You might think that a Danish Bank would have long been squeaky clean in terms of Corporate Social Responsibility (CSR), but Danske has really been sudsing itself up in recent months. The fact is that the bank probably was already “clean” relative to many others around the world, but under the close scrutiny of a highly vigilent populace, they have been pushed to take a number of signifigant measures.
In September 2008 the Business & Human Rights Resource Centre relayed a report by DanWatch that Danske launched new ethical measures including a blacklist of 13 ‘negative companies’ and promises of a stronger commitment to Social Responsible Investment (SRI) and active ownership-engagement. Shares in the 13 companies on the Danske Bank blacklist, including top military suppliers Lockheed Martin and General Dynamics Corporation, and car manufacturer Nissan, have already been sold, amounting to a total divestment of some 23 million Euros. Meanwhile, another 17 companies have been placed on an ‘observation list.’ The Danish banking group has struggled with intense public criticism following media attention to its pension fund investments in a number of controversial companies.
Also in September 2008 the Business & Human Rights Resource Centre reported that Dankse signed a global agreement with UNI global union recognizing the competitive benefit for the company of good relations with trade unions and guarantees of labor rights for workers worldwide. “Global agreements help set high standards for multinational companies wherever they operate around the world,” said UNI General Secretary Philip Jennings. “We believe that Danske Bank’s highly positive commitment will help raise the bar for these agreements in promoting effective dialogue and labour rights. This is a first for a European based finance company.”
And in August 2008 the company decided to stop referring to its CSR and adopted CR, or Corporate Responsibility, instead. Click here to read what Tonny Thierry Andersen, Danske Bank’s CFO, said about the switch.
Leave it to the Danes to civilize and clean up business practices!
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