Corporate Responsibility Review
Independent benchmarks define us as a leader
- Business in the Community’s Corporate Responsibility Index: we are a Platinum Performer, the highest possible rank.
- Carbon Disclosure Project: HBOS’s rating is the highest of any UK bank.
- Global 100 Most Sustainable Corporations in the World: we are one of only two UK banks in this index.
- Dow Jones Sustainability Index: we achieved a place for the 4th year running. We scored 81%: the highest for a UK bank and one of the world’s top five.
Governance
We strengthened our governance framework in 2007 with a new Climate Change Action Group, chaired by former Finance Director Phil Hodkinson who has Board responsibility for CR. With senior representation from across the Group, this drives climate change initiatives. The Board reviews CR strategy annually. There are also annual reviews of specific activities like climate change, diversity and financial inclusion.
The Way We Do Business (‘WWDB’) Action Group, also chaired by Phil Hodkinson and with senior representation from all divisions, drives CR strategy alongside a framework of other high level action groups:
- HBOS Communications Group, chaired by Group Chief Executive Andy Hornby;
- Diversity Steering Group, also chaired by Andy Hornby; and
- Financial Inclusion Committee, chaired by Chief Executive Retail Distribution, Insurance & Investment, Jo Dawson.
From 2008, following Phil Hodkinson’s retirement, the Climate Change Action Group will be chaired by Chief Operating Officer Philip Gore-Randall. The WWDB Action Group will be chaired by Corporate Chief Executive Peter Cummings.
Stakeholder engagement
We held detailed discussions with key specialised investors, customers, colleagues and other stakeholders. Our new climate change strategy launched in March 2007 was a direct response to colleague feedback. It generated a response from several hundred colleagues; more than any previous campaign.
Last year, we held regular meetings with consumer groups including Which?, Citizens Advice, National Consumer Council (NCC), Citizens Advice Scotland and the European Consumers’ Organisation.
Increasing stakeholder engagement is necessary to further develop our programme. This is an important area of development in 2008.