Australia’s ANZ has
been ranked the most sustainable bank globally in the Dow Jones
Sustainability Index (DJSI) for 2010.
Published each year since 1999, the
DJSI aims to provide a benchmark of sustainability leadership and
employs a best-in-class approach, analysing corporate, economic,
environmental and social performance. The DJSI assesses 2,500
companies worldwide, with just over 10% or so admitted into the
index. This year, 318 companies across all industry sectors have
been included in the global index, 35 of whom are banks.
Go deeper with GlobalData
Five reports are released by the
DJSI, with the world index supplemented by separate indexes for
Europe and North America; indexes for Asia-Pacific and South Korea
débuted in 2009.
The assessment process for each
index covers issues such as corporate governance, risk management,
climate change, supply chain standards, stakeholder engagement and
labour practices.
Standard Chartered (StanChart) and
Morgan Stanley entered the global index this year; Italy’s
UniCredit was the most high-profile bank to be dropped from last
year’s index.
StanChart won its place this year
having been recognised for its high performance in stakeholder
engagement, climate change governance, human capital development,
risk and crisis management and financial inclusion.
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By GlobalDataWith six banks featuring – Canadian
Imperial Bank of Commerce, National Bank of Canada, Royal Bank of
Canada, Scotiabank, Toronto Dominion and Bank of Montreal – Canada
boasts the largest number of banks listed.
The UK and Australia also punch
above their weight, each with five banks on this year’s index.
By contrast, US-based banks fared
dismally, with Citigroup the only bank to feature.
Bank of America, the largest US
retail bank, was dropped from the index in 2007, ironically only a
few months after it announced plans for a comprehensive $20bn,
10-year social responsibility programme to “support the growth of
environmentally-sustainable business activity [and] to address
global climate change”.
The US fared better in a separate
assessment of financial services providers, with four firms from
the country – State Street, Morgan Stanley, NYSE Euronext and Bank
of New York – featuring among 23 companies in the index.
Itausa Investimentos Itau of Brazil
topped the financial services index while Switzerland-based Swiss
Re was top ranked in the survey of firms in the insurance
sector.
The highest profile casualty from
the 2010 index outside the financial sector was oil giant BP,
unsurprisingly ejected following the catastrophic oil spill in the
US.
The annual indexes are published by Dow Jones in association
with ethical investment group, Sustainable Asset Management, a
subsidiary of the Rabobank-owned asset manager Robeco.
