Ethics and governance in the European Financial centers

Deloitte Luxembourg this week published a presse release about its growth.
They explain that it is mainly due to the growth of the financial center, to a positive international context, and customised services . In the press release growth does not appears as a value, which is a good thing.
They analyse professionaly the growth.



Read press release

It is very interesting to see what big four firms in Luxembourg say about CSR.


Ernst & Young

Deloitte

PwC


The most relevant page is the one of KPMG.


Fig four in Luxembourg and their clients in the finance industry have a restrictive definition of CSR that is limited to actions that are much more promotional actions (the logo, articles in the media).

"As far as the financial institutions are concerned, the issues in sustainable development are of two types.First,they have sustainable development problems they share with other companies;then they have particular responsibilities owing to the specific nature of their business.The responsibility of the financial players is of course to ensure that the financial circuits operate properly.However they also have a responsibility because of their influence on the way the economy works. Of all the economic sectors,the financial industry is that which has the biggest structural impact on the organisation and operation of the productive system as a whole". (Source: ORSE)



They do not focus on the key issues relating to CSR in a financial center as described by the ORSE.

The guide « Finance and sustainable development », that has been elaborated by the Club Finance of ORSE (Observatoire sur la Responsabilité Sociétale des Entreprises), focuses on themes regarding sustainable development in the finance sector. Based on the input of various experts, ORSE has developed an educational guide that insists on issues and responsibilities that are issues and responsibilities specific to banks, insurance companies and asset managers.


We are very far away from CSR in Luxembourg all the more than an active member of the ORSE is a PwC partner in France.

PwC France does not have the same view on CSR as PwC Luxembourg.


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