I went into my bank to order checks for a new account. While waiting, I saw a sign that said the name of the bank that owns mine. I knew it was a French bank, but I had not known its name: BNP Paribas. Since I had nothing else to do with the time, I took out my phone and looked up the name of the bank on the internet. On its page it proclaimed for itself “the commitment of a responsible bank.” There was also a link in recent news stating that PNB Paribas had been ranked the highest in the world of any bank for corporate social responsibility by Vigeo. Vigeo is considered the leading European expert in assessing companies and organizations with regard to their practices and performance on environmental, social, and governance issues. It has launched under its proprietary brand a range of indices identifying companies which demonstrate best performance in corporate social responsibility in the context of their field of investment. Companies featured in the Vigeo indices are those achieving the highest score on all criteria, judged on 38 sustainability drivers under which Vigeo reviews company performance measured against up to 330 indicators. PNB Paribas ranked as the banking sector leader, with a set of scores of between 52% and 64% in all the areas examined.
Huh. So the top bank ranking, one worthy of self congratulation and laudatory commendation, scored what would be the equivalent of an F to a D+ in the American grading system. That’s the BEST score of any bank. If the BEST score of any bank in corporate social responsibility is failing to D+ I wonder how dismally the others performed. I have some idea and it’s not good. Hell, world giant HSBC openly laundered money for Mexican drug cartels; regular banking must seem saintly in comparison. If a corporate responsibility ranking of failing to D+ is enough for a bank to consider itself credible, no wonder the world is in such a dismal state.