What are the material issues the company has identified?

In its 2016 Corporate Responsibility Report Credit Suisse identified a range of material issues, such as a culture of compliance and conduct, company performance and strategy, quality and range of services and advice, human resources and talent management. Among these, helping fight climate change stands out as a key material issue for Credit Suisse.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Credit Suisse engages with:   

Stakeholder Group	Method of engagement
Clients	·    Annual global survey ·    Regular conferences and events for clients ·    Relationship Managers
Shareholders, Investors and Analysts	·    Investor Relations ·    Annual General Meeting ·    Quarterly reporting ·    Annual report and accounts ·    Research ·    Conferences, e.g. the annual Asian Investment Conference
Authorities and Politics	·    Public Policy ·    Regulatory Affairs ·    Regular exchange of information ·    Working groups ·    Trade and business associations
Media	·    Corporate Communications ·    Media Relations
Employees and Trade Unions	·    Employee surveys ·    Town hall meetings with senior managers ·    Credit Suisse Staff Council ·    European Works Council
Suppliers	·    Ongoing dialogue ·    Supplier Code of Conduct
NGOs and IGOs	·    Sustainability Affairs ·    Corporate Citizenship ·    Discussions and events ·    Participation in global initiatives
Local Communities	·    Corporate Citizenship ·    Discussions and debates ·    Support for employees who hold a public office ·    Employee volunteering

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Credit Suisse carried out a structured survey among clients, investors and analysts, policymakers, non-governmental organisations (NGOs), local community organisations, suppliers, academia, sustainability professionals and employees.

What actions were taken by Credit Suisse to help fight climate change?

In its 2016 Corporate Responsibility Report Credit Suisse reports that it took the following actions for helping fight climate change:

• Issuing and putting into effect a Statement on Climate Change
• Credit Suisse presents its principles and approach regarding climate protection in its “Statement on Climate Change”. This statement describes how Credit Suisse will address climate-related risks, mobilise financial resources and reduce its environmental footprint.

• Implementing the Credit Suisse Cares for Climate initiative
• In the context of the Credit Suisse Cares for Climate initiative, Credit Suisse has been operating on a greenhouse gas neutral basis at all its global locations since 2010. This is according to Credit Suisse’s strategy to reduce, substitute and offset greenhouse gas emissions. In addition, Credit Suisse participates in the dialogue on the development of strategies for sustainable, climate-friendly business practices by, among others, hosting the Lifefair Forum event series in Zurich. In 2016, this event series explored climate aspects in discussions with representatives from businesses, the political arena and NGOs on climate-friendly investments and sustainable foods.

• Improving the energy efficiency of buildings
• As a leading real estate investment manager with a global portfolio of properties worth more than CHF 43.1 billion, Credit Suisse seeks to join global efforts to tackle climate change by improving the energy efficiency of buildings. Accordingly, Credit Suisse Real Estate Investment Management implements a five-year program that aims to enhance the energy efficiency of approximately 1,000 buildings in Switzerland and reduce CO2 emissions by around 10 per cent. Additionally, Real Estate Investment Management operates the “greenproperty” quality seal, applied to approximately CHF 3 billion of real assets by the end of 2016. Real Estate Investment Management also has a portfolio with 200,000 square meters that are certified according to the LEED (Leadership in Energy and Environmental Design) standard.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 302-4 Reduction of energy consumption

2) Disclosure 305-5 Reduction of GHG emissions

 

Disclosure 302-4 Reduction of energy consumption corresponds to:

• Sustainable Development Goal (SDG) 7: Ensure access to affordable, reliable, sustainable and modern energy for all
• Business theme: Energy efficiency
• Sustainable Development Goal (SDG) 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
• Business theme: Energy efficiency
• Sustainable Development Goal (SDG) 12: Ensure sustainable consumption and production patterns
• Business theme: Energy efficiency
• Sustainable Development Goal (SDG) 13: Take urgent action to combat climate change and its impacts
• Business theme: Energy efficiency

Disclosure 305-5 Reduction of GHG emissions corresponds to:

• Sustainable Development Goal (SDG) 13: Take urgent action to combat climate change and its impacts
• Business theme: GHG emissions
• Sustainable Development Goal (SDG) 14: Conserve and sustainably use the oceans, seas and marine resources for sustainable development
• Business theme: Ocean acidification
• Sustainable Development Goal (SDG) 15: Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
• Business theme: Forest degradation

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

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See upcoming training dates.

 

References:

1) This case study is based on published information by Credit Suisse, 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 original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) http://www.fbrh.co.uk/en/global-reporting-initiative-gri-g4-guidelines-download-page

3) https://g4.globalreporting.org/Pages/default.aspx

4) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to Credit Suisse: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

What are the material issues the company has identified?

In its 2015 Corporate Responsibility Report Credit Suisse identifies a range of material issues, such as company performance and stability, consumer and investor protection, corporate governance, environmental and social risk management, quality of services and advice, sustainable investments. However, Credit Suisse’s capacity to inspire trust and create client satisfaction is essential for its long-term success and this goal can only be achieved with skilled, responsible and motivated employees.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Credit Suisse engages with:

Stakeholder Group	Method of engagement
Clients	·     Annual global survey ·     Regular conferences and events for clients ·     Relationship Managers
Shareholders, Investors and Analysts	·     Investor Relations ·     Annual General Meeting ·     Quarterly reporting ·     Annual report and accounts ·     Research ·     Conferences, e.g. the annual Asian Investment Conference
Authorities and Politics	·     Public Policy ·     Regulatory Affairs ·     Regular exchange of information ·     Working groups ·     Trade and business associations
Media	·     Corporate Communications ·     Media Relations
Employees and Trade Unions	·     Employee surveys ·     Town hall meetings with senior managers ·     Credit Suisse Staff Council ·     European Works Council
Suppliers	·     Ongoing dialogue ·     Supplier Code of Conduct
NGOs and IGOs	·     Sustainability Affairs ·     Corporate Citizenship ·     Discussions and events ·     Participation in global initiatives
Local Communities	·     Corporate Citizenship ·     Discussions and debates ·     Support for employees who hold a public office ·     Employee volunteering

How stakeholder engagement was made to identify material issues

• In 2015 Credit Suisse validated its list of issues through discussions with representatives of selected external organizations as well as with internal experts, updating and, where necessary, revising the list of issues.

What actions were taken by Credit Suisse to attract and retain talent as an employer of choice, fostering diversity and inclusion?

In its 2015 Corporate Responsibility Report Credit Suisse reports that it took the following actions for attracting and retaining the most talented professionals as an employer of choice, fostering diversity and inclusion:

• Promoting a culture of performance and development
• Line managers are able, through a globally consistent performance management process, to assess the performance and development potential of employees on an annual basis.
• In 2015:
  • Credit Suisse assessed and documented the potential of 91% of its employees, to methodically identify and track their potential to assume future functions
  • 69% of Credit Suisse employees drew up a longer-term personal development plan
• Line managers attend various training courses, learning how to support team members in order to achieve their professional objectives.

• Making employee opinions count
• Every two years Credit Suisse conducts an employee engagement survey with an independent consulting firm to assess the engagement and enablement of employees and to better understand their views on work-related issues.
• The 2015 survey took place in May and 73% of employees responded to it.
  • With a result of 69%, the engagement score was slightly higher than in 2013 and exceeded the average among other companies in the financial services sector (64%).
  • 73% of employees who took part in the survey stated that they had the resources and means they needed to work efficiently (industry average 65%).

• Investing in campus recruiting
• Since 2011 the percentage of externally hired candidates beginning their careers at Credit Suisse has increased from 39% to 45%, with 19% joining directly from school or university and 26% coming to Credit Suisse with less than two years of professional experience.
• Credit Suisse works closely with leading universities to source graduate talent, running an extensive range of on-campus events to enable students to learn about careers at Credit Suisse. Students can also connect with Credit Suisse digitally through webinars, online career fairs and chat rooms.
• Credit Suisse’s internship programs offer students the opportunity to gain professional experience in the world of finance.
• Credit Suisse runs various programs to identify and selectively cultivate talent from diverse backgrounds: in the UK its award-winning “Steps to Success” program gives top-performing pre-university students an insight into banking by offering short-term internships and helping to fund their tuition fees.

• Providing equal opportunities for all employees regardless of ethnicity or nationality, gender, sexual orientation, religion, age, marital or family status or disability
• Credit Suisse employs people from 169 different nations.
• Credit Suisse’s internal experts work closely with its businesses across the globe to ensure that diversity and inclusion are firmly embedded in its corporate culture, partnering with managers on the planning and implementation of initiatives to support an inclusive working environment.
• Local Diversity Councils ensure that Credit Suisse implements appropriate measures.

• Creating an attractive working environment
• Credit Suisse’s office environment, designed according to the Smart Working concept, allows employees to choose their workspace based on their needs at a specific point in time.
• Approximately 14,000 employees work in Smart Working environments in different regions.
• Credit Suisse has internal policies in place to help guarantee its employment conditions meet the highest health and safety standards. Specialized teams ensure that safety improvements are continuously made in line with local legal requirements.
• In 2011 Credit Suisse became the first Swiss financial services provider to be awarded OHSAS 18001 certification (Occupational Health and Safety Assessment Series) for its operations in Switzerland.
• To ensure that its employees’ needs and interests are properly taken into consideration and to encourage dialogue between employees and managers, Credit Suisse has worked closely, for many years, with organizations such as the European Works Council and the Credit Suisse Staff Council in Switzerland.
• Credit Suisse has developed, in consultation with various specialist units, offerings that help its employees combine their professional and personal commitments as efficiently as possible.

• Taking initiatives to attract talented professionals who have taken a career break
• Real Returns: this is an initiative, launched in 2014 and extended to Switzerland in 2015, that gives talented and experienced professionals who have taken an extended career break the opportunity to transition, through a structured paid program, back into the workplace, enabling participants to leverage their professional skills and networking capabilities through a program that combines challenging project work, training, mentoring and networking opportunities.

Which GRI indicators/Standards have been addressed?

The GRI indicators/Standards addressed in this case are:

1) G4-LA1: Total number and rates of new employee hires and employee turnover by age group, gender and region – the updated GRI Standard is: Disclosure 401-1 New employee hires and employee turnover

2) G4-LA3: Return to work and retention rates after parental leave, by gender – the updated GRI Standard is: Disclosure 401-3 Parental leave

3) G4-LA4: Minimum notice periods regarding operational changes, including whether these are specified in collective agreements – the updated GRI Standard is: Disclosure 402-1 Minimum notice periods regarding operational changes

4) G4-LA5: Percentage of total workforce represented in formal joint management–worker health and safety committees that help monitor and advise on occupational health and safety programs – the updated GRI Standard is: Disclosure 403-1 Workers representation in formal joint management–worker health and safety committees

5) G4-LA6: Type of injury and rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities, by region and by gender – the updated GRI Standard is: Disclosure 403-2 Types of injury and rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities

6) G4-LA8: Health and safety topics covered in formal agreements with trade unions – the updated GRI Standard is: Disclosure 403-4 Health and safety topics covered in formal agreements with trade unions

7) G4-LA9: Average hours of training per year per employee by gender, and by employee category – the updated GRI Standard is: Disclosure 404-1 Average hours of training per year per employee

8) G4-LA10: Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings – the updated GRI Standard is: Disclosure 404-2 Programs for upgrading employee skills and transition assistance programs

9) G4-LA11: Percentage of employees receiving regular performance and career development reviews, by gender and by employee category – the updated GRI Standard is: Disclosure 404-3 Percentage of employees receiving regular performance and career development reviews

10) G4-LA12: Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity – the updated GRI Standard is: Disclosure 405-1 Diversity of governance bodies and employees

11) G4-LA13: Ratio of basic salary and remuneration of women to men by employee category, by significant locations of operation – the updated GRI Standard is: Disclosure 405-2 Ratio of basic salary and remuneration of women to men

Why diversity matters

• A diverse workforce drives both innovation and market growth for companies (Harvard Business Review)
• Employees from companies embracing diversity are 45 percent more likely to report that their company’s market share increased during the preceding year and 70 more likely to report that their company captured a new market (Harvard Business Review)
• Workplace diversity across a number of dimensions, like education or personality, improves a group’s performance and creativity (Stanford Graduate School of Business)
• Diversity enhances a group’s ability to manage conflict (Stanford Graduate School of Business)
• Gender-diverse teams are more productive compared to single-gender ones (MIT News)
• Switching from a single-sex office to a gender-diverse one could increase revenues by approximately 41% (MIT News)

 

References:

1) This case study is based on published information by Credit Suisse, located at the links 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 links:

http://database.globalreporting.org/

https://www.credit-suisse.com/media/assets/corporate/docs/about-us/investor-relations/financial-disclosures/financial-reports/csg-crr-2015-en.pdf (2015 Corporate Responsibility Report by Credit Suisse)

2) http://www.fbrh.co.uk/en/global-reporting-initiative-gri-g4-guidelines-download-page

3) https://g4.globalreporting.org/Pages/default.aspx

4) https://www.globalreporting.org/standards/gri-standards-download-center/

5) https://hbr.org/2013/12/how-diversity-can-drive-innovation

6) https://www.gsb.stanford.edu/insights/diverse-backgrounds-personalities-can-strengthen-groups

7) http://news.mit.edu/2014/workplace-diversity-can-help-bottom-line-1007

Note to Credit Suisse: With each case study we send out an email to your listed address in request for a comment on this case study. If you have not received such an email please contact us.