Our CSR philosophy is to integrate environmental, social and governance practices into our day-to-day business activities. We measure our success not only in terms of financial criteria, but also by our success in building customer satisfaction and employee engagement, and supporting the communities we serve. This way of thinking is evident in the Bank’s balanced scorecard approach to management, which integrates CSR elements into our strategic planning and performance evaluation processes.

2007 CSR Highlights

We made progress on a number of specific CSR-related initiatives during 2007. Here are some examples:

  • Achieved 87 per cent score in our Employee Satisfaction Index;
  • Received the 2007 Catalyst Award in recognition of our Advancement of Women strategy, and expanded the program internationally;
  • Enhanced account plans for seniors and students to provide unlimited free debit transactions in branches or through alternative channels;
  • Expanded our children’s educational savings program to 17 countries;
  • Increased the number of paperless recordkeeping accounts by 109 per cent;
  • Provided financing and raised more than $2 billion for the renewable energy sector;
  • Began a five-year sponsorship of the Pembina Institute to support climate change studies;
  • Contributed more than $43 million to community causes in Canada and around the world; and
  • Launched the Scotiabank Bright Future Program in all Caribbean and Latin American locations to support children’s causes.

Key Performance Indicators*

Indicator 2007 performance
Customer Loyalty Index 53%
Total donations & sponsorships (global) $43 million
Number of employee volunteer hours 360,000 hours
Locations serving Aboriginal customers 26
Business with Aboriginal communities Active in 79 First communities Nations
Debt financing to businesses over $92 billion
Taxes (global) $2.0 billion
Non-executive employee base salaries $1.42 billion
Investment in employee training (global) $92 million
Employee satisfaction (global) 87%
Women in senior management 31.5%
Women in senior management (global) 22%
Visible minorities in senior management 10.2%
Aboriginal employees 1.1%
Employees with disabilities 4.0%
Paper consumption 5,409 tonnes
Business travel (air travel) 74,381,681 km
Scotia OnLine transactions 277 million
* Numbers refer to Canadian domestic operations unless specified otherwise

Public opinion and customer insights research
For the second year in a row, we partnered with Decima Research to gauge the views of Scotiabank customers and the public on how they perceive CSR, and Scotiabank’s performance in this area. Among the key findings:

  • More than two-thirds (68%) of Canadians take a company’s CSR performance into consideration when they make everyday purchases.
  • Over one quarter (26%) of consumers take a company’s CSR into consideration when making an investment decision.
  • 70% of employed Canadians would consider changing jobs if their employers did not operate in a socially responsible manner.
  • About one in five Canadians (19%) would switch to another financial institution if it demonstrated a higher degree of excellence in its CSR commitments.

This year, Scotiabank extended its research globally. According to research and polling conducted by Globescan in 2007, the three areas where expectations of companies are highest are:

  • Not harming the environment;
  • Treating employees fairly; and
  • Ensuring a responsible supply chain.

In addition, nearly half of people across the 24 countries surveyed expressed a “great deal” of personal concern about the environment. The study also revealed that the gap between expectations about a company’s CSR performance and perceived performance is widening in developed countries, but is narrowing in developing countries.

Scotiabank is a long-standing member of the United Nations Environmental Program Financial Initiative (UNEP FI), and we participate in its North American Task Force (NATF). In 2007, the NATF published a study on green products in the North American market, and Scotiabank participated in a training day dedicated to this topic. The study is available at www.unepfi.org.

Scotiabank is a member of Canadian Business for Social Responsibility (CBSR). CBSR is a non-profit, business-led, national membership organization of Canadian companies that have made a commitment to operate in a socially, environmentally and financially responsible manner, recognizing the interests of their stakeholders, including investors, customers, employees, business partners, local communities, the environment and society at large.

"Each year since 2003, the Consumers Council of Canada has completed a review and critique of Scotiabank’s Corporate Social Responsibility report. The Council reviews the elements of each year’s report against the eight-plus-one international consumer rights. A team of experts is assembled from our community to provide Scotiabank with our best advice. The Council is delighted that the comments and suggestions we have provided over the years have been largely addressed by Scotiabank.We are very pleased to be continuing this annual review."

Michael Lio, Executive Director

For more information on the Council, please visit consumerscouncil.com

Employee views
Information on our employees’ views about CSR and the Bank’s progress on CSR objectives is a key component of continuously improving the Bank’s CSR strategy. To help us measure employee views, we engage a third-party organization to survey our employees. Canadian Business for Social Responsibility conducts this survey and, in 2007, 98% of employees indicated that they strongly agreed or agreed that Scotiabank is a socially responsible company.

CSR priorities for 2008

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CSR at a glance