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CSR & the Great Recession Wayne Visser Director, CSR International Senior Associate, Cambridge Programme for Sustainabilit...
Shape of the Financial Crisis
Size of the Financial Crisis
Impact of the Financial Crisis
Causes: Irresponsible Banking?
Causes: Irresponsible Financial Markets?
Warning: The Casino Economy " Speculators  may do no harm as bubbles on a steady stream of enterprise. But the positi...
Causes: Irresponsible Executives?
Causes: Irresponsible Corporations? <ul><li>“ The corporation has a legally defined mandate to relentlessly pursue—without...
Causes: Irresponsible Capitalism?
Policy Response: Financial Sector Reforms <ul><li>Increased oversight of mortgage lenders  </li></ul><ul><li>Increased ris...
Green Jobs & Fiscal Stimulus Packages <ul><li>Ban Ki-Moon called for a Green New Deal at the UNFCCC in Poznan in December ...
UK Green Stimulus Package (April 2009) <ul><li>£435 million to develop energy efficiency measures for homes, businesses an...
Industry Response: UN PRI? <ul><li>We will incorporate ESG issues into investment analysis and decision-making processes ....
Impacts on CSR
How will the financial crisis affect CSR? <ul><li>CSR International Blog Poll (October 2008) </li></ul>Source: www.csrinte...
CSR Importance During the Recession <ul><li>60% of senior business executives say CSR is more important to businesses now ...
Impacts of the Recession on CSR <ul><li>40% of US companies expect green & other CSR initiatives to significantly slow due...
BITC survey in the UK (2010) <ul><li>67% of BITC UK member companies believe that a more responsible economy is likely to ...
CSR Recessionary Priority #1: Workplace <ul><li>Redeployment </li></ul><ul><ul><li>Over 50% are willing to retrain or take...
CSR Recessionary Advantage? <ul><li>Triodos Bank, which only finances sustainable projects & businesses, grew by 25% in 20...
Implications for Philanthropic CSR <ul><li>Philanthropic CSR  will be worst hit </li></ul><ul><li>Philanthropy </li></ul><...
Implications for Strategic CSR <ul><li>Strategic CSR  will be less affected </li></ul><ul><li>Example: Coca Cola & Water <...
Implications for Radical CSR <ul><li>Radical CSR  – which changes to roots, or DNA, of business - will be the least affect...
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Csr and the great recession

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Csr and the great recession

  1. 1. CSR & the Great Recession Wayne Visser Director, CSR International Senior Associate, Cambridge Programme for Sustainability Leadership [email_address]
  2. 2. Shape of the Financial Crisis
  3. 3. Size of the Financial Crisis
  4. 4. Impact of the Financial Crisis
  5. 5. Causes: Irresponsible Banking?
  6. 6. Causes: Irresponsible Financial Markets?
  7. 7. Warning: The Casino Economy &quot; Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation . When the capital development of a country becomes a by-product of the activities of a casino , the job is likely to be ill-done.” John Maynard Keynes
  8. 8. Causes: Irresponsible Executives?
  9. 9. Causes: Irresponsible Corporations? <ul><li>“ The corporation has a legally defined mandate to relentlessly pursue—without exception—its own self-interest regardless of the often harmful consequences it might cause to others. Lying, stealing, killing are not rare aberrations but the duty of the corporation when it serves the interests of its shareholders to do so.” – Joel Bakan </li></ul>
  10. 10. Causes: Irresponsible Capitalism?
  11. 11. Policy Response: Financial Sector Reforms <ul><li>Increased oversight of mortgage lenders </li></ul><ul><li>Increased risk retention & disclosure throughout the securitization process </li></ul><ul><li>New requirements for credit rating agencies </li></ul><ul><li>Regulation of derivatives markets for the first time </li></ul><ul><li>Increased flexibility in accounting rules (mark-to-market) </li></ul><ul><li>Increased bank capital requirements </li></ul><ul><li>Addressing the systemic risk problem </li></ul>
  12. 12. Green Jobs & Fiscal Stimulus Packages <ul><li>Ban Ki-Moon called for a Green New Deal at the UNFCCC in Poznan in December 2008 </li></ul><ul><li>And G20 governments have earmarked some $400 billion of their $2.6 trillion in stimulus funds for clean tech and sustainability programs. </li></ul><ul><li>Obama aims to double renewables in 3 yrs, retrofit 75% of all government buildings, weather-proof 2 million homes & create nearly half a million jobs </li></ul><ul><li>A report by HSBC (Feb 2009) showed that Obama's 2009 stimulus package delivers about 12% on 'green' initiatives, the Asia Pacific region led by China achieves 23%, France and Germany average 15%, and the UK 7% (later up to 15%) </li></ul>
  13. 13. UK Green Stimulus Package (April 2009) <ul><li>£435 million to develop energy efficiency measures for homes, businesses and public buildings </li></ul><ul><li>£525 million over the next two years for offshore wind, funded through the renewables obligation; </li></ul><ul><li>£4 billion of capital from the European Investment Bank for renewable & other energy projects </li></ul><ul><li>A new funding mechanism to finance at least two, and up to 4 Carbon Capture and Storage projects </li></ul><ul><li>£405 million of new funding to encourage low-carbon energy and advanced green manufacturing </li></ul>
  14. 14. Industry Response: UN PRI? <ul><li>We will incorporate ESG issues into investment analysis and decision-making processes . </li></ul><ul><li>We will be active owners and incorporate ESG issues into our ownership policies and practices. </li></ul><ul><li>We will seek appropriate disclosure on ESG issues by the entities in which we invest. </li></ul><ul><li>We will promote acceptance and implementation of the Principles within the investment industry. </li></ul><ul><li>We will work together to enhance our effectiveness in implementing the Principles. </li></ul><ul><li>We will each report on our activities and progress towards implementing the Principles. </li></ul>
  15. 15. Impacts on CSR
  16. 16. How will the financial crisis affect CSR? <ul><li>CSR International Blog Poll (October 2008) </li></ul>Source: www.csrinternational.blogspot.com
  17. 17. CSR Importance During the Recession <ul><li>60% of senior business executives say CSR is more important to businesses now than a year ago ( IBM, 2009 ) </li></ul><ul><li>UK CSR executive remuneration went up 10% in 2009 ( Acre Resources, Acona & Ethical Performance, 2010 ) </li></ul><ul><li>54% of US companies say CSR activities are even more important in economic hard times. 38% reported a decline in giving, but R&D for new sustainable products was up 15% ( BCCCC, 2009 ) </li></ul><ul><li>75% of US consumers say CSR remains important despite the recession ( Penn Schoen Berland, 2010 ) </li></ul>
  18. 18. Impacts of the Recession on CSR <ul><li>40% of US companies expect green & other CSR initiatives to significantly slow due to the downturn, esp in transportation & energy sectors ( Booz & Co, Dec 2008 ) </li></ul><ul><li>72% of UK charities have seen demand increase and CSR funding decrease during the recession ( CAF ) </li></ul><ul><li>41% of UK charities received less funding in the last quarter & 50% are expecting a continuing decline over the next 12 months ( CAF, 2009 ) </li></ul><ul><li>Only 40% of US employees believe their company is responsible, which ( Kenexa, 2010 ) </li></ul>
  19. 19. BITC survey in the UK (2010) <ul><li>67% of BITC UK member companies believe that a more responsible economy is likely to emerge from the recession </li></ul><ul><li>97% believe that individual business leaders must be seen to act to restore confidence lost due to the financial crisis </li></ul><ul><li>63% said that the most important role for responsible leaders is to incorporate social and environmental considerations into their core business models </li></ul><ul><li>In Northern Ireland, 64% expect their focus on CSR to grow in the next 12 months, while 33% expected their focus to remain the same. </li></ul>
  20. 20. CSR Recessionary Priority #1: Workplace <ul><li>Redeployment </li></ul><ul><ul><li>Over 50% are willing to retrain or take a different job at the same level, 40% are willing to work temporarily for another employer, 60% are willing to work in another country (Career Innovation Survey) </li></ul></ul><ul><li>Reduction of hours </li></ul><ul><ul><li>Thousands of workers at JCB voted to accept a pay cut of £50 per week for 13 weeks to save 350 jobs. They worked a 4-day week to ride out the recession </li></ul></ul><ul><li>Sabbaticals </li></ul><ul><ul><li>GM UK has offered workers at its plant at Ellesmere Port in Merseyside the option of taking up to eight months leave between 1 January and 1 September 2009, on 30 per cent pay </li></ul></ul>BITC, The Responsible Workplace, 2009
  21. 21. CSR Recessionary Advantage? <ul><li>Triodos Bank, which only finances sustainable projects & businesses, grew by 25% in 2008. </li></ul><ul><li>CAF Bank’s had 49% growth in new accounts from April 2008-2009 </li></ul><ul><li>During the Great Recesssion, SRI grew “at higher rates than ever” to $2.7 trillion ( Time ) </li></ul><ul><li>Clean tech (biofuels, wind, solar) grew 50% in 2008 to $115 billion and are expected to reach $325 billion within the decade ( Clean Edge ) </li></ul><ul><li>Companies committed to corporate sustainability achieved “above average” performance in 2008, averaging $50 million in incremental market value per company ( AT Kearney ) </li></ul><ul><li>More consumers “systematically” purchased green products in 2008 than in 2007 ( Boston Consulting Group ) </li></ul>
  22. 22. Implications for Philanthropic CSR <ul><li>Philanthropic CSR will be worst hit </li></ul><ul><li>Philanthropy </li></ul><ul><li>Ethical conduct </li></ul><ul><li>Legal compliance </li></ul><ul><li>Economic contribution </li></ul>Carroll (1991) CSR Pyramid
  23. 23. Implications for Strategic CSR <ul><li>Strategic CSR will be less affected </li></ul><ul><li>Example: Coca Cola & Water </li></ul>Source: Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility, by Michael E. Porter & Mark R. Kramer
  24. 24. Implications for Radical CSR <ul><li>Radical CSR – which changes to roots, or DNA, of business - will be the least affected </li></ul><ul><li>“ CSR can only be resilient if it is part of the DNA of an organisation, i.e. CSR will only survive the vagaries of fickle markets, fluctuating profits, financial crises and leadership whims if it is totally embedded in the corporate culture, strategy and governance systems” </li></ul><ul><li>– Wayne Visser, 2008 </li></ul>Copyright CSR International / Wayne Visser 2010 Environmental Integrity Societal Contribution Good Governance Value Creation CSR 2.0

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