Case study: How Socredo promotes a culture of responsible banking among its employees

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Socredo participates in various committees, initiatives, and partnerships involving both the private and public sectors, as well as civil society through its involvement with associations. Through these channels, Socredo engages on numerous topics related to the implementation of the PRB within its work and actions. Issues such as climate change, biodiversity, inclusion, and equality are frequently addressed to explore solutions, understand critical challenges, and deepen Socredo’s knowledge.

Socredo recognizes that its employees and Board members are both sustainability ambassadors and key stakeholders. By participating in workshops, conferences, and representing the bank on committees and external missions, they share their expertise and acquire new skills. These experiences help enhance practices and improve Socredo’s sustainable strategy. Here are some examples of how their engagement supports and advances Socredo’s approach:

• During the “Je Marche Pour La Planète” month organized in September 2024, more than 20 Sustainable Development ambassadors contributed to a variety of activities to share knowledge on eco-friendly practices (e.g., learning to make homemade eco-friendly laundry detergent); participated in a walking challenge to raise awareness about health issues; engaged with local actors involved in ecological transition through themed conferences; and organized weekend initiatives such as beach clean-ups.
• During the Carbone 4 onsite mission, 70 employees took part in workshops. Based on their ideas and reflections, they helped shape the bank’s Action Plan.
• The Management and Sustainable Development Department participates in the Regional CEC (Business Convention for Climate), which brings together various local stakeholders to collaboratively develop sustainable solutions for the territory. This platform encourages joint thinking on sustainable initiatives for Socredo’s Fenua, draws inspiration from global practices, and strengthens efforts through partnerships and exchanges with other regional actors.
• An executive director of the bank serves on the Board of CESEC (the Economic, Social, and Cultural Counsel of French Polynesia), playing a direct role in shaping national policies that benefit and protect all citizens.
• A member of the Executive Committee is the chairwoman of FACE (Foundation Act Against Exclusion), actively involved in developing inclusion initiatives and promoting social equity in French Polynesia.
• Executive senior managers participate in the Polynesian branch of MEDEF (Movement of French Companies) to collaborate with other private sector stakeholders and influence policymakers on key industry issues.
• Over the past year, the Sustainable Development team has undergone training provided by the CCISM (Chamber of Commerce and Industry of the Overseas Society) to learn how to conduct a carbon footprint assessment.
• 100% of new staff members completed a training session on Sustainable Development.

Public institutions, organizations, and associations are key stakeholders for Socredo. Engaging with them promotes change and provides valuable insights from the frontlines. Here are some examples of how Socredo engages with them:

• As a founding member or major shareholder of local associations such as FACE and ANAVAI (a crowdfunding platform), Socredo benefits from these partnerships in various ways. These collaborations enable the bank to amplify its message and advance financial inclusion, while also gaining valuable insights from their field activities.
• Socredo partners with impactful organizations such as:
  • Aoa, which is committed to restoring and protecting French Polynesian biodiversity. Through this partnership, Socredo is actively involved in raising awareness among real estate developers about the environmental impact of land clearing for new construction. The goal is to encourage them to consider and incorporate these ecological dynamics into their projects. As part of this collaboration, Socredo proposes a “compensation” initiative where, for every square meter built, the developer contributes a specific amount of money to Aoa. This contribution covers half of the cost, with the bank covering the remaining half.
  • Other associations, public institutions, and private actors, which, in exchange for partnership, share their expertise with Socredo through conferences, workshops, or internal training sessions. An example of this is the installation of a worm composting system at one of the bank’s branches.
• At the request of the University of French Polynesia, Socredo helped design and develop courses for a new Sustainable Development program. The bank contributed by integrating local business needs and expectations to train a new generation of skilled professionals directly within the territory.
• Through the French Polynesian government’s “Fare Ora” (Home for Everyone) initiative, which streamlines administrative processes on remote islands, Socredo will expand its reach to a broader client base. By partnering with this program, the bank enhances its capacity to serve underserved communities, providing access to essential banking products and services that were previously inaccessible.

Finally, Socredo positions its clients as direct stakeholders. The bank highlights and supports MSMEs with innovative or environmentally beneficial initiatives to promote sustainable alternatives and responsible consumption. Moreover, Socredo actively engages with its clients by providing tailored advice to guide them toward more virtuous choices, a commitment further strengthened through the implementation of the MATIE sheet.

Through these various engagements, Socredo aims to involve all its stakeholders, from policymakers to clients, in driving rapid change to address climate issues and promote inclusion at every level. In the long term, the bank aspires to establish itself as a central hub for the Fenua’s activities, fostering a virtuous cycle through its positive impact financing initiatives and emerging as the key player in sustainable development in French Polynesia. Investing in Socredo will accordingly be recognized as a mark of quality and a commitment to resilience.

How does Socredo promote a culture of responsible banking among its employees?

In its 2024 PRB Reporting and Self-Assessment Template Socredo reports that it took the following actions to promote a culture of responsible banking among its employees:

Socredo values the dedication of all its employees in fully embracing its sustainability initiatives and ensuring they feel involved in these changes. To foster this culture, a variety of strategies are implemented, both within the organization and in the broader community.

Strong internal communication is essential for Socredo to effectively raise awareness, highlight initiatives, and cultivate a robust ESG culture. In 2023, more than 40 newsletters, including “The Sustainable Development Minute,” were published on the internal portal, a momentum supported by Socredo’s continually expanding internal network of Sustainable Development ambassadors. Their enthusiasm and dedication have been instrumental in organizing numerous events and projects both within and outside the bank. In September 2024, the second edition of #JeMarchePourLaPlanète month (#IWalkForTheEarth) mobilized around 20 ambassadors to coordinate expert conferences, internal challenges, and awareness workshops promoting eco-friendly behaviours. Additionally, they contributed to the launch of Soc’lib, Socredo’s new fleet of self-service bicycles, aimed at encouraging employees to embrace eco-mobility and collectively contribute to reducing Socredo’s carbon footprint.

Socredo places great importance on integrating its branches, as they reflect the organization’s values and ambitions through the archipelagos. For example, in the reporting year, a worm composter was installed at the Moorea branch. This initiative aims to raise awareness among employees and enhance waste management by valuing organic waste. It also highlights the dedication of Socredo’s client, Nīnamu Solutions, who contributes to the virtuous circle Socredo strives to foster between the bank, its clients, and the community as a whole.

To foster this culture, Socredo encourages its employees to participate in various events and challenges. These include collecting school supplies for children and competing in sporting and solidarity challenges between companies which led to 1MXPF being raised for La SAGA Tahiti, an initiative providing activities during school breaks for the most disadvantaged children—and organizing beach clean-ups.

Promoting this responsible culture at all levels helps raise awareness among employees in their professional roles, leading to improved work performance and a positive influence on clients. Furthermore, Socredo aims for this commitment to extend into employees’ personal lives as responsible citizens.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

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References:

This case study is based on published information by Socredo, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.socredo.pf/uploads/documents/cards/unep-fi-self-assessment-2024-version-definitive-677460bb6e7d4480506080.pdf

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