Royal Bank of Scotland has begun work on its first community and environment report.
The UK bank, the third largest in Europe, is producing the document in-house and expects to have it ready some time later this year, although its social and environmental performance will be summarized prior to that in the company’s annual report.
‘The focus will be on the community and the environment and the report will include as much material on these issues as we can gather,’ said RBS environmental manager David Graham.
NatWest bank, which RBS took over last spring, produced its first Social Impact Review in 1999 (EP4, 1999) and was one of the most prominent UK banks in the field of corporate social responsibility. However, RBS says NatWest will no longer produce separate social or environmental reports.
‘We are seeking to build on the strengths of NatWest, which laid down some good ground in this area,’ said Graham. ‘NatWest is effectively only a brand name now, so we want to produce something under the RBS banner.’
RBS has taken a greater interest in corporate social responsibility in recent months. For example, it is to sponsor a new project that will encourage growing businesses in poor inner-city areas of the UK.
As the main supporter of the Inner City 100 initiative, which has been set up by the New Economics Foundation think tank, it will help produce and publicize an index of the 100 fastest-growing companies in 19 inner city areas, including five boroughs of London.
The bank claims the index will help reduce financial exclusion and will raise the commercial profile of the businesses highlighted.