BERLIN, March 13, 2013 /PRNewswire/ --
The Global Alliance for Banking on Values (GABV), a network of the world's leading sustainable banks, issued a declaration outlining how the banking system should be transformed. The sustainable banks call for a fundamental shift in how banks operate to make them more transparent, sustainable and diverse.
- Transparency. Only with transparency can trust be restored. All banks must provide full transparency on their business models and use of client funds using common standards.
- Sustainability. Banks play a critical role in the transition towards a more sustainable economy. Therefore social and ecological criteria must play a critical role in the creation and use of financial products. All banks must use indicators to report social and ecological impact which should also be used within the regulatory framework.
- Diversity. The diversity of economies, cultures and community needs a diverse network of banks. Governments and regulators must include a diversity of banks as an important goal in the process of reframing regulations for the financial sector.
Peter Blom, Chair of the GABV and CEO of Triodos Bank: "We want to draw on the successes of groundbreaking banks around the world to develop the partnerships and genuinely innovative approaches necessary to forge a financially viable future for banking."
Thomas Jorberg, CEO GLS Bank and member of the Steering Committee of the GABV: "To change the financial system we need a vision that takes social and ecological impact into account when making financial decisions. This means that next to profit and risk, a banker also has to judge the social and ecological impact in the real economy."
SOURCE GLS Bank