Background of the company
Banco Santander is a global, multinational bank which was named the Best Bank in the World, in 2012 in the annual Euromoney ranking. Santander is the largest bank in the eurozone and one of the thirteen leading banks in the world in terms of market capitalisation: 63 billion Euros.
What Banco Santander does
The sustainability efforts for Banco Santander can be split into five main areas:
- corporate sustainability, consisting of the Santander Universities, Community Investment and Environment: Community Investment: focuses on the economic and social development of communities where the bank is active. Santander Universities: the bank’s commitment to higher education as a driver for social progress. Environment: the efforts are primarily aimed at energy savings and reducing resource consumption and emissions;
- corporate governance: it forms part of the Dow Jones Sustainability Index and the FTSE4Good and has a number of codes of conduct, policies, procedures and internal controls;
- policies: several internal rules, like a human rights policy, a general code of conduct and a social and environmental policy. It supports initiatives like the UN Global Compact, UNEP Finance initiative, Equator principles and Principles for Responsible Investment;
- stakeholder relations: the bank has a continuous dialogue with its main stakeholders: Shareholders, Customers, Employees, Suppliers and Community;
- products & services: Santander has developed socially responsible investment products, provides micro credits and finances renewable energy.
The business case
The focus of Banco Santander is on risk management and reputation building. The development of sustainable products has started, but is still minimal in relation to all the services and products it provides.
For more information please go to their website or read their Sustainability Report.