Ethics and governance

Defining an ambitious ethical framework

The Group is particularly vigilant regarding its compliance with the regulations, internal rules and procedures and ethical principles that govern its activities. Societe Generale pays particular attention to the integrity of its practices; a critical asset in maintaining the trust of its clients, counterparties and regulatory authorities. Determined to ensure that each of its members of staff behaves with integrity, the Group has a Code of conduct that incorporates all the commitments guiding the behaviour and professional activity of its teams. This Code of conduct, validated by the Board of Directors, is divided into specific codes of conduct or charters notably governing fair practice, anti-corruption measures and fiscal probity. Since 2014, the Group has also promoted transparent and honest lobbying practices, as defined in a number of collective statements and charters, and published a Responsible lobbying charter for responsible representation to public authorities and representative institutions.

Governance

The Board of Directors, General Management and Executive Committee are the Societe Generale group’s three key governance bodies. The Board of Directors examines and approves the Group’s strategic orientations and ensures they are aligned with Societe Generale’s values and corporate purpose. It is also responsible for ensuring the Group meets the highest standards in terms of ethics and risk management. The General Management team manages the Company and acts as its representative with third parties; its mission notably consists in drawing up and executing the strategic plan to strengthen the Group’s long-term performance, with the Executive Committee’s support.

Adopting voluntary commitments

Responsible finance implies going beyond simply complying with laws and regulations. That’s why the Societe Generale group incorporates additional voluntary commitments within its ethical reference framework. 

The taking into account of the economic, social, environmental and ethical impacts of its operational and commercial activities is a key component of the Group’s CSR ambition. The Group has defined environmental and social (E&S) general principles that represent the general framework applicable to the Group’s activities in terms of complying with fundamental human rights and respecting the environment. The Group also defines E&S sectoral policies that reflect norms and standards applicable throughout the Group in sensitive areas in which it operates. This commitment mirrors the Equator Principles that define a CSR frame of reference shared by 94 financial institutions around the world, which the Group has adopted since 2007. In terms of protecting the environment and responsible finance, the Group participates in various coalitions and the enforcement of international banking standards, notably with the United Nations, such as the Principles for Responsible Banking in 2019 and the Net-Zero Banking Alliance in 2021.

Respect human rights

The respect of human rights is part of the Group’s corporate responsibility towards its employees, in its relationships with its suppliers and within its activities.

The Group is committed to complying with the human rights legal and regulatory requirements in the territories in which it operates.

In addition, the following major international guidelines and conventions serve as a reference for the Group’s approach to human rights:

• The OECD Guidelines for Multinational Enterprises;
• The United Nations Guiding Principles on Business and Human Rights (UNGPs) of June 16, 2011, and the associated “Protect, Respect and Remedy” framework;
• The United Nations Declaration on the Rights of Indigenous Peoples;
• The United Nations Sustainable Development Goals.

The Group also supports international initiatives aiming to clarify the role of companies, especially from the banking sector, in respecting and promoting human rights:

• As a signatory of the United Nations Global Compact (UNGC) since 2003, the Group supports the ten UNGC fundamental principles, including Principles 1 to 6 related to Human Rights and Labour.
• Societe Generale endorsed in 2007 the Equator Principles, which is a common risk management framework adopted by financial institutions, for determining, assessing and managing E&S risks attached to large-scale projects. Societe Generale is committed to implementing the Equator Principles in its internal E&S policies, procedures and standards. This includes applying specific requirements for clients’ human rights diligence.

In compliance with the “Duty of Care of Parent Companies and Ordering Companies”, the Group implements a Duty of Care Plan aiming at identifying, preventing, or mitigating serious breaches, in relation to human rights, fundamental freedoms, health, safety and security of persons and the environment. This plan and the report on its implementation and notably the risks of violations of human rights that are inherent to its activities, are presented in the annual Universal Registration Document of Societe Generale.

The Group also publishes on its website an annual Statement on Modern slavery and human trafficking, highlighting the main actions implemented to prevent their occurrence.

The Group participates in forums and sector initiatives to promote the respect of human rights and to deepen the understanding of the issues that arise for the financial sector in that area.

For more information, please refer to: Societe Generale - Statement on Human Rights

For responsible data

The bank of innovation and digital, every day Societe Generale collects and analyses a substantial volume of data. Aware of the ethical challenges associated with the information society and in compliance with the applicable legal framework, it has made the protection and responsible use of its clients’ data an imperative in order to ensure their security and protect their confidentiality.