ABBL and Corporate Social Responsibility
In recent years, an increasing emphasis has been placed on companies and institutions’ responsibility for the environment and society. As important economic actors, financial institutions have a significant part to play in terms of CSR.
Indeed, the ABBL is committed to a responsible conduct of the financial sector as a whole in Luxembourg.
1. A responsible banking and financial sector
The ABBL is committed to a responsible banking and financial sector in Luxembourg in accordance with the international standards and regulations in force. In this way, the ABBL aims to promote a modern and innovative regulatory environment, enabling the creation of optimal conditions for the development of new banking and financial activities, while enhancing the competitiveness of Luxembourg. The ABBL proposes new regulatory frameworks and seeks to improve the quality of the legislation. In particular, the association is involved in the work of the “Haut Comité de la Place Financière”.
Aside from regulations, the ABBL encourages compliance with high professional standards and the values of integrity and professionalism. To this end, it develops recommendations for its members with the objective of setting ethical and responsible standards and behaviour.
2. A governance model that meets the expectations of its members
The ABBL is an association that serves its members. It responds to their expectations and involves them in its activities.
In 2014, the ABBL adopted a new governance to ensure better representation of its members on its board. In addition to the CEOs of the six largest banks, the board is now composed of representatives from banks based on the geographical groupings determined by and made up of these banks themselves, and representatives from business lines or clusters to take into account the existence of different banking business lines (private banking, commercial banking, retail banking, depositary banking) and banking-related business lines (trade, post-trade, auditors and consultants, lawyers).