Introduction
Living Corporate Responsibility
Headlines bombard us about Corporate Responsibility and how it affects us all, everyday. Our industry is not immune. For example, concerns over trust, responsible investment and financial planning make life increasingly complex for our customers. Our challenge is to ensure that everything we do as a business continues to address these concerns.
When Friends Provident was founded in 1832, social responsibility was instinctively the right way to behave. It was integral to the Quaker beliefs of our founders and remains an important part not only of our heritage but also of our current culture. Doing well as a business, and doing good, are not mutually exclusive.
However, not all businesses share this philosophy, which keeps the issue of Corporate Responsibility high on the public agenda.
Today, the onus is on business to demonstrate it is operating responsibly and responding to the concerns and expectations of its stakeholders. The demand for greater transparency has led to a plethora of codes and standards but, in the end, it largely comes down to answering three questions:
- Are you addressing the social and environmental issues material to your business?
- Are you minimising your negative impacts?
- Are you making a positive contribution to the communities in which you operate?
It is only through dialogue and consultation with stakeholders that these questions can be answered. Our own such consultations helped us identify six areas that are material for us:
- Trust and confidence
- Responsible investment
- Financial capability
- Climate change
- Community
- Our people
Corporate Responsibility has moved from the margins to the mainstream. Companies are coming under public scrutiny as never before. Public trust in business remains fragile after a succession of financial scandals. Winning consumer trust is now not just good business but, for those that can build it, a major source of competitive advantage. For us the business case for Corporate Responsibility is clear - acting with integrity builds trust, trust builds reputation and reputation builds value. So CR has moved from the margins to the mainstream and is now a living reality that affects everyone’s ability to operate and serve customers effectively.