Listening to critical friends
“There’s a need for the banks involved to be a bit more bold.”
– Catherine Howarth, Chief Executive, ShareAction
Robust, honest feedback from independent voices is critical to the success of the Principles. Civil society organizations have been involved from the outset, including helping to shape the Principles themselves.
The Civil Society Advisory Body
An important element of the Principles for Responsible Banking has been the on-going involvement of civil society. Ensuring that a diversity of perspectives are involved in the initiative is part of what helps to ensure it is robust and far-reaching. During the first year, the plans for the Civil Society Advisory Body have begun to take concrete shape. In consultation with civil society organisations, the mandate, composition and selection process have been agreed.
Holding signatories to account
“Embracing responsibility is the least we expect at this moment.”
– Santiago Lorenzo, Head of Sustainable Finance, Climate Action Network, Mexico
The Civil Society Advisory Body will be a powerful mechanism for maintaining the honesty and transparency of the Principles. The group will be part of how the signatory banks are held to account on their performance against expectations for implementation of the Principles.
A constructive dialogue has already been established during the first year. Open lines of communication will facilitate on-going learning and innovation as the relationships born out of the development of a shared vision for the future of banking mature through implementation.