mental, and economic issues, which has been referred to as the “triple bottom line,”^25
or “sustainability reporting.”^26 Elkington argues: “Today we think in terms of a
‘triple bottom line,’ focussing on economic prosperity, environmental quality, and—
the element which business has preferred to overlook—social justice.”^27 The Global
23 • 18 CORPORATE ENVIRONMENTAL AND SOCIAL REPORTINGExhibit 23.9. (Continued)
the previous system have not been achieved. It is the bank’s view, and the auditor’s that the new surveys
have produced a more realistic view of staff opinions. While staff continue to value the banks’ ethical po-
sition, the quality of training and enjoy working for the bank; the surveys have identified issues around
salaries, changes in benefits and career development that need to be addressed in future reports.
Social Responsibility. The foundation of the bank’s social responsibility is its Ethical Policy. Training has
taken place in the last year to increase the number of Ethical Advocates throughout the bank and to increase
staff awareness. Most notably, “Ethics in Action” has been incorporated as one of the four key competences
in every staff member’s role statement, and is being incorporated in departmental business plans.
Screening of new-to-bank business, suppliers and business customers has moved well clear of simple
compliance with the Ethical Policy. This has inevitably raised issues around the discretion bank staff ex-
ercise in ethical areas that are not specifically included in the current Ethical Policy Statement. The bank
has satisfied the auditor that appropriate action is being taken on two fronts. The revision of the Ethical
Policy scheduled for 2002 has involved broader consultation with customers on the issues to be included
in the pending customer ballot. Corporate Affairs and the Ethical Policy Unit will undertake further con-
sultations with independent specialists and internally around issues where staff are required to exercise
discretion because the issues are not explicitly covered by the Ethical Policy, or where a balance between
social and ecological acceptability is at issue.
A potential weakness in the screening of new business not covered by a relationship manager is that
applicants are required to self-certify their compliance with the bank’s Ethical Policy. This does not ex-
empt them from the bank’s normal screening and referral systems. However, the bank’s Internal Audit De-
partment recently added to their existing inspection of relationship managed business an ethical quality
control and inspection procedure for non-relationship managed accounts. This has identified some
process discrepancies which have been addressed and will be monitored and reported, if necessary, in
future reports.
The bank has increased the percentage contribution of pre-tax profits to charitable causes and remains
well ahead of the other clearing banks. It has also launched its new Community Involvement Policy with
clear application procedures and funding criteria. However, it has not yet developed adequate monitor-
ing systems for measuring and reporting outcomes and impacts.
I drew attention to the need for more systematic public reporting on the bank’s Health and Safety per-
formance last year. Two new indicators have been included in this report and the systems for health and
safety management are now being integrated across the whole bank.
The implementation and training programme around the Diversity and Dignity at Work policies are
welcomed.smile, the new Internet bank has been successful in attracting, through targeted recruitment,
a good racial mix in its staff. Other parts of the bank remain out of line with the racial mix in the com-
munity, and require action.
Ecological sustainability. Recomendations contained in my last auditor’s report that more specific
performance targets are introduced—and that CO 2 emissions, water consumption and reducing paper
usage are reported more fully—have all been addressed. This focus on targets is welcomed as well as the
review of priorities in ecological impact reporting and the cost/benefit analysis. All these help to define a
more integrated view of the bank’s ecological footprint. For a more detailed analysis, which the audit en-
dorses, please refer to Jonathon Porrit’s assessment on pages 84–85.
Auditor’s Opinion. On the basis of the audit work I have carried out and the review of supporting data
and management systems, I believe the Partnership Report fairly represents the bank’s economic, social
and ecological impact on its partners, society and the environment.
ethics etc ...(^25) Elkington, 1997.
(^26) Global Reporting Initiative, 2000.
(^27) Elkington, 1997, p. 70.