Montreal, September 16, 2019 - Desjardins is incredibly proud to be the first financial institution in Canada to sign the Principles for Responsible Banking (PRB). Desjardins President and CEO Guy Cormier will be in New York September 22 and 23 to participate in an official signing event at United Nations headquarters. He'll also participate in a panel discussion on the future of the banking industry.
The financial sector can make a significant impact in the fight against climate change and the push for responsible and sustainable development. As a signatory of the PRB, Desjardins is continuing to show real leadership in field. The new pledge follows the organization's commitment to the Principles for Responsible Investment (PRI), ten years ago, and the Principles for Sustainable Insurance (PSI), more recently.
During the panel discussion, Cormier will join 10 other CEOs from financial institutions from around the globe. He'll be discussing the need for concerted international action to adopt a capitalist model that's more inclusive and more concerned with environmental protection.
"The brand of capitalism we've seen over the last 30 or 40 years has caused significant collateral damage, including increased inequality and unbridled resource consumption. We need to change course and take a more inclusive approach that ensures the sustainable use of the resources essential to human life. Desjardins is committed to the Principles for Responsible Banking because we think the future of a healthy society lies in more intercooperation, more engagement by all and more solidarity," said Cormier.
The Desjardins CEO will also highlight the similarities between the cooperative model and the ambitions laid out in the PRB.
"Cooperatives aren't publicly-traded companies, so they're not under the same pressure for short-term results and speculation. It frees them up to take a long-term view. And they're owned by their members, so they have a greater interest in serving them and their communities. That's exactly the spirit of the PRB," added Cormier.
Desjardins's decision to sign the PRB is also meant to increase awareness with stakeholders, including members and clients, directors, employees, partners and even competitors.