Ethics and governance in the European Financial centers

Luxembourg yesyerday said it would not agree to a compromise, which delays the implementation of new rules for VAT on services

At 15 pct, Luxembourg has the lowest VAT rate normally allowed in the EU, which has attracted companies such as AOL, Apple and Skype to set up office there.



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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.