The global trend to ingrain a culture of sustainability within the business community did not arise from a vacuum. Indeed a number of the ecological, social and economic upheavals witnessed in the 21st Century are examples of the consequences of ignoring the reverberating impact of policies motivated by profit alone.
Recognition of this has led to the acceptance of sustainable development as a guiding model for both public policy and corporate governance, as evidenced by global events such as the 2005 World Summit on Social Development. This summit has identified key and specific sustainable development goals which aim at striking a balance between economic development, social development and environmental protection.
These include the enforcement of green policies (such as recycling, regulating energy consumption, and promoting renewable energy usage) and social development policies (such as prioritizing employee turnover, women in management, employee health and safety, community development, and human rights).
Other global initiatives that aim to stimulate sustainable development policies in business include the United Nations Global Compact (UNGC), in which EFG Hermes is a member. The UNGC is a forum whereby companies and organizations from all over the world pledge to enact and support ten principles which aim to advance human rights, labor rights, environment, and anti-corruption.
In a world fraught with global warming and the dangers of political and social instability, the need for participation in initiatives advancing the cause of sustainability such as the Global Compact has become vital to local, regional and global security. As the leading investment banking firm in one of the most critical regions to global stability, EFG Hermes must shoulder the responsibility of leadership in this arena and has chosen to lead by example by promoting sustainability.