engleski

Global initiatives and mechanisms for achieving social responsibility of financial institutions

An increasing attention today is paid to the social role and responsibility of organizations, among them financial institutions. While corporate social responsibility generally has been a widely researched topic, in the field of finance specifically there is a lack of research on organizational models which support the integration of its theory in social reality. This research pays due attention to possible organisational models and operational mechanisms of the concept of social responsibility among financial institutions. The aim of the paper is to recognize and critically analyse, as well as to offer alternative organizational models and mechanisms for achieving higher level of social responsibility of financial institutions. By investigation and comparative analysis of selected global initiatives for social responsibility of financial institutions, it assesses their potential in bringing changes to conventional financial practice. By presenting SRI funds and their investment strategies, it offers a mechanism for an implementation of the theory of corporate social responsibility among financial institutions. The given research brings a new, multilevel view at the social role of financial institutions, both at the global level through creating and joining initiatives of linking with other social actors, and at their individual level, by exercising different socially responsible investment strategies. Such an approach to social responsibility of financial institutions is an upgrade of a widely accepted, but self-fulfilling conventional approach, which has to a large extent neglected its due contribution to social welfare and environmental protection.

social change; social responsibility; financial institutions; SRI funds

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