- Companies receive massive requests for information, measures and reports on CSR issues from NGOs, analysts, rating agencies etc.
- Responding to all these requests is increasingly time and resource consuming.
- Not all of the requested information is relevant to service providing companies in general, nor to financial services institutions in particular.
- Based on an initiative from Nordea Bank AB, the major Swedish banks, are working together through the Swedish Bankers' Association, and initiated a standardised Corporate Responsibility Assessment Framework for the banking industry.
- They based the framework on the contents of typical questionnaires and information requests that banks receive during an annual cycle.
- Academics associated with the Stockholm Business School developed the framework.
- Costs of gathering material, conducting research and producing the framework.
- Uncertainties regarding acceptance by target groups (NGOs, analysts, rating agencies etc).
- More efficient provision of CSR information, both at company and industry level in the banking sector.
- More relevant, and thus better data for recipients (NGOs, analysts, rating agencies etc).
- The consolidation of many widely dispersed, complex and competing international CSR reporting schemes - a positive contribution to the debate on productive stakeholder dialogue.