Ethics and governance in the European Financial centers

In a previous post, we have seen that some jurisdiction may limit the CSR to actions to give money.

This is not the relevant approach to the topic: CSR may be a dubious way that allows the internalisation of the external costs of dubious business behaviours while earning a positive image of “responsible firm” and even winning potential clients thanks to the communication relating to CSR (publication of the logo, press releases).

This should be taken into account by organisations that promote CSR like the World Business Council for Sustainable Development or the United Nations with Global Compact.

Actual CSR is humble and is based on business ethics: it is definitely not limited to performances of money for the prestige like many companies unfortunately do while being lax in the enforcement of rules: AML rules and other rules relating to business ethics.