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That the heads of corporate and institutional banking for a dozen of the world’s largest credit providers -notoriously the most fiscally conservative people in any boardroom -have affirmed that Certified B Corporations, and a select few other forms of rigorous third-party-verified ESG performance, are effectively better risks than traditional businesses may mean that “the future of banking” will become the future of business.Īt its 2017 annual shareholder meeting, Danone* announced its intention to become a Certified B Corporation, becoming the first Fortune 500 company to publicly set such a goal.
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“A transaction that demonstrates that delivering on sustainability will ultimately drive economic performance? Yes, this is the future of banking.” Yann Gerardin, head of corporate and institutional banking at BNP Paribas, said: The other ESG performance criteria include scores granted to Danone by Sustainalytics and Vigeo Eiris, two leading global providers of research and ratings of companies’ ESG performance. The announcement states that one of two ESG criteria recognized in Danone’s amended credit facility is the percentage of Danone's consolidated sales from its Certified B Corp subsidiaries.Higher B Corp sales equals lower cost of capital. This move is consistent with Danone’s ambition to become a B Corp and with our long-term commitment to create sustainable value for our shareholders and all our stakeholders.”
DESAFÍO DA PISCINA NEW DRIVERS
“We are thrilled to be a pioneer in combining both traditional financial and ESG criteria as drivers of long-term sustainable performance, and for our banks to support this vision.
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Cécile Cabanis, Danone’s Chief Financial Officer said: If BlackRock were speaking directly to every CEO, Danone is speaking to every CFO, making a clear business case for pursuing credible impact-management strategies that result in third-party-verified high performance. Danone goes even further, holding themselves accountable by linking verified ESG performance to concrete financial incentives and penalties. The Danone release addresses the understandable skepticism of some observers that it has been difficult to move the needle from lofty statements of principle to verified standards of performance. We may be approaching a tipping point in the evolution of capitalism where financial value creation is directly linked to societal value creation and systemic risk mitigation. Cue the CFO party music-and there’s no party like an independent third party.ĭanone’s decision comes on the heels of the recent warning letter to CEOs by the world’s largest investor that the CEOs risked losing BlackRock’s support if they fail to demonstrate that they create value for society.