Winning at the bottom of the pyramid
Long before Bill Gates gave his "creative capitalism" speech at Davos, the Financial Times and the IFC had been spreading the word through the annual FT/IFC Sustainable Banking Awards.
Although it is tough to compete with Gates when it comes to getting media attention, this year's awards will include a new category: "Banking at the bottom of the pyramid," which will acknowledge financial institutions that create innovative products to serve the poor.
The deadline for submissions is February 29. Details on their Web site.
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"The Emerging Markets Sustainable Bank of the Year Award recognizes the emerging markets bank that has shown excellence in creating environmental, social and financial value across its operations."
Sounds great but, if creating environmental, social and financial value across its operation is as I gather you believe a worthwhile goal then why do you not say that clearer in the signals you are sending the banks in the emerging nations.
From what we see the regulators are setting up minimum capital requirements based exclusively on the reduction of risks as perceived by those outsourced risk surveyors we know as the credit rating agencies.
You want to send signals that matter for what you consider should be awarded a prize that would be clearer and better than this competition? …then why do you not set up minimum capital requirements based on the rating of environmental, social and financial value creation. And, if you do, why not throw in something about job creation too, which also seems something quite worthwhile for the banks to do.
That is if course unless what you mean when referring to sustainable is solely the sustainability of the bank.
Posted by: Per Kurowski | Feb 4, 2008 4:23:35 PM