographic Regions. 50+ Countries

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CSR at Scotiabank

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  1. CSR at Scotiabank Kim Brand Santiago, Chile December 9, 2008

  2. Summary • Introduction to Scotiabank • CSR – General • CSR at Scotiabank • Global • Chile • Equator Principles • Conclusion

  3. Caribbean &Central America Asia/Pacific Latin America Canada + 3 Geographic Regions • 50+ Countries • 2,557 branches & offices • 5,531 ABMs • 66,198 Employees 3

  4. Chile Scotiabank in Chile Peru Bolivia • Majority ownership of Sud Americano acquired in 1999 • Purchase of Banco del Desarrollo in 2007 Today: • 139 branches • 6,65% market share • Strong geographic presence across the country Argentina Santiago

  5. Evolution of CSR Expectations faced by Corporations • Create jobs • Maximize profits • Follow the law • Corporate philanthropy Past plus: • Transparency • Ethics • Environment • Human Rights • Community Present Past

  6. CSR at Scotiabank • Definition The way we interact with our stakeholders to meet our social, economic, environmental and ethical responsibilities • Structure • CSR department headed by a VP • CSR Advisory Committee • Ad Hoc Working Groups • Overall Strategy • Balance the interests of all stakeholders • Manage reputational risk • Leverage CSR opportunities Customers Employees Investors CSR Community Environment

  7. CSR at Scotiabank – Global • Scotiabank Guidelines for Business Conduct • Customer Protection : Privacy and Fraud • Advancement of Women Strategy • Equator Principles • Environmental/Social Due Diligence – Corporate Lending • Community Giving / Promoting Employee Volunteerism • Recycling and energy conservation

  8. CSR at Scotiabank – Chile • Creation of first CSR Committee and CSR Strategic Plan • Integration of CSR into performance management • Microfinance • Energy conservation and Employee engagement: Ahorro Ahora Challenge • Launch of Bright Future program in Chile • Stakeholder Engagement / CSR Best Practices: Prohumana, Accion RSE, UN Global Compact, “Local Committees” approach • Development of CSR Reporting structure according to GRI for 2009 CSR Report

  9. CSR: Attitudes of Chileans and Canadians *Based on Globescan’s 2007 CSR Monitor

  10. Equator Principles • Voluntary approach • Focus on developing countries • 63 signatories to date covering approx. 85% of project finance worldwide • Based on World Bank and International Finance Corporation (IFC) guidelines that set out standards for social and environmental risk assessment and project development • Scotiabank signed on in 2005 and has integrated the EPs into internal policies and practices. Ongoing IFC-approved training and development of tools for banking and credit officers on how to apply the EPs • In Chile, BBVA, CORPBANCA also signatories

  11. Equator Principles Example: Mining project in Country X • Environmental & Social Risk Assessment / Management Plan: • Will proposed development require displacement of native peoples? • Is proposed development located in a environmentally sensitive natural habitat or near a limited and important water source for local populations? • Is proposed development located on a cultural heritage site? • Is there significant local protest? • Are health & safety standards sufficient to properly protect workers? • Categorize Project “A”, “B”, “C” according to risk level; • Application of IFC Performance Standards and World Bank EHS Guidelines to construction and operation of the project; • Consultation requirement (including “free, prior and informed consultation” with local communities); • Independent review of ESRA/ESRM; • Incorporation of EP requirements into Loan Documentation; • Ongoing Monitoring and Public Reporting requirements

  12. Equator Principles – Limits • Voluntary initiative; • Non-signatory financial institutions continue to finance environmentally and socially questionable projects; • Climate change not (yet) included in Equator Principles; • Only apply to project finance transactions; • Can create a parallel system of standards and requirements – problematic in countries with strong institutions, laws and enforcement mechanisms

  13. Conclusion: From Risk to Opportunity • Ethics and transparency are more relevant than ever for global financial institutions; • CSR has moved beyond risk management – New market opportunities are emerging from the CSR space; • CSR practices are gaining momentum at Scotiabank domestically and internationally

  14. Corporate Social Responsibility

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