Social responsibility is a strategic incentive for businesses. The starting point is that the company coexists with many stakeholders. Beyond the shareholders, some others financial investors, e.g.: employees; customers; local communities do business with a company. Everyone has specific expectations, and can influence the company’s performance. The company, this way, has the chance to stimulate the multi-stakeholder-oriented strategic management, in order to benefit all those with whom the company has relationships.
The consequence is that CSR could impact the competitiveness of companies and countries. Social responsibility is not an additional activity, it is about the core business of the bank and, generally, of the company. It is an innovative business approach, able to combine profits and the quality of a business in order to benefit all those with whom the firm has relationships and daily interchange.
Italian banks are very active on this issue. The interbank working group – coordinated by ABI for meetings and discussions on corporate social responsibility – now includes banks accounting for 81,4 percent of all bank branches in Italy and 79 percent of assets. Social and environmental reporting is a very strong issue as well: in 2007, banks representing more than 81.8% of total assets and 77% of counters, published a report to the stakeholders.