Worldconnectors Statement: Financial Systems

7/28/2019 Worldconnectors Statement: Financial Systems

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1Financial SyStemS

I. Rodios o h Duh bkig sor

FInancIal SyStemSWordoors s

Worldconnectors the round table for people and the planet

2010



2 Financial SyStemS

coopho2011

Tis statement is an annex to the Worldconnectors

Yearbook 2010 ‘Facing global challenges’

Worldconnectors

NCDOPO Box 94020

1090 GA Amsterdam

www.worldconnectors.nl

[email protected]

Tis statement is printed on FSC paper

Printed copies: 1000



4 Financial SyStemS

C. public reporting

1. Each bank will report on its standards, policies and

achievements in this area in an annual Sustainability

Report that will be veried by an independent

auditor3;

2. As part o its commercial practice each bank will

expressly urge its business clients to publish anannual report on their standards, policies and

implementation o ESEG.

D. the “new” economy

1. Emerging views and concepts or a new “green and

just economy” ramework, as inter alia stated in the

recommendations o the EU study on “Te

Economics o Ecosystems and Biodiversity” (EEB:

to be published in the all o 2010) and the Stiglitz/

Sen Report, should be specically incorporated in

banking analyses and research on countries and

businesses and should also play a role in capital

market transactions, ratings and investment advice;

2. Te collaboration o banks with universities and other

“think tanks” on ESEG issues should be intensied.

E. development cooperation

1. Te Report “Less Pretension, More Ambition” by

the Dutch Governmental Scientic Advisory

Commission (WRR) could serve as a starting point

or enhanced collaboration within the Dutchnancial sector in relation to the development and

reinorcement o the nancial sector in developing

countries;

2. With regard to trade and investment, the efciency

and eectiveness o the current government

nancial mechanisms should, within the ramework

o the WRR Report’s appeal or more coherence in

both government policies and governmental

collaboration with the business and nancial

sectors, be re-evaluated and improved across the

various ministries. Tis would serve to support

sustainable international investment. Te FMO

(Netherlands Development Finance Company)

could play a key role in this process.

F. national supervision

1. Every country has the right to a banking and credit

system in which savings are guaranteed. Te

“normal” loans and investments supplied by banks

to businesses should also be secured by this

guarantee. However, it should be public knowledgethat banking activities whereby extraordinary,

non-client related risks (such as private equity and

proprietary trading) are taken, should not be

eligible or such a guarantee.

2. Te traditional role o nancial markets supervisor

exercised by the Dutch Central Bank (DNB) and

the Financial Markets Authority (AFM) should be

explicitly expanded to include ESEG issues;

3. Pillar 3 o the Basel II Framework (“market

discipline”) should explicitly reer to reporting on

ESEG issues.

G. international cooperation & supervision

1. Te Dutch government should take ar-reaching

initiatives within international bodies (such as EU,

BIS, IMF, WB, OECD, WO) to promote and eect

the ESEG issues in the banking and business sector;

2. Initiatives should also be taken to secure a much

more prominent role or the newly industrialised

countries, including China, India, Brazil, South

Arica, within such bodies.

G . i n t e r n a t i o n a l e c o ö r d i n a t i e & t o e z i c h t :

1 . N e d e r l a n d z a l v e r r e g a a n d e i n i t i a t i e v e n m o e t e n

n e m e n ( b i n n e n E U , B I S , W T O , I M F , W B e t a l ) m e t

b e t r e k k i n g t o t i n t e r n a t i o n a l e s a m e n w e r k i n g e n

t o e z i c h t o p d e o n d e r w e r p e n h i e r b o v e n b e s c h r e v e n ;

2 . d a t z e l f d e g e l d t t e n a a n z i e n v a n e e n z w a a r d e r e r o l v a n

r e l e v a n t e n i e u w e i n d u s t r i a l i s e r e n d e l a n d e n – w a a r -

o n d e r C h i n a , I n d i a , B r a z i l i ë , Z u i d - A f r i k a – b i n n e n

d e z e o r g a n i s a t i e s .

3 As reerence the indicators o the Global Reporting Initiative (GRI) may be

used, including its Financial Sector Supplement.

Worldconnectors Statement: Financial Systems

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