Latin Finance - November/December 2009 - 54

mid-cap banks HSBC, Deutsche and Falabella,” says Blanco. Particularly surprising is the fact that three of the offenders are units of leading global financial institutions. “International banks face the challenge of being aligned to the headquarters’ strategies and, at the same time, meeting their national market needs and demands,” says Blanco. In second place, down from first in 2008, is Brazil’s BicBanco, which has undertaken significant investment in training to boost its standing in sustainability, including formulating a code of ethics. “Mid-caps that operate this way are learning from decades of experimentation at big caps around the world,” says Blanco. And in third place is Mexico’s Banco Compartamos, a new entrant to the M&E survey. The microfinance specialist has a track record of sustainable growth, acting as an intermediary between large investors and lower income segments. As further evidence that the field is getting more competitive, Banco Pine maintained its percentage compliance in this year’s study, but it drops to 12 from third place. “The main reason for this is that Banco Pine is not yet publishing CSR [corporate social responsibility] measures and policies through the website,” says Blanco. However, M&E points out that criticism of expensive CSR policies, such as giving away money to communities, is growing as banks become more cost conscious and the returns for CSR remain foggy at best. While big banks have been experimenting for years with models of measuring the success of CSR investment, no successful system has emerged at middle market, says M&E. “Investments are more in less marketing oriented measures, such as IT, training and prudent financial management,” says Blanco. “There is a trend toward trying to measure the financial returns of sustainability and CSR investments,” she adds. Stagnation in CSR is likely over the next few years as companies see the difference between sustainability – which revolves around operating efficiency – and CSR, which is advertising in one form or another. As such, CSR spending can be expected to rise and fall with advertising, and be at the whim of CEOs, says Blanco. Argentina and Mexico are the nations with the best averages, at 57.19% and 49.54% respectively. However, the survey includes just two Argentine and only three Mexican entities. The Brazilian average is 47.09%, which includes data from 16 entities in that country. M&E highlights the investment the Brazilian financial market has been making for the past years in sustainability. Meanwhile in Venezuela, M&E says that absence of regulation on disclosure undermines the showing there. The average of the 11 banks researched was just 12% and none got more than 50% compliance. LF UPDATE For more on corporate governance, see www.latinfinance.com > 54 LatinFinance November/December 2009
http://www.latinfinance.com

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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