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The Credit Union Opportunity: Success Through Leadership and Purpose Presented to the CUCC June 26, 2014 Presented by: Chris Coulter chris.coulter@globescan.com
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Introduction Business & Society The Business Case for CSR Leadership Seizing the Opportunity Discussion Agenda
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Multiple Sources of Evidence +
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Key Points 1.Urgent action required: we need to accelerate progress in sustainability 2.Ongoing pressure: growing expectations for responsible business and government regulation, declining trust in business 3.Opportunities exist: consumers and employees are looking for companies with corporate purpose 4.Recognized leadership: time is right to build integrated sustainability strategies that mobilize stakeholders internally and externally
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Business & Society
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Accelerating sustainability Too many indicators going the wrong – urgency to change tack Scale & speed of progress required means we must address challenge of systemic change Collective success will come from a more enabling context Governments unable to lead; NGOs are not powerful enough; investors and consumers not yet engaged – it falls to business
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7 Canadians have low trust in business, especially CU members 4t. Please tell me how much you trust each of the following institutions to operate in the best interest of our society. Would you say you have a lot of trust, some trust, not much trust, or no trust at all in…? CU members much more distrusting of Canadian companies: -15 vs. - 2 net rating
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8 Massive decline in trust in Canadian companies Trust in Institutions Net Trust,* Canada, 2001–2014 4t. Please tell me how much you trust each of the following institutions to operate in the best interest of our society. Would you say you have a lot of trust, some trust, not much trust, or no trust at all in…? *Net trust equals “a lot of trust” and “some trust” minus “not much trust” and “no trust at all”
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9 Coca-Cola - They use their profits in reforestation Zoomlion - Waste managing and clearance Toyota - What makes them trustworthy is transparency, if you have that you are trustworthy. Unilever – Because they hold competitions of ‘green and clean’ between villages Microsoft - They've had a very good relationship with their employees Gazprom - It participates in charity/ has positive attitude toward children Why companies are trusted John Lewis - Because they provide a good service and they pay their staff well
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10 H&M - With honest work you cannot offer those prices. I think they promote/use child labour. Sanlu - Babies have been poisoned by its milk powder Peugeot - Thinking more capital than workers Ripley - Exploits their employees / pays low salaries Safaricom - It steals from the public through hidden charges Walmart - It is absolutely horrible to its employees. Gazprom - Prices are going up all the time. With natural resources which our country possesses, each person could be a millionaire BP- After the disaster, oil leak, they tried to get out of it, and later had to generate a PR agenda, just to clear their name. Why companies are distrusted Lapindo Brantas - Damaging the environment
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11 Q13t. And what about the Banking/Financial Services industry - what is the most important issue it needs to address? Issues Financial Industry Should Most Address Top Mention, Canada, 2014 Profiteering, ethics, and greed top list of issues banks should address
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12 Fall in perceived responsibility of banking industry has stabilized after crisis years Q23bt. Please rate each of the following types of companies on how well they fulfill their responsibilities to society. Compared to other types of companies, would you say [INSERT COMPANY TYPE] are? -
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The need for integration, understanding and narratives
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The Business Case for CSR
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15 High Expectations: plurality increasingly believe that companies should have extended role Q6t. People have different views on the role of large companies in society. In your view, should large companies?
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16 ‘Very Serious’ Challenge Credit union members vs non-members, 2014 Values: CU members more concerned about core social and environmental issues Q3t. I am going to read you a list of possible challenges in our society. For each, please tell me how serious a challenge you think it is
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17 Regulatory Pressure: support for greater regulation around CSR continues to grow Q8t_dt. Please tell me if you strongly agree, somewhat agree, somewhat disagree, or strongly disagree with each of the following statements. – Our government should create laws that require large companies to go beyond their traditional economic role and work to make a better society, even though this could lead to higher prices and fewer jobs.
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18 Q8t_gt. Please tell me if you strongly agree, somewhat agree, somewhat disagree, or strongly disagree with each of the following statements. - The more socially responsible my company becomes, the more motivated and loyal I become as an employee. Human Capital: majorities of corporate employees report being motivated by CSR
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19 Consumers: ?
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ASPIRATIONALS MEET THE
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21 Consumer segmentation that aligns marketing and sustainability
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22 Aspirational are everywhere China 51% India 58% USA 34% UK 41% Russia 47% Spain 32% Peru 42% South Korea 53% Germany 23% Argentina 21% Indonesia 46% Mexico 21% Brazil 33% % of Population Who Are Aspirationals 18 Countries, 2014 Pakistan 38% Australia 40% France 24% Nigeria 43% Canada 41%
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Credit Unions unique opportunity ‘Do no harm’ ‘Catalyst for good’ Status QuoCredit Unions ‘Do no harm’ ‘Catalyst for good’
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Leadership
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25 State of recognized leadership in Canada 24t Please name a specific large company that comes to your mind as fulfilling its responsibilities to society better than others – in other words, is a “responsible company”. Can you name another? 27t Please name a specific large company that comes to your mind as doing a POOR job of fulfilling its responsibilities to society; in other words, a company you see as NOT being a responsible company. Can you name another? Most Socially Responsible Companies Canada, 2014
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26 Unilever increasing its lead
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27 Stakeholders point to companies with an integrated CSR strategy and branded platform Sustainable Living Plan “Don’t Buy this Jacket” Mission Zero Ecomagination / Healthymagination Plan A Nike Better World Creating Shared Value Live Positively / Me We World People & Planet Positive
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28 Leadership Framework Vision & Strategy Integration & Performance Engagement & Communications Big idea: aspirational vision Ambitious galvanizing goals Business and sustainability strategy alignment Targets & metrics Programs & initiatives Embedded across business Transparency Dialogue and collaboration Branded platform
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THE CHALLENGE: MANAGING COMPLEXITY, DEFINING WHAT WE STAND FOR AND COMMUNICATING THIS IN AN INTEGRATED AND ALIGNED FASHION
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Seizing The Opportunity
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31 Complexity 1. Scale a coordinated big idea
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1. Scale a coordinated big idea: a purposeful platform to deepen commitment, clarify what you stand for, and align with broader business and societal goals Ambitious Galvanizing Goals Programs & Initiatives Materiality & Stakeholder Expectations Targets & Metrics …What do you stand for? …Why should stakeholders care? …How do stakeholders know? …What do you mean? …Why do you care? Complexity Big Idea
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2. Align for success: stronger internal (and external) alignment allows for better management of risks and opportunities
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3. Expand communications and engagement to ensure ROI on CSR: recognized leadership delivers reputation equity, brand equity and talent equity Reputation Equity: Greater opportunities for partnerships, more influence on policy and better risk management Brand Equity: Increased market share, enhanced customer loyalty and brand value Talent Equity: More motivated work force, higher employee retention and increased talent attraction
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What Are We Going to Choose?
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