1. Insights

    Insights is CCP Research Foundation's open-access library containing articles, papers and other publications across a range of topics that relate to the Foundation's "Conduct, Culture and People" agenda.*

    *The views and opinions expressed in the materials available within "Insights" are solely those of the author(s) concerned and do not necessarily reflect the position of the Foundation or its directors.

  1. Name Banks and corporate accountability: the challenges of shareholder primacy and rise of social accounting
    Date 2014-01-29 00:00:00 +0000
    Text

    Beyond the requirements of the law, beyond compliance there is an ongoing debate as to whether banks have a greater external moral and social obligation. These obligations typically fall under the dynamic and extensive literature on corporate social responsibility (CSR). Several definitions of CSR currently exist. However, in essence, CSR examines the role of corporations in society beyond their respective regulatory requirements and the positive societal outcomes of their operations. Post the Global Financial Crisis (GFC), there have been echoing calls across the public and political spectrum for banks to sacrifice profits derived from “socially useless” exotic financial products that have little, if any, broader social benefit. These calls have triggered a powerful contemporary phenomenon termed by the author as the ‘socialization of financial markets’. The phenomenon shines a light on the rising popularity of the belief that banks must account for broader social welfare in their financial and business decisions.

    Banks and corporate accountability: the challenges of shareholder primacy and rise of social accounting, by Calvin Benedict

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