The 2008 global financial crisis resulted in vast disturbance across financial systems in general. Banks, as the dominating financial institutions, have also been held responsible for significant risk takings. They are assumingly the leading cause for the onset and development of the financial crisis, and its evolution to the debt crisis of countries played a significant role. Their actions had impacts on literally every level of social activities, collective and individual. During the crisis, international institutions have set up many mechanisms and initiatives for more socially responsible behaviour in the financial sector and beyond to avoid such phenomena in the future and establish a more sustainable society. To this point in time, various frameworks concerning non-financial reporting exist in the fragmented eco-system. Financial institutions can use various non-financial reporting recommendations, principles, guidelines, and frameworks prepared, some specifically for financial institutions, these giving particular thought to consumer protection. Non-financial disclosures must be relevant, reliable, comparable, and verifiable. High-quality information is trustful and enables better and more credible (business) decision making. Various stakeholders, especially financial institutions, can influence environmental protection through credit policy and energy management and contribute to better, more equal, and fairer relationships with their stakeholders, such as customers, employees, owners, and others. Trust, being a very cornerstone of the financial services industry, has been eroded in the past decade, also because of the crisis consequences, but it is being slowly restored by a growing number of exemplary banking and financial institutions’ practices. Therefore, the general public opinion toward financial institutions might at a slow but hopefully positive trend regain trust and positive attitudes before crises.

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Non-Financial Reporting in Financial Institutions

  • Sabina Taškar Beloglavec,
  • Daniel Zdolšek

摘要

The 2008 global financial crisis resulted in vast disturbance across financial systems in general. Banks, as the dominating financial institutions, have also been held responsible for significant risk takings. They are assumingly the leading cause for the onset and development of the financial crisis, and its evolution to the debt crisis of countries played a significant role. Their actions had impacts on literally every level of social activities, collective and individual. During the crisis, international institutions have set up many mechanisms and initiatives for more socially responsible behaviour in the financial sector and beyond to avoid such phenomena in the future and establish a more sustainable society. To this point in time, various frameworks concerning non-financial reporting exist in the fragmented eco-system. Financial institutions can use various non-financial reporting recommendations, principles, guidelines, and frameworks prepared, some specifically for financial institutions, these giving particular thought to consumer protection. Non-financial disclosures must be relevant, reliable, comparable, and verifiable. High-quality information is trustful and enables better and more credible (business) decision making. Various stakeholders, especially financial institutions, can influence environmental protection through credit policy and energy management and contribute to better, more equal, and fairer relationships with their stakeholders, such as customers, employees, owners, and others. Trust, being a very cornerstone of the financial services industry, has been eroded in the past decade, also because of the crisis consequences, but it is being slowly restored by a growing number of exemplary banking and financial institutions’ practices. Therefore, the general public opinion toward financial institutions might at a slow but hopefully positive trend regain trust and positive attitudes before crises.