Scotiabank issues Annual CSR Report: Commitment in Action

TORONTO, March 16, 2012 /CNW/ – Scotiabank’s 2011 Corporate Social Responsibility (CSR) Report entitled ‘Commitment in Action’ is now available.  Complementing the Bank’s Annual Report, this high-level summary provides an overview of the Bank’s CSR strategy, key performance indicators and examples of CSR activities.

“We have seen many exciting examples of corporate social responsibility in action across the Bank’s multinational operations in 2011,” said Kaz Flynn, Vice President of Corporate Social Responsibility for Scotiabank. “Whether it be meeting our customers’ financial needs, providing an inclusive workplace where employees can succeed, adhering to strong governance practices, being environmentally responsible or reaching out in support of our local communities, corporate social responsibility is present in all of our day-to-day practices.”

Several new programs, initiatives and successes are highlighted in the Bank’s 2011 CSR Report which spans community, employees, customers, shareholders and the environment.

With a focus on community, Scotiabank ushered in 2011 with the launch of Scotiabank Bright Future, a global philanthropic program that brings together the Bank’s charitable, social and community efforts and employee volunteer activities under one global banner. Last year, through Bright Future, the Bank provided approximately $50 million in donations, sponsorships and other forms of support while employees logged more than 360,000 volunteer hours in support of their communities.

Also as part of the Bright Future program, in 2011 Scotiabank introduced a global HIV-AIDS strategy to strengthen its work in combating the life-threatening disease and associated discrimination and stigma.

Building on the commitment to provide employees with a consistent and excellent work experience, last year Scotiabank partnered with CUSO International to offer employees the opportunity to develop and enhance their skills through the new Scotiabank/CUSO International Employee Fellowship Program. The partnership allows employees who meet eligibility criteria to take a six-month to one-year unpaid leave of absence to engage in international development work as volunteers. Summaries of the experiences of the first two employees who completed assignments are outlined in the CSR Report.

The Report also highlights customer case studies including Scotiabank’s response to the earthquake in Haiti with the launch of a “mobile wallet” financial service called TchoTcho Mobile. Provided in association with Digicel and Yellow Pepper, the initiative has helped make banking easy, affordable and more accessible to all Haitians. Scotiabank and Digicel together won the 2011 Global Telecoms Business Innovation Award for Consumer Service Innovation for this affordable product for the people of Haiti.

In Canada, where Scotiabank offers Aboriginal Banking services across 22 branches, the Bank partnered with the Martin Aboriginal Education Initiative to launch a first-of-its-kind on-reserve youth entrepreneurship program at Oscar Lathlin Collegiate at Opaskwayak Cree Nation.

Environmentally, in 2011 the Bank expanded reporting data on paper and energy consumption and reported substantial progress in recycling initiatives, particularly internationally. As part of the Canadian environmental program, EcoLiving, the Bank introduced the Scotiabank EcoLiving Awards to celebrate and reward innovators in home energy efficiency.

The Scotiabank CSR Report, Commitment in Action, is available on Scotiabank’s website, scotiabank.com/csr/reports.