The first CSR report by a Chinese bank has been released. The Shanghai Pudong Development Bank (SPDB), with 26 branches and 350 ATMs and total assets of 573.1 billion RMB and foreign currency reserves of 377.2 billion RMB, published its 26-page report in Chinese online. It provides some insight into how Chinese banks may understand CSR and what reporting might look if other mainland banks start reporting.
So far, no Chinese banks have signed up to the Equator Principles (although Citigroup is, which owns 4.2 percent of SPDB).
Stephen Frost, CSR Asia Weekly, Vol. 2, Week 28
China’s first SRI fund
The Bank of China has launched the first responsible investment fund. According to the fund managers, the Sustainable Growth Equity Fund aims to capture investment opportunities by assessing companies’ growth potential as well as the sustainability and prudence of their business model. The focus will be on companies that possess core competence, good corporate governance, innovative capabilities as well as a sense of social responsibility.
Given the continued debate about the returns on long established responsible investment funds in the US and Europe, no doubt this fund’s success will be watched with great interest. Posted by Michael Jarvis on July 25, 2006