Sustainability and determination

Our vision of determination

 In our Code of Conduct, we have made two commitments relating to the corporate value ‘determination’, namely:

• To be determined in our actions and in producing sustainable results.
• To constantly strive to develop our activities and those of our partners, as well as our customers’ assets.

It is often instructive to go back to the etymology of words to fully understand their origin and meaning. The word ‘determination’ comes from the Latin ‘determinatio’, meaning ‘to set a limit, end, extremity’. The current version of the Académie française dictionary offers several definitions:

• To delimit precisely, to characterise clearly, without ambiguity.
• A decision taken after having hesitated between several parties.
• Firmness and constancy in carrying out what has been decided upon.
• The fact of being the cause or condition of the existence of a phenomenon.

On reading these definitions and in the light of the bank’s commitments, we will see that the characteristics of determination are fully correlated with the implementation of our sustainability approach.

Making a long-term commitment and staying the course

When we talk about sustainability, we often highlight the evolution of the economic theories introduced successively by Milton Friedman and R. Edward Freeman.

In the 1970s, M. Friedman considered that the purpose of a company was to maximise its profit (its financial value) to serve the interests of its shareholders.

In the following decade, R. E. Freeman introduced the stakeholder theory, based on the quest to maximise integrated value, i.e. not only the financial value but also the social and environmental value. In doing so, he emphasised the importance of business ethics, an essential element of a sustainability approach, especially in the banking sector where governance issues are particularly sensitive.

Why talking about these theories? Because one of the key factors in the success of a sustainability approach is to define a long-term strategy, the fruit of a strong conviction of top management and of a regular dialogue with all stakeholders.

At ONE, from 2021 onwards, we began to define clear and realistic ambitions. We have never tried to ‘sell the dream’, regardless of the new measures to prevent greenwashing in the financial sector. For us, determination means conviction, and this must be reflected in our actions. For example, our action plan published in our first Sustainability Report in October 2022 has been included in the 2023 edition to communicate transparently on our progress. Being determined also means accepting to move forward step by step without ever losing sight of our objectives, even in the most turbulent times.

Determination in the service of constructive dialogue with our partners

As part of the B Corp certification process, the bank has already been able to identify areas for improvement, particularly in terms of environmental impact. For several weeks now, we have been talking to some of our suppliers about reviewing our purchasing policy and introducing more sustainable solutions, such as using recycled paper and environmentally friendly cleaning products in our premises. We have also sent for signature our Suppliers Charter, which includes commitments on human rights and the environment. These various initiatives have been very positively received and demonstrate that ONE and its suppliers are partners driven by the desire to develop responsible purchasing practices.

As far as our customers are concerned, there is no denying that the bank operates in a highly competitive environment. Like our suppliers, we see them as partners. We are solution-oriented and committed to serving their interests. Since 1 January 2024 and the entry into force of Swiss Banking Association’s self-regulation, we have been requested to ask our new clients about their ESG (Environmental, Social and Governance) preferences. Existing clients will also be affected from 1 January 2025. This ‘obligation’ is an opportunity to get a better idea of our clients’ appetite for different responsible investment approaches. To date, the bank applies two approaches (exclusion and ESG integration), both of which are publicly communicated in our Responsible Investment Charter. However, convinced of our need to progress, we will be launching an impact fund in the coming weeks. This reflects our desire to develop our investment offering to meet new market expectations and to contribute to Switzerland’s influence in the field of sustainable finance.