Many studies have examined the contribution of sustainable business undertaking on the value and performance of various organizations. Performance has been looked at from both a social, economic and environmental performance. Whether you believe on the three tenets of performance or not is a story for another day.
The question of sustainability pervades almost all sectors, with greater importance being placed on for-profit, private organizations. Even still, if we had a "sustainabarometer", for-profit manufacturing organizations would be worst hit by sustainability debates and would score poorly if subjected to the barometer. Using the same barometer, organizations in the financial services sector would be least hit by the sustainability debate and would score favourably.
However, the question as to whether financial sector organizations should be involved in sustainability debates has not departed the academic circles and key World Forums on sustainability matters.
For instance, if a key stakeholder at a micro finance asked:
- HOW DOES OUR MICRO FINANCE CONTRIBUTE TOWARDS ENVIRONMENTAL DEGRADATION?
How would you respond to that question? ...and suppose a [not-so educated] member of a savings and credit cooperative presents the following comment during the Annual Delegates' Meeting:
- I DO NOT UNDERSTAND WHY OUR SOCIETY IS CONTRIBUTING KSHS 200,000 TO THE RIVER CLEANUP, YET IT IS COMPANY XTY WHICH POLLUTED THE RIVER!
Again, how do you respond if you were the Mr[s] Chair of the society? What justification would you offer for committing hard-earned and sweated member funds into activities which have no connection to the cooperative? You tell me, what would be your response?
The two propositions highlighted above are key sustainability issues that financial institutions are often faced with when handling sustainability matters. My response to the both of them is as per the following reflective questions:
- We have been operating, thanks to the society around us.... so what are we giving back to the society in return?
- We, as a cooperative have always envisioned and sung the song "Concern for the Community" as one of our key principles...what have we done to live to the demands of this principle? Are we preaching water and drinking wine?
- We are taking of growth in business, but we must be seen by the society out there.. what is it that we can do to keep our memories active within the society?
What suggestions would you offer in response to the two sustainability issues? Please share....
David
