Bank of Montreal 2010 Annual Report Download - page 16
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14 BMO Financial Group 193rd Annual Report 2010
Today people expect more of businesses than ever before. But as they set higher standards
and apply closer scrutiny, what they’re really looking for comes down to one key element:
responsibility. It’s what market leaders have always done – act responsibly to achieve
sustainable positive results.
A company’s first
responsibility is to be
well managed.
As the uncertainty that swept financial
markets in late 2008 led to a global
downturn, the impact on individual lives
was mirrored in the damaged reputations
of businesses that had lost their way
and disappointed long-time stakeholders.
The public conversation soon turned
from specific examples of questionable
judgment to broader issues of corporate
governance and accountability.
Customers want to know that they can
still invest their most valued asset: trust.
People want to see that institutions are
actively striving to meet and exceed their
high expectations. Gauging the depth
of that commitment means looking beyond
corporate declarations of vision and values.
Organizations, like individuals, are judged
not by what they say, but by what they do.
A company’s good name is a reward
bestowed by customers who feel their
needs have been well served. Financial
institutions earn solid reputations
through sound decision-making and by
upholding the principles of responsible
manage ment, maintaining capital
strength and strategically managing
risk in complex global markets.
As Canada’s financial sector reaffirms its
stewardship role in ensuring economic
stability, governance practices must be
rigorous and transparent. Codes of conduct
must extend beyond the boardroom to treat
all employees equitably and welcome their
diverse points of view. Customers must
receive the same level of respect, whether
in
a branch down the street or an office
halfway
around the globe. Communities
should be able to count on support
for local efforts to improve health and
prosperity. And the entire planet should
benefit from companies’ efforts to
reduce their collective footprint.
Measuring success against the triple
bottom line of social, economic and environ-
mental responsibility is not a matter
of compliance – it’s a business imperative.
From adopting greener practices to
safe guarding against risk, responsible
choices spur competition, inspire innovation
and drive sustainable growth. And
the loyalty they create is embodied
in the ultimate hallmark of corporate
responsibility: reputation.