Ethical Corporation’s Greenwasher column wonders just what’s going on at Barclays these days.
The bank that refused government help and stayed ‘independent’ doesn’t have much of a responsible business strategy in place.
At least not at group level.
Barclays does much to be a responsible company, let’s be clear.
The firm helped lead the way on the Equator Principles, and has done some excellent work on diversity and financial inclusion in the UK.
But Barclays has been a revolving door for sustainability/CSR executives for years, as the Greenwasher article details.
According to Barclays, CEO John Varley is in charge of corporate responsibiliy, with just a handful of junior managers to support him.
That might be fine in a smaller firm.
But for a giant bank such a structure just cannot work. A big firm such as Barclays needs a senior director to focus and co-ordinate work on responsible business, that much should be clear to anyone.
But Barclays decries this. But cannot say why.
A shame that a bank that was once poised to lead the way in its sector has fallen behind for the sake of 150K a year for a CR director’s salary.
Particularly when they are so profitable, under intense public scrutiny and facing greater regulatory pressures.
It doesn’t make any sense.