Social Bank
Caixa Geral de Depósitos’ leadership in the field of sustainable development is an investment in the future, and the future is built on the present. In addition to leading the largest Portuguese financial group, Caixa is the most trusted Portuguese Bank, and also the most valuable brand in Portugal and the most sustainable financial institution in Portugal (2010). In this context, Corporate Social Responsibility is a pillar of strength for CGD, the banking brand most associated with Social Responsibility, impacting 1.9 million individuals.
CGD's commitment to the Community is based on the defence and constant application of the principles of ethics, transparency and respect for the rules that regulate its activity, its adhesion to codes of conduct and good practice, respect for employees, providing the best employment and personal conditions and promoting their continuous training to develop each person’s talents and, also, continued support and commitment to social and cultural activities, responding to the real needs of society. This active role in the community focusing on the creation of value is part of the centuries old history of the Caixa.
Therefore, Solidarity is one of the strategic axes of intervention in society, and Caixa has proved itself capable of promoting best practices in addressing the problems and challenges of Portuguese society at different times and in different situations, seeking to always be present in direct support of various initiatives and voluntary organisations, and of Portuguese families in general.
As a Bank, its responsibilities are associated with the ability to achieve good financial results. But its activity does not end there. On the contrary, CGD does not forget that it is essential to have a society with high standards of education, social inclusion and stability, accepting that, in line with its Policy on Community Engagement, it has an important role to play in these issues.
As part of CGD’s Sustainability Programme, Community Engagement is a commitment undertaken at the highest level of management, which Caixa’s Board of Directors has renewed over the years, aware that the sustainable development of the Bank contributes to a better society. This has been part of Caixa’s DNA since 1876... and so it will continue to be.
In this context and as part of its Policy on Community Engagement, CGD provides a number of initiatives and projects, which are identified below:
BVS (Social Stock Exchange)
Since 15 July 2010, Caixa has been the Official Bank of the Social Stock Exchange.
The Social Stock Exchange (BVS) replicates the environment of a Stock Exchange, facilitating the meeting between civil society organisations and social investors willing to support these organisations – carefully selected, with significant work and proven results – through the acquisition of their shares.
Following the example of what happens in the capital market, the Social Stock Exchange is the space that provides this meeting point and ensures transparency in the relationship between the Organisation and the social investor. It is through this transparency and tracking and monitoring that the projects to be included in the BVS are chosen, which guarantees investors the efficacy of their investment. Moreover, also as with a normal Stock Exchange, the results can be tracked at any time by the social investors.
By promoting the concepts of social investment and the social investor, the Social Stock Exchange proposes that support for civil society organisations be seen from the perspective not of charity, but of investment that should generate a new kind of profit: social profit.
This model originated in Brazil (2003), with the creation of the first Social Stock Exchange in the world, BVS&A for BM&FBOVESPA – Brazilian Stock Exchange, recognised as unprecedented by UNESCO and adopted as a case study and model recommended by the UN to all stock exchanges in the world, under the Global Compact.
The Social Stock Exchange in Portugal is the second in the world, and the first in Europe within the environment of a Stock Exchange.
Caixa Fã Fund
The main objective of the Caixa Fã Fund is to support structural projects (as opposed to financing the normal activities of organisations) undertaken by Civil Society Organisations (CSOs) with the credibility and capacity to ensure the implementation, maintenance or expansion of projects falling within the areas of Social Responsibility and Sustainability.
The institutions and projects selected ensure the greatest possible diversity, both in terms of features and themes and location/dispersion within the country, and may represent various areas, such as Education, Research, Citizenship, Solidarity and Social Entrepreneurship.
Caixa channels 0.05% of revenue originating from the use of the Caixa Fã card to this solidarity fund and assigns it to a specific budgetary allocation, which consigns together a total of € 360,000.00 per year for approximately 12 projects.
Since the creation of the Caixa Fã Fund in early 2008, several areas have been supported, such as Education/Research/Citizenship, the Environment and Solidarity. However, since the start of this year, considering the framework of greater social fragility, it was decided to support proposals of a fundamentally social nature.
The Caixa Fã Fund, associated with the Caixa Fã Card, is an innovative initiative within the domestic financial market in relation to the integration of social aspects into business.
Caixa receives the support of the Social Stock Exchange (BVS) to analyse and select candidate projects for the Caixa Fã Fund, monitor use of the donations in each project supported and assess the actual social impact of such support/donation.
In partnership with the Social Stock Exchange (BVS), Caixa is responsible for selecting candidate projects, which takes place every six months.
CSOs whose applications are approved for the Caixa Fã Fund will also have their projects listed on the BVS, leading to increased visibility and attracting potential investors, who may make their donations through the BVS.
The BVS platform aims to promote fundraising and allows the investor to track the progress of their investment through regular news and reports published periodically on the BVS website.
Project applications must be submitted during the months of November and May for financial assistance from the Fund during the first and second half of the year, respectively. Caixa announces by 30 June and 31 December the CSOs selected for the following half year.
The Fund supports each project up to a maximum of €30,000. However, the CSO may submit projects with a value of up to €45,000, with the remainder being quoted on the BVS.
The organisations listed via Caixa Fã, and whose value exceeds the value attributed by Caixa, will remain for a period of six months on the BVS, after which organisations next in line will take their place, whether or not they reached their total amount of funding.
Caixa channels revenue originating from the use of the Caixa Fã Card to this Fund and assigns it to a specific budgetary allocation, which consigns together a total of €360,000 per year.
More information is available in Portuguese at: http://www.cgd.pt/Institucional/Banco-Social/Fundo-Caixa-Fa/Pages/Fundo-Caixa-Fa.aspx
On equal terms (meeting the criteria of CGD and the BVS), preference will be given to projects that focus on job creation and the socio-economic development of vulnerable or disadvantaged groups.
Who Can Apply
For CSOs to be eligible for selection for the Caixa Fã Fund, the following entry criteria shall apply:
- They must be Portuguese, non-profit, legally established and registered and operate and have permanent headquarters in Portugal.
- They must be Civil Society Organisations (CSOs), specifically Private Social Solidarity Institutions or organisations legally constituted as Associations, Cooperatives, Foundations, Local Development Institutions, Charitable Hospitals, Museums, Non-Governmental Organisations for Development or Mutual Associations.
Preference will be given to CSOs that are not:
- Maintained exclusively with public funds or managed by public administration bodies
.
- Maintained exclusively by only one company, group or private business foundation.
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