Corporate Social Responsibility Report 2012

Transcription

Corporate Social Responsibility
Report 2012
Corporate Communication Office
Av. Meritxell, 80
AD500 Andorra la Vella Principality of Andorra
Tel.: +376 88 80 26
comunicaciocorporativa@creditandorra.ad
www.creditandorra.ad
CONTENTS
STATEMENT
BY THE CHIEF
EXECUTIVE
OFFICER | 6
INTRODUCTION
TO THE REPORT | 8
MANAGING
CORPORATE
SOCIAL
RESPONSIBILITY | 9
CRÈDIT
ANDORRÀ
GROUP | 10
The financial group
in Andorra and in
the world | 11
Quality and excellence in
banking practice | 16
Governance structure
and business ethics | 19
Sustained and
sustainable economic
development | 22
Link to a website
Link to a photo album
Link to a video
According to the G3.1 Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI), this report has a self-declared
application level A, certifying that it complies with the reporting requirements in terms of profile, management focuses and
development and supplementary indicators for the sector.
CUSTOMERORIENTED | 24
PEOPLE IN THE
GROUP | 47
Improving the service:
innovation and associated
benefits for products | 26
Efficient management
to meet the Group’s
needs | 48
Range of socially
responsible products | 28
Attracting talent,
equality and stability | 49
Initiatives to boost the
country’s economy | 32
Added value with
corporate benefits and
after-work activities | 55
Closeness and
clear, transparent
communication | 44
Opportunities for
professional development
and training | 56
Preventing risks in a safe
working environment | 59
Communication for a
cohesive team | 60
INVOLVEMENT
IN THE
COMMUNITY | 62
Education | 65
Society | 67
Culture | 70
ENVIRONMENTAL
MANAGEMENT | 76
Consolidation of continued
improvement | 77
Efficient use of funds | 79
Helping to combat
climate change | 82
Optimising waste
management | 83
Green purchasing | 84
Raising awareness of the
environment among the
workforce and society | 85
TABLE OF GRI
INDICATORS
AND FINANCIAL
SERVICES SECTOR
SUPPLEMENT | 88
STATEMENT BY THE CHIEF
EXECUTIVE OFFICER
Since it was founded more than 60 years ago, Crèdit Andorrà’s
commitment to serve has formed the basis on which it has built
its whole philosophy and approach and which has made us what
we are today. That is why, at the Crèdit Andorrà Group, we feel
committed, now more than ever, to this will to serve, both our
country and its people. We are well aware that our business has
far-reaching implications for the community and therefore believe
it is important to create economic value that generates benefits for
society beyond those from the Bank’s operations.
Investing in our country and its future is the overall aim of the Crèdit Andorrà Group. Under the
premise of being sustainable, we have made headway with our process of prudent but resolute
internationalisation, opening new subsidiaries in Peru and Paraguay and reinforcing our presence in
the European Union. Specifically in Spain, by increasing the capital of Banco Alcalá, adding two new
strategic shareholders.
The core around which our business is built is undoubtedly our people. The quality of the products
offered by the Group and the excellence of its services is one of our key priorities. We realise we must
be close to our customers and recognise their needs to be able to respond to them. That is why, at
Crèdit Andorrà, we have supported personal and professional projects to thereby help towards the
country’s economic development. At the same time, in 2012 we also took an important step forward
in passing on the value of the sponsorships we promote, in the form of benefits and advantages for
our customers.
In response to the current circumstances, we have maintained our active presence in society by
supporting educational, social, cultural and economic initiatives that highlight, once again, our
engagement with our country. We are convinced the actions in which we are involved play a crucial
role in the progress of our society and the economic vitality of our environment. One example of this
are the many years we have been providing financial support for skiing, promoting a key industry for
Andorra’s economic development.
However, the clearest example of our commitment to society was the fact that, in 2012, we celebrated
the 25th anniversary of the Fundació Crèdit Andorrà, which has become the Bank’s pride and
joy. We know we are contributing to the well-being of our society, listening to the concerns of the
most vulnerable groups to improve their quality of life, training young people and senior citizens,
promoting culture and, in short, making our service more accessible for those people who form part
of our society and that help Andorra to progress.
6
The people are who motivates us to strive for excellence, also in internally. The Crèdit Andorrà Group’s
internationalisation process has required a conscious effort to consolidate the strategic management
of our workforce and thereby meet the Bank’s needs. From this perspective, we have enhanced our
operational efficiency in Andorra at the same time as consolidating our workforces towards those
countries where we aim to grow, where we have enhanced the scope of the Group’s organisational
structure so that all our employees feel involved and a part of our project.
All these initiatives reflect our firm commitment to corporate social responsibility. We are aware
of the considerable challenges facing us over the coming years but will be able to overcome these
with ambition, success and responsibility. The experience garnered during our Group’s history has
provided us with a solid basis for further progress, setting a course for our actions by advancing along
the path we must now undertake.
Josep Peralba Duró
Chief Executive Officer
7
INTRODUCTION TO
THE REPORT
The Crèdit Andorrà Group has been publishing its corporate social responsibility report since 2003,
with the aim of reporting on the Group’s economic, environmental and social progress as part of our
commitment to transparency. The content of the Report corresponds to the period between January 1
and December 31, 2012.
This Report has been drawn up according to the principles established in version 3.1 of the Sustainability
Reporting Guidelines of the Global Reporting Initiative (GRI) as well as its supplement on the financial
services sector, and therefore contains the key indicators and aspects of the Group’s sustainability. In
accordance with these guidelines, the contents of the report have been defined taking into account the
principles of materiality, stakeholder inclusiveness, sustainability context and completeness.
According to the G3.1 Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI), this
report has a self-declared application level A, certifying that it complies with the reporting requirements
in terms of profile, management focuses and development and supplementary indicators for the sector.
8
MANAGING CORPORATE
SOCIAL RESPONSIBILITY
We have almost a decade’s experience in corporate social responsibility at the Crèdit Andorrà Group. Over
this time, we’ve gradually adapted to the new circumstances of the environment and to the needs of our
stakeholders and of society in general, with the twofold target of maximising the creation of value shared by
the groups with which and for which we work and, at the same time, of identifying, preventing and lessening
any adverse impact on the community. We are convinced that the best way to create value for the Bank is by
helping to create value for our customers, employees and society as a whole.
To achieve this, our model of corporate social responsibility, which aims to harmonise our business goals
with social and environmental aspects, involves all the Group’s areas and departments across the board,
taking shape through initiatives in different spheres of action
Stakeholder inclusiveness
This report is in line with the priorities of our stakeholders, identified by means of a survey to evaluate
the materiality of its content. The specific materiality analysis carried out in order to produce the 2011
report is still valid for 2012 as there have been no significant changes that vary stakeholder expectations
in terms of the information published.
In line with the findings from the 2011 survey, the materiality of different aspects varies depending on
the stakeholder but, overall, those areas considered to be the most important, with very little difference
between groups, are related to customers, corporate information and human resources, followed by
information related to the community and the environment.
Aspect materiality analysis
CORPORATE INFORMATION
4
3
2
ENVIRONMENT
1
HUMAN RESOURCES
1
Not interesting at all
2
Not very interesting
3
Of average interest
4
Very interesting
Employees
Customers
Community
Suppliers
COMMUNITY
CUSTOMERS
Media
9
The Credit Andorra Group
AMERICA
EUROPE
expansion in Peru
and Paraguay
reinforcing our European
private banking platform
CONSOLIDATING OUR INTERNATIONAL
EXPANSION PROJECT
THE FINANCIAL GROUP IN ANDORRA AND THE WORLD
The Crèdit Andorrà Group is the leading financial group in the Principality of Andorra, made up of
different companies, subsidiaries and investee companies that supply the areas of financial business and
insurance. We offer financial products and services related to private banking and asset management,
banking for individuals and firms and also insurance, among other services.
Our responsibility and sensitivity towards our country and its people can be clearly seen by the wide
range of initiatives we carry out, as well as our work through the Fundació Crèdit Andorrà in the areas
of education, culture and society. All these activities embody the Group’s desire to contribute to the
economic development and social progress of the country.
The Principality of Andorra is home to the Crèdit Andorrà Group and the main market where we
operate, complemented by a solid internationalisation process in Latin America, North America and
Europe.
100% of the shares in Crèdit Andorrà are held by Andorran shareholders.
Expansion plan of the Crèdit Andorrà Group
At the Crèdit Andorrà Group we have continued to make headway in our international expansion,
geographically diversifying our business with a greater presence abroad. Reinforcing our international
position helps us to guarantee the Group’s strength and our leadership in the Andorran market.
The 2011-2014 Strategic Plan expresses Crèdit Andorrà’s desire to continue being the leading benchmark
bank in Andorra and, at the same time, to become Andorra’s bank in the world through international
expansion. This Plan proposes growth for the Crèdit Andorrà Group based on three broad areas:
• C
onsolidating our business model in Andorra
• Enhancing our presence in America
• Structuring and developing our business in the European market
In 2012, the internationalisation undertaken by the Crèdit Andorrà Group was aimed at reinforcing
our presence in two areas, Europe and America, which we believe take priority in our operational and
business strategy.
Europe
SPAIN: 15% CAPITAL INCREASE FOR BANCO ALCALÁ
Banco Alcalá and Banque de Patrimoines Privés have taken on a crucial role within the private banking
and asset management project set up by the Group in the European Union. This platform comprises
two banking licences in the EU, specifically in Spain and Luxembourg.
11
In order to reinforce the Group’s project in the European marketplace, two new strategic partners have
joined in Banco Alcalá: the financial group Riva and García, with 10% of the share capital, and the Ros
González family, holding a 5% share. This operation enhances the financial solvency of Banco Alcalá
at the same time as contributing a strategic view and experience in the private banking sector in Spain.
From left to right:
José María Ros;
Josep Peralba,
CEO of Crèdit
Andorrà; Ignacio
García-Nieto, CEO
of Riva y García;
Diego Fernández
de Henestrosa
y Argüelles,
Chairman of
Banco Alcalá; and
Borja GarcíaNieto, Chairman
of Riva y García
America
The Crèdit Andorrà Group has reinforced its position in the international financial system and
consolidated its presence in the Latin American market by acquiring two companies, in Peru and in
Paraguay. With these acquisitions, Crèdit Andorrà has become the first Andorran financial institution
to set up a base in these two countries, yet another step forward in the Group’s strategy of international
expansion, especially in America where it is also present in Miami (USA), Mexico, Panama and Uruguay.
PARAGUAY: ACQUISITION OF 70% OF VALORES CASA DE BOLSA SA
We have acquired 70% of the share capital of Valores Casa de Bolsa SA, located in the capital city of
Asunción in Paraguay and specialising in investment and finances, debt and financial asset management.
The company issues and distributes shares in Paraguay and is the oldest stockbroking firm in continual
operation in the country. The core of local shareholders will remain in the company’s capital with a
share of 30%.
PERU: ACQUISITION OF 51% OF THE COMPANY KRESE SIV
The acquisition of 51% of the share capital of KRESE Sociedad Intermediaria de Valores S.A.C., based
in Lima, allows us to operate in Peru through our new subsidiary CA Perú Sociedad Agente de Bolsa.
This position means we can operate freely on the Peruvian stock market, offering services of financial
consultancy and stock brokerage, as well as promoting and providing financial services. The core of
local shareholders of KRESE SIV will remain in the company’s capital with a share of 49%.
12
Main branch and subsidiaries of the Crèdit Andorrà Group
BANKING AND FINANCIAL
ASSET MANAGEMENT
ACTIVITIES
Crèdit Andorrà Asset
Management
Crediinvest SA
C/ Bonaventura Armengol, 6-8
AD500 Andorra la Vella
Principality of Andorra
Tel. +376 88 95 10
Crèdit Andorrà
Head Office
Av. Meritxell, 80
Tel. +376 88 86 00
Fax +376 88 86 01
Tel. Corporate Banking:
+376 88 93 00
Banco Alcalá
C/ Ortega y Gasset, 7 4ª planta
28006 Madrid
Spain
Tel. +34 914 310 911
Banque de Patrimoines Privés
30, Boulevard Royal
L-2449 Luxembourg
Tel. +352 27 207 1
Banco Crèdit Andorrà (Panamá)
Regus Business Centre
Torres de las Américas
Torre A, piso 10
Punta Pacífica
Panama, Rep. of Panama
Tel. +507 306 48 00
Oficina de Representación
de Crèdit Andorrà y de Banco
Crèdit Andorrà (Panamá) en
Uruguay
Edificio Quantum Oficina 506 A
Ruta 8, km 17.500 (Zonamérica)
91600 Montevideo
Uruguay
Tel. +598 2518 4895
Alcalá de Pensiones
C/ Goya, 23
28001 Madrid
Tel. +34 914 310 911
Gescalá SGIIC
C/ Goya, 23
28001 Madrid
Tel. +34 914 310 911
Valira Capital Asset Management
C/ Moreto, 5
28014 Madrid
Tel. +34 914 290 837
Investcredit SICAV – Crediinvest
SICAV
Sociétés d’investissement à
capital variable
Registered Office: Aerogolf
Center, 1A
Hoehenhof, L-1736
Senningerberg,
Luxembourg
Private Investment Management
PIM Private Investment
Management SA
Case Postale 539
Rue du Général-Dufour 20
CH - 1211 Geneva 17
Tel. +41 22 849 02 90
Beta Capital Management LP
777 Brickell Avenue
Suite 1201
Miami, Florida 33129
United States of America
Tel. +1 305 358 88 44
Valores Casa de Bolsa
Avda. Mcal. López c/ Dr. Morra
Edificio Mariscal Center 4o Piso
Asunción, Paraguay
Tel. +595 (21) 600 450
CA Perú Sociedad Agente de Bolsa
Av. Rivera Navarrete 501 piso 16
Edificio Capital, San Isidro
Lima, Peru
Crèdit Andorrà Panamá Securities
Regus Business Centre
Torres de las Américas
Torre A, piso 10
Punta Pacífica
Panama, Rep. of Panama
Tel. +507 306 48 00
INSURANCE
Crèdit Assegurances
C/ Bonaventura Armengol, 6-8 2n
Tel. +376 88 8900
Vincles
C/ Bonaventura Armengol, 6-8 2n
Tel. +376 88 89 00
ERM Hòlding
Barcelona
C/ Caravel·la La Niña, 12 9è
08017 Barcelona
Tel. +34 932 803 133
SOCIAL ACTIVITY
Fundació Crèdit Andorrà
Av. Meritxell, 80
Tel. +376 88 88 80
CA México Asesores Patrimoniales
Torre Tres Picos
Arquímedes núm. 19 pisos 1 y 2
Col. Bosque de Chapultepec
Delegación Miguel Hidalgo
11580 Mexico City - Mexico
Tel. +52 (55) 52814644
13
The Crèdit Andorrà Group in the world
MEXICO
MIAMI (UNITED STATES)
ASSET MANAGEMENT
ASSET MANAGEMENT
CA México Asesores
Patrimoniales, asset
management
Beta Capital Management LP,
broker dealer
Panama
BANKING AND FINANCIAL ACTIVITIES
Banco Crèdit Andorrà (Panamá)
perU
ASSET MANAGEMENT
CA Perú Sociedad Agente de
Bolsa, securities firm
PARAGUAY
ASSET MANAGEMENT
Valores Casa de Bolsa,
securities firm
UruguaY
Oficina de Representación de
Crèdit Andorrà y de Banco
Crèdit Andorrà (Panamá) en
Uruguay (Representative office
in Uruguay)
14
SWITZERLAND
ASSET MANAGEMENT
Private Investment Management,
asset management
LUXEMBOURG
Banque de Patrimoines Privés, SA
ASSET MANAGEMENT
Crediinvest Sicav / Investcredit
Sicav, collective investment
companies
Andorra
Crèdit Andorrà
ASSET MANAGEMENT
Management Crediinvest SA,
fund investment manager
INSURANCE
Crèdit Assegurances,
life insurance
Financera d’Assegurances,
non-life insurance
Vincles, actuarial consultancy
SOCIAL ACTIVITY
COMPANY HOLDINGS
Tourism sector
ENSISA, snow services
NEVASA, snow services
SEMTEE, leisure services
Crèdit Iniciatives,
development capital
SPAIN
Banco Alcalá
ASSET MANAGEMENT
Alcalá de Pensiones, pension
funds management
Gesalcalá, SGIIC, funds
management and Sicav
Valira Capital Asset Management
SGIIC, funds management
INSURANCE
ERM, insurance consultant
and broker
15
QUALITY AND EXCELLENCE IN BANKING PRACTICE
Regulatory compliance
At the Crèdit Andorrà Group we constantly monitor and adjust in order to comply with the applicable
regulations. We are working to bring ourselves in line with European standards while preserving the best
practices in terms of management and quality that allow us to guarantee excellence in banking practice.
Andorra’s monetary agreement with the EU
In 2011 the government of Andorra and the European Union signed a monetary agreement that will
permit Andorran euros to be produced in the future. On signing this agreement, the euro has become
the Principality’s official currency. As a result of this agreement, Andorra must adopt the EU’s currency,
along with the legislation and directives in force in Europe’s banking system, as well as establishing
measures to combat money laundering and forgery.
In 2012, the government continued to sign bilateral agreements for the exchange of information on
fiscal matters with prior request, as well as OECD Model Tax Convention on Income and on Capital,
already signed with France and currently being negotiated with Spain.
Ratings, certifications and classifications
Our leadership in the sector means we must strive to remain on the path of transparency and quality
in managing the financial investments and services we offer. As a core value, we continue to encourage
best practices at an international level.
The different recognition received in 2012 are a reflection of Crèdit Andorrà’s prudent, conservative
management, of its leading position in the Andorran market, of the significant increase in its international
private banking business and positive developments in the Bank’s margins. Fitch Ratings underlined
the solid solvency and liquidity enjoyed by the Bank and, along the same lines, also emphasised Crèdit
Andorrà’s high solvency ratios compared with the average for international banking.
Fitch maintains its ratings for Crèdit Andorrà
The international ratings agency Fitch Ratings maintained all its ratings for Crèdit Andorrà, with a
long-term rating “A-” and an “F2” short-term rating. Fitch has therefore kept its last rating awarded to
Crèdit Andorrà, a particularly important fact given the international economic and financial situation.
16
Number 1 in Andorra and 757th in the world in the Top 1000 ranking
At Crèdit Andorrà we continue to lead all other Andorran banks in the Top 1000 ranking drawn up every
year by The Banker, coming 757th on an international scale in terms of strenght and capitalisation. This
recognition confirms the Bank’s solid and solvent position in spite of the complicated international
economic and financial situation and demonstrates a great capacity to withstand any deterioration in
the risk scenarios.
The Fonalcalá FI fund, by the Crèdit Andorrà Group, winner of the Lipper 2012 award
For the fourth consecutive year, the Fonalcalá FI fund by the Spanish management firm Gesalcalá
SGIIC, in the Crèdit Andorrà Group, was given the Lipper Thomson Reuters award for the best 10-year
mixed asset balanced fund in the eurozone. Besides the Lipper Fund Awards, both Gesalcalá and its
funds have also been recognised by Standard & Poor’s, and won Eurofunds and Base Ibex 35 awards,
amongst others, distinctions that highlight the solidity and reliability of these products.
ECONOMIC / FINANCIAL
QUALITY
ENVIRONMENT
RATINGS
CERTIFICATION
CERTIFICATION
• Fitch Ratings: Long-term rating
• ISO 9001:2008 for the
• ISO 14001:2004 for Crèdit
of “A-” and an “F2” short-term
rating
• Top 1000 ranking: position 757
(The Banker, July 2012)
departments of Treasury and
Capital Market, and Market
Administration and Control at
Crèdit Andorrà
• ISO 9001:2008 for Crèdit
Andorrà Asset Management
• ISO 9001:2008 for Valira
Capital Asset Management
CERTIFICATION
• GIPS certification (Global
Investment Performance
Standards) for Crèdit Andorrà
Asset Management
Andorrà
AWARDS
• Andorra Bank of
the Year
2002, 2003, 2004, 2006, 2007,
2008 and 2010. Award given by
the financial publication, The
Banker, of the Financial Times
Group
17
Involvement in sectoral and local associations
Crèdit Andorrà
Banco AlcalÁ
Casa Valores de Bolsa SA
• Association of
• Spanish Banking Association
• Paraguayan American Chamber
(AEB)
• Association of Collective
Investment and Pension Fund
Institutions (INVERCO)
• Executive Club
Andorran Banks
(ABA)
• United Nations Environment
Programme (UNEP)
Management
Beta Capital Management LP
• Board of
• Financial Industry Regulatory
the Asociación
Española de Presentación de
Resultados de Gestión (GIPS)
• Crèdit Andorrà Asset
Management is also a member
of Alternative Investment
Management Association
(AIMA)
Banque de Patrimoines Privés
Association pour la Garantie
des Dépôts Luxembourg
(AGDL)
• Association des Banques et
Banquiers (ABBL)
• Association Luxembourgeoise
des Fonds d’Investissement
(ALFI)
•
Authority (FINRA)
• Securities and Exchange
Commission (SEC)
• National Futures Association
(NFA)
• Securities Investor Protection
Corporation (SIPC)
• Municipal Securities
Rulemaking Board (MSRB)
• NASDAQ
CA México Asesores
Patrimoniales
• Chamber of
Advertisers of
Paraguay
OFICINA DE REPRESENTACIÓN DE
CRÈDIT ANDORRÀ Y DE BANCO
CRÈDIT ANDORRÀ (PANAMÁ) EN
URUGUAY
• Panama Banking Association
KRESE SOCIEDAD INTERMEDIARIA
DE VALORES S.A.C.
• Lima Stock Exchange (BVL)
• Cavali (Central Register of
Securities and Settlements of
Peru)
• Securities Commission (SMV)
• Peruvian Finance Association
(APEF)
• In Peru
• Mexican Association of
Independent Investment
Consultants (AMAII)
• Catalan Business Club
Institution visit to the Banque de Patrimoines Privés
The head offices of Banque de Patrimoines Privés, in Luxembourg, received an institutional visit by
the Ambassador for Andorra in the European Union, Belgium, the Netherlands, Luxembourg, Slovenia
and Germany, Eva Descarrega, and Josep Arseni Ramoneda, BPP’s Director of Operations.
Eva Descarrega,
Andorran
Ambassador
for Brussels,
the European
Union, Belgium,
Netherlands,
Luxembourg,
Germany and
Slovenia, together
with Josep Arseni
Ramoneda,
BPP’s Director of
Operations
18
Presence in society
At the Crèdit Andorrà Group we are aware of the need to be close to our customers, to take part in the
initiatives promoted throughout those regions where we are present. Our cultural model of being close
to society has been reflected in some activities started up throughout 2012 in several countries. One
example is the now traditional Annual Cocktail organised by CA México Asesores Patrimoniales which
brought together over 500 professionals in 2012 from the area of finance and other business sectors.
This event helps us to strengthen our ties with Mexican society and set new targets and objectives for the
future.
GOVERNANCE STRUCTURE AND BUSINESS ETHICS
Crèdit Andorrà and good governance
At the Crèdit Andorrà Group, we believe it is crucial to identify, prevent and lessen the risks inherent
in our banking and financial activity, as well as to ensure strict compliance with the law and voluntary
commitments in order to guarantee ethical, responsible conduct. We therefore manage risk efficiently,
ensuring a suitable degree of transparency and integrity.
Pursuant to Andorra’s legislation on the legal regime for banks (Act 14/2010 on the legal regime for
banks and the basic administrative regime for operational entities of the financial system), the Crèdit
Andorrà Group has incorporated the functions of regulatory compliance, risk management and
internal audits within its organisational structure.
REGULATORY COMPLIANCE
RISK MANAGEMENT
INTERNAL AUDITS
Helps to verify the constant,
effective compliance of the
Group’s obligations and of
the people who form a part
of it (administrators, general
management, personnel and
financial agents).
Ensures we apply the appropriate
administrative and accounting
procedures, internal control
mechanisms and effective risk
management techniques to assess
the risks resulting from our
activities, processes and systems,
as well as establish the level of
risk tolerated.
Led by an independent body
responsible for examining and
assessing the suitability and
efficacy of the Group’s systems,
internal control mechanisms and
provisions, as well as drawing up
recommendations and verifying
their compliance.
The Crèdit Andorrà Group has a Code of ethics and conduct which contains the rules of professional
conduct that ensure its members act responsibly. This Code is currently being modified in order to
incorporate our new subsidiaries and ensure they work within their own framework but in line with
the Group’s philosophy.
19
Organs of government
At its meeting on September 27, 2012, the Board of Directors of Crèdit Andorrà approved the appointment
of Xavier Cornella Castel as Business General Manager.
Board of Directors
Chairman: Antoni Pintat Santolària
Vice-Chairman: Jaume Casal Mor
Chief Executive Officer / Secretary: Josep Peralba Duró
Member of the Board: Rosa Pintat Santolària
Member of the Board: Maria Reig Moles
Member of the Board: Josep Vidal Martí
Executive Committee
Chief Executive Officer / General Manager: Josep Peralba Duró
Business General Manager: Xavier Cornella Castel
International Private Banking Division Director: David Betbesé Aleix
Insurance Group Director: Josep Brunet Niu
Commercial Banking Division Director: Sílvia Cunill Calvet
Financial Division Director: José Luis Dorado Ocaña
General Secretary to the CEO: Agustí Garcia Puig
Loans Division Director: Frederic Giné Diumenge
Management Risk and Financial Planning Division Director: Francesc Jordà Blanes
Resources Division Director: Ramon Lladós Bernaus
Private Banking - Europe Division Director: Frank Martínez Sánchez
Private Banking - America Division Director: José Antonio Monreal Hurtado
Risk and Regulatory Compliance Division Director: Andrés Roldán Cubas
Advisory Council
Member of the Advisory Council: Stève Gentili, Chairman of the Forum Francophone des Affaires
(FFA) and chairman of BRED, the leading French regional bank, member of the Banques Populaires
group
Member of the Advisory Council: Enrique de Leyva, former director in Spain of McKinsey and
founding partner of Magnum Capital
Member of the Advisory Council: Joaquim Muns, professor emeritus of International Economic
Organisation and Jean Monnet Chair in European Integration at Barcelona University. Former
executive director of the International Monetary Fund (IMF) and of the World Bank and former board
member of the Bank of Spain
Note: At December 31, 2012
20
Organisational structure
Board of Directors
Internal Audit
Advisory Council
Chief
Executive Officer General Manager
Josep Peralba Duró
General Secretary to the CEO
Agustí Garcia Puig
Resources Division Director
Ramon Lladós Bernaus
Institutional Relations
Corporate Communication
Legal Services
Human Relations
IT
Organisation and General Services
Loans Division Director
Frederic Giné Diumenge
Management Risk and Financial
Planning Division Director
Francesc Jordà Blanes
Loan Analysis
Recovering
Accounting
Management Control
ALM’s
Risk and Regulatory Compliance
Divisions Director
Andrés Roldán Cubas
Business General
Manager
Xavier Cornella
Castel
Compliance
Anti-Money Laundering
Financial and Operational Risk
Marketing
Private Banking
America Division
Director
José Antonio
Monreal Hurtado
Private Banking
Europe Division
Director
Frank Martínez
Sánchez
Private Banking
International
Division Director
David Betbesé Aleix
Commercial Banking
Division Director
Sílvia Cunill
Calvet
Investment Division
Director
José Luis Dorado
Ocaña
Insurance group
Director
Josep Brunet Niu
USA
Luxemburg
International
Corporate Banking
Asset Management
Crèdit Assegurances
Panama
Spain
Andorra
Retail Banking
Treasury and Capital
Markets
Vincles
Mexico
Switzerland
Uruguay
Eastern Europe
Back Office
Non-Life Holdings
Paraguay
Peru
21
SUSTAINED AND SUSTAINABLE ECONOMIC
DEVELOPMENT
Business figures
2010
2011
2012
12,270,391
13,199,224
14,410,495
Investment loans
3,109,696
3,112,228
3,101,781
Total assets under management
(liabilities + securities in custody + group managed assets)
9,160,695
10,086,996
11,308,714
Operating expenses less tax / ordinary margin
33.07%
-
-
Profit / Average capital + Reserves
15.29%
14.79%
14.52%
Solvency ratio
18.81%
17.39%
17.80%
Number of branches
20
13
12
Number of ATMs
43
42
43
3
3
3
Total business volume
Number of automatic branches
Value added statement
Interest and related income
20.15%
General expenses
12.06%
Personnel costs
19.14%
Payments to public administration
6.83%
Corporate tax
0.66%
Community
0.85%
Environment
0.02%
Amortisation
8.23%
Provisions
4.17%
Reserves and dividends
22
27.89%
RSC POLICY
At the Crèdit Andorrà Group we see sustainability as the commitment to integrate our
stakeholders’ social and environmental concerns and expectations as a strategic value. That’s
why we provide quality services and act responsibly towards society and the environment.
LINES OF ACTION
THE FINANCIAL
QUALITY AND
GOVERNANCE
SUSTAINED AND
GROUP IN
EXCELLENCE IN
STRUCTURE AND
SUSTAINABLE
ANDORRA AND
BANKING PRACTICE
BUSINESS ETHICS
ECONOMIC
THE WORLD
DEVELOPMENT
23
Customer-oriented
40%
market share of all
loans granted
55%
88%
of withdrawals
of deposits
at 24-hr terminals
NEW AND BETTER CHANNELS TO INTERACT
WITH CUSTOMERS
At the Crèdit Andorrà Group we focus our effort on innovating and developing financial solutions
that help to meet our customers’ needs. As a consequence of today’s economic situation and taking
into account the main need of firms and individuals, the Bank has continued to support business in
Andorra with a 40% market share in terms of loans and credit granted.
Trend in loan investments 2009-2011
Crèdit Andorrà Group (2009 - 2010 - 2011)
Other banks (2009 - 2010 - 2011)
Thousand euros
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Crèdit andorrà Group
2009 - 3,030,163
2010 - 3,109,695
2011 - 3,112,228
Rest of the banking sector
2009 - 966,901
2010 - 1,006,587
2011 - 1,581,932
Source: Association of Andorran Banks
The quality of the products and services offered by the Group is in line with our aim of striving
for excellence in management founded on diligence, professionalism, transparency in information
and closeness, as well as to provide our customers with value through innovation and continued
improvement in our service and strategic collaboration with renowned institutions in the sector.
Particularly of note is our cooperation agreement with Gamco Asset Management Inc., a subsidiary
of Gamco Investors Inc. This financial services company based in New York allows the Bank to manage
shares in dollars in a strategic alliance that adds value for our customers through experience and the
professional services of a firm with a renowned track record.
The investment procedures employed by Gamco Asset Management Inc. are in line with the investment
approach endorsed by Crèdit Andorrà, characterised by the application of value investing, searching
for companies at a good price to ensure sustained returns over time. We already employ this value
investing approach at the Bank in our collaboration with the Spanish firm Bestinver, which advises us
on managing shares quoted in euros.
25
IMPROVING THE SERVICE:
INNOVATION AND ASSOCIATED BENEFITS FOR PRODUCTS
Innovation and security
New look & feel for e-Crèdit
In order to offer our customers a better service, at Crèdit Andorrà we have changed the design and
added new functions to e-Crèdit, the Bank’s online banking service, both in the basic consultation
mode as well as in operations.
The new design - more modern, functional and dynamic - allows customers to browse and consult
their accounts and carry out operations in a much easier and user-friendly way. The functions already
offered, both for private customers and companies, have been improved as well as adding new functions,
the most outstanding being the following:
CONTEXTUAL MENU
ALERTS
AUTOMATED DEPOSITS
Allows the main operations to
be carried out directly from a
position in the account, saving
time and making the application
easier to use.
Alert messages can be sent to
customers’ mobile phones or an
email address when a transfer is
made between accounts or banks.
Companies can directly create
deposits via CrèditConfirming.
A Cybertargeta (Cybercard) for totally secure shopping online
Crèdit Andorrà’s pre-paid card, Cybertargeta, means it’s easier and safer to shop online. Any of the
Bank’s customers with the online banking service e-Crèdit can acquire this card and start to shop
online securely.
We also have other complementary measures to guarantee customer security, such as use of the IBAN
code, a Europe-wide account number; initiatives to prevent the fraudulent use of cards and a free alert
service, SMSCrèdit, which sends text message alerts to users’ mobile phones, advising them of any card
payments.
Crèdit Andorrà’s Cybertargeta
26
New verification systems to access e-Crèdit and Línia Directa Crèdit
We have launched a new verification system for consultations and operations via our online banking
services. This is a card with unique, non-transferable code numbers that provides customers with more
secure and easier access to e-Crèdit and Línia Directa Crèdit.
The card has 60 different codes to prevent fraudulent operations and consultations without the holder’s
consent. The code card can be obtained from the customer’s usual branch or downloaded from the
internet via the mobile application Entrust Identity Guard Mobile, available at the App Store or Google
Play Store.
+ PrEmiS
Advantages
associated
with GUANYAT!
products and sponsorship
ELLS
JA HAN
The campaign Crèdit Andorrà et dóna +! for users of complementary channels
When they used Crèdit Andorrà’s online banking services (e-Crèdit, ATMs, deposit terminals and Línia
Directa Crèdit), our customers entered a monthly draw and could win an iPad, iPhone or iPod. The aim
of this campaign, running from July 2012 to January 2013, was to promote and reward those people
carrying out consultations and operations via the Bank’s complementary channels to ensure all bank
information is available both on and offline.
Francesc Ballester Fuster
iPhone 4S 16 GB
Samuel Amorin Rodrigues Gomes
iPad 4G 32 GB
Melisa Porta Vico
iPod Touch 8 GB
Alejandra Ortega Cerviño
iPhone 4S 16 GB
Oficina Prat de la Creu
Oficina La Massana
Oficina Plaça Rebés
Oficina Escaldes
As part of this initiative, an internal campaign was also implemented with branch employees as agents
of change.
Miquel Álvarez Castillo
iPad 4G 32 GB
Román Álvarez Méndez
iPod Touch 8 GB
Marta Ros Rodríguez
iPhone 4S 16 GB
Cristian Fernández Funes
iPad 4G 32 GB
Oficina Ordino
Oficina Sant Julià
Oficina Escaldes
Oficina Fiter i Rossell
Mohamed Bousenine el Mourabit
iPod Touch 8 GB
Carla M. Bastos Salgado
iPhone 4S 16 GB
M. Lluïsa Diumenjó Nel·lo
iPad 4G 32 GB
Beatrice Miquel Heinonen
iPod Touch 8 GB
Oficina Plaça Rebés
Oficina Sant Julià
Oficina Prat de la Creu
Oficina Escaldes
Rubén Morales Trullols
iPhone 4S 16 GB
Alexandre Babot Milza
iPad 4G 32 GB
Enric Tomàs Canturri
iPod Touch 8 GB
Oficina Pas de la Casa
Oficina Escaldes
Oficina Escaldes
Some of the
winners in the
draw for
Crèdit Andorrà
et dóna +!
In 2012 we took a significant step towards our customers appreciating even more the value offered by
the Bank’s sponsorship programmes. The aim of our sponsorship agreements is to promote actions
that benefit both the beneficiaries in question and our customers themselves, with whom we have
reinforced our communication to help them become more involved. This dual aim has been achieved,
for example, by a raffle for ski passes.
27
Raffle for ski passes
In order to boost the loyalty of customers whose salaries are paid directly into the Bank, we raffled 240
one-day ski passes for the resorts of Grandvalira and Vallnord. We also rewarded customers bringing
us their salaries for the first time with a raffle of 24 season ski passes. This has been possible thanks to
Crèdit Andorrà’s sponsorship agreement with the ski resorts of Vallnord and Grandvalira.
Acts aimed at customers
Other benefits enjoyed by our customers are directly related to the initiatives we support via the Bank’s
sponsorship or direct promotion. Some such initiatives are the event Donem Llum Verda (Let’s Give
a Green Light), as part of the Women’s Alpine Skiing World Cup, the Fair of Andorra la Vella and the
chance to attend talks by Bestinver, Gamco and the Update session, among others.
All these advantages are in addition to those already enjoyed by Crèdit Andorrà card holders: discounts
on fuel, on ski material hire or for VIP parking at Barcelona airport.
RANGE OF SOCIALLY RESPONSIBLE PRODUCTS
More insurance services
New policies under the Comprehensive Medical Assistance Plan (PIAM in Catalan)
The PIAM has extended its cover with acupuncture, a new service that reimburses up to 100% of the
health expenses for acupuncture, as well as improving refunds on the official rates charged by the
Andorran Social Security (CASS in Catalan) for non-dental and orthopaedic prosthetics.
New Best Doctors services for basic medical queries online
We have provided our customers with the Best Doctors service via the website www.pregunteaBestDoctors.com,
making the best medical care available to patients. This service provides access to the opinions and
recommendations of expert doctors around the world. The website also has an audiovisual library
with close to 300 educational videos offering insight into illnesses, medical tests and some medical
treatments.
Visit the Best Doctors website
28
Financing with social and environmental criteria
Crèdit Estudis (Studies Loan)
Loan policy aimed at financing training for the country’s youth, both in Andorra and abroad. The
loan helps them pay for expenses during the academic year, such as enrolment, academic material,
computer, travel and accommodation, among others.
€1.63 MILLION
IN ASSETS
Crèdit Cotxe Ecològic (Ecological Car Loan)
Loan to finance the purchase of new vehicles classified as ecological (CO2 emissions < 120 g/km), whereby
customers benefit from a 10% discount on the loan’s interest.
Crèdit Ecoeficiència (Ecoefficiency Loan)
Launched in 2011, this is a subsidised loan for the reconditioning of buildings to boost energy efficiency,
aimed at builders and owners of property of any kind. For this kind of financing, the reforms must be
based on a technical study or energy audit to reduce the building’s environmental impact and increase
energy efficiency.
Loan to subsidise the reconditioning of housing in Andorra
Aimed at owners to encourage the modernisation of real estate in terms of its habitability, safety,
accessibility, the improvement of facades and thermal and/or acoustic efficiency of housing and energy
savings. This product has been created as part of the programme of subsidies granted by the government
of Andorra with which the Bank collaborates.
This initiative helps us to pass value on to our customers as intermediaries and demonstrates our support
of the government’s policies in promoting and boosting the country’s economy.
29
Solidarity programmes
Clau Visa – Unicef
This credit card contributes towards a global campaign to fight against HIV-AIDS in Cameroon, aimed
at helping children, teenagers and mothers.
Customers contribute to the campaign with a minimum annual payment of 30 euros and Crèdit
Andorrà allocates 50% of its earnings from the commissions charged for using the card abroad and
also makes an additional direct contribution to the campaign every year.
€23,053.69
€20,500
643
CONTRIBUTED BY CRÈDIT
CUSTOMER DONATIONS
CARD USERS
ANDORRÀ
Other added value initiatives
Financial market brokers
Crèdit Andorrà’s commitment to service means that we strive to offer great added value. From this
perspective, we act as brokers for customers to help them access financial markets, buying products
that balance risk and return. Through this service, the Bank helps its customers to benefit from assets
and investments which they would otherwise find it difficult to access.
Bo Combinat International Value (International Value Combined Bond)
This is a financial product that divides half the investment in a guaranteed product (certificate of
deposit) with a very good interest rate, and the other half in an International Value equity fund. The
bond, suitable for investment part of savings and for diversifying, does not charge investors any fee
throughout the contract and is in line with the Bank’s equity investment approach, offering the best
long-term returns.
Piotargeta (Piocard)
Aimed at children up to 12 years of age, whether they are members of the Piolet Club or not, which only
allows money to be deposited, which they can do via the deposit terminals of the automatic branches
and at Crèdit Andorrà’s branch network. Holders of the Piotargeta also benefit from periodic gifts and
promotions. This product, resulting from the collaboration agreement between Crèdit Andorrà and
Ràdio i Televisió d’Andorra (RTVA), encourages and promotes the habit of saving among children and
well as helping to teach them about money.
30
Opening accounts for workers during the ski season
Crèdit Andorrà has set up its Oficina Central (Head Office) in order to meet the needs of those
working during the ski season. This is a specific branch where they can open up an account and access
the necessary products and services to be able to operate via all the channels complementary to the
branch services: payment card, Línia Directa Crèdit service (telephone banking) and e-Crèdit (online
banking). In 2012 we opened more than 300 accounts.
Socially responsible investment fund – Crediinvest Sicav Sustainability
An investment fund that offers the chance to invest in the shares of leading firms in sectors closely
related to sustainable growth or that have incorporated environmental criteria into their operations.
This is the only fund of its type in the country
It provides investors with higher returns than the global equity markets, its reference index being MSCI
WORLD EUR, a worldwide equity reference index.
€3.29 MILLION
IN ASSETS
INVESTMENT CURRENCY: EURO
31
INITIATIVES TO BOOST THE COUNTRY’S ECONOMY
In accordance with our desire to serve our country, the Crèdit Andorrà Group has continued to support
initiatives that promote economic development and further social progress.
Investing in the country and in its future is a commitment inherent to our corporate culture,
demonstrated by the fact that we have the highest investment commitment of any Andorran bank.
In 2012, our aim was twofold: on the one hand, to help reactivate the economy, continuing with our
existing sponsorships as well as establishing new ones and, on the other hand, to boost the economy
with initiatives in the areas of training and knowledge. Both objectives aim to minimise the negative
effects of the current crisis.
Investment in RSC
Thousand
euros
1,600
1,400
298
Institutional
initiatives
1,200
1,000
800
233
Society
600
292
Culture
1,108
Economic
initiatives
CUSTOMERS
175
Education
COMMUNITY
Percentage distribution
CUSTOMERS - 64.97%
COMMUNITY - 32.42%
ENVIRONMENT - 2.61%
32
400
56
Environment
ENVIRONMENT
200
0
Support to boost the country’s business sectors
2012 Andorra la Vella Fair and the National Automobile Fair
Once again, we collaborated with the Association of Vehicle Importers of Andorra (AIVA) by sponsoring
the 2012 National Automobile Fair and the 34th Andorra la Vella Fair, resulting from the collaboration
agreement signed in 2010 with the Comú (town council) of Andorra la Vella.
We were present at this event with a stand, where a management team offered information on the
online banking services contained in the Crèdit Andorrà et dona +! campaign and on financing to buy
vehicles. One of the great attractions in 2012 was the draw among all those visiting the stand for a
holiday in the Caribbean.
The winner of
the draw for a
holiday in the
Caribbean
60,000
VISITORS
Source: Diari d’Andorra
33
Commitment to strategic economic sectors
Our ties with Andorra lead us to support those sectors that help to develop its economy and promote
the country abroad. One key industry is skiing and, for this reason, it has been and continues to be one
of the fundamental aspects of our sponsorship policy. Back in 1963 we decided to join forces with the
Ensisa project, which now forms part of Grandvalira. We saw that snow-related business would become
one of the most important economic engines for our country’s future and, since then, we’ve been the
only directly involved bank in Andorra and have kept up this link with the sector.
Renewal of the contract to promote and sponsor Grandvalira
We have renewed, until the summer season of 2017, our sponsorship agreement with Grandvalira, thanks
to which both organisations take advantage of synergies to carry out promotion and communication
projects for this ski resort and for Golf Soldeu. This agreement also makes Crèdit Andorrà the official
sponsor of Grandvalira and of Golf Soldeu, as well as the main partner in the environmental and
educational programme of Soldeu-El Tarter.
Núria Tarré,
Commercial
Director of
Grandvalira, and
Xavier Cornella,
Business General
Manager of
Crèdit Andorrà,
signing the
agreement
Collaboration with the activities of ECA and ECOA
As a bank with a firm commitment to the country, Crèdit Andorrà shares with Esquí Club Andorra
(ECA) the will to encourage and promote skiing, particularly among children and young people and
this leads us to collaborate with this club. The sponsorship agreement signed by Crèdit Andorrà forms
part of its social responsibility policy and support for activities that add value to society, promote the
country’s development and its progress.
We are also the main private sponsor for Esquí Club Ordino-Arcalís (ECOA) thanks to the cooperation
agreement started in 2007 and renewed in 2011.
Our involvement in the training carried out by these ski clubs takes the form of sponsorship of courses
throughout the skiing season.
34
Sponsorship of the Women’s World Alpine Skiing Cup Grandvalira Soldeu 2012
The Grandvalira Soldeu 2012 Women’s Alpine Ski World Cup was organised by Grandvalira and
sponsored by Crèdit Andorrà. To start off this competition, the Bank organised an event focusing on
citizen participation and bringing together various political figures and leading representatives from
Andorra civil society (www.donemllumverda.com).
From left to
right: Francesc
Camp, Minister
for Tourism;
Albert Coma,
President of the
Ski Federation;
Conrad Blanch,
Director of the
Soldeu World
Cup and Antoni
Pintat, Chairman
of the Crèdit
Andorrà Board of
Directors
Agreement with the Andorran Ski Federation
Crèdit Andorrà became one of the main sponsors of the Alpine ski section of the Andorran Ski
Federation. This collaboration agreement, which lasts until 2017, reasserts our commitment to serve the
country by improving the future for young sports people, as well as supporting one of the Principality’s
key industries.
Albert Coma,
President of the
Ski Federation
and Joan R.
Mas, Marketing
Director of
Crèdit Andorrà,
taking out the
sponsorship
agreement
Borrufa Trophy
Once again we have been present at the Borrufa Trophy, the international children’s skiing championship
in the children category, in its 20th year in 2012.
35
Collaboration with sport
Sponsorship of the Andorra Pitch&Putt Association
Since 2006, at Crèdit Andorrà we have sponsored the Andorra Pitch&Putt Association, whose team
took part in the 2012 World Pitch&Putt Championship held in Ireland. After this world championship,
the Association organised its second Andorra Pitch&Putt Open, once again sponsored by the Bank.
This tournament attracted the best players in Europe and is very important at an international level.
The team taking
part in the
second Andorran
Pitch&Putt Open
Sponsorship of the Andorra Ultra Trail Vallnord
Crèdit Andorrà has been one of the sponsors of the Andorra Ultra Trail Vallnord since it started in
2009. This event has advantages for the country in several areas: in terms of sport, tourism, economic
progress and social participation and integration, via five mountain races that are extremely demanding.
Andorra Ultra
Trail Vallnord
2012
36
Sponsorship of the Andros Trophy
As part of the cooperation agreement with the Automobile Club of Andorra (ACA), which began in
2011 and was renewed in 2012 until 2016, Crèdit Andorrà will continue to be one of the main sponsors
of the Andros Trophy, an international automobile championship on ice that is held every year at the
Pas de la Casa track.
Grassroots sport
We have continued to support sports events that encourage children and youngsters to take up sport.
We sponsored the 5th Carles Riba Indoor Football Campus and the Andorra Football Campus in 2012.
In other sports, we also support Naturlàndia and have taken out collaboration agreements with the
Automobile Club of Andorra, the Cortinada golf course, the Aravell golf course and the GrandvaliraSoldeu golf course.
Managing and promoting knowledge
Crèdit Andorrà Chair in Markets, Organisations and Humanities at IESE
In 2006, together with the IESE business school, Crèdit Andorrà set up a Chair to encourage research,
training and the spread of knowledge regarding certain aspects of business science. Particularly of note
within the activities organised are the talks and publications.
TALK ANDORRA, PRESENT AND FUTURE. A COUNTRY OF NEW OPPORTUNITIES
Head of the Andorran government, Antoni Martí, gave a talk at IESE in Barcelona to Catalan business
people and investors on the process currently being undertaken by Andorra to open up its markets and
diversify its model of growth, as well as the opportunities offered by the Principality for setting up and
developing companies specialising in services and light industry with high added value.
From left to
right: Josep M.
Rosanas and
Jordi Canals, of
from IESE; Antoni
Martí, Head of
the Andorran
government;
Jordi Alcobé,
Finance Minister;
and Josep
Peralba, Chief
Executive Officer,
and Xavier
Cornella, Business
General Manager
of Crèdit Andorrà
37
talk THE ECONOMIC KEYS TO UNDERSTANDING 2011 AND FUTURE PROSPECTS
This talk analysed developments in 2011 from a dual point of view: the global, international and
European economic situation and innovations or changes in the field of management techniques and
systems. This talk was given by Núria Mas, Associate Professor of Economics at IESE, accompanied
by Josep Maria Rosanas, Professor of Accounting and Control and Crèdit Andorrà Chair of Markets,
Organisations and Humanities at IESE.
Josep Maria
Rosanas, Agustí
Garcia and Núria
Mas during the
talk
PRESENTATION OF THE BOOK Manifest per a un management millor. Una visió racional i humanista
(MANIFEST FOR BETTER MANAGEMENT. A RATIONAL, HUMANIST VIEW)
In 2012 Crèdit Andorrà published a new book as part of its Chair, entitled Manifest per a un management
millor. Una visió racional and humanista, written by Josep Maria Rosanas and Rafael Andreu, Professors
in the departments of Strategic Management and Information Systems at IESE.
Josep Maria
Rosanas, Chair
and one of the
book’s authors, at
the presentation
talk fOR BETTER EUROPEAN ECONOMIC GOVERNANCE. STRATEGIES AND ROLE OF THE FINANCIAL SECTOR
The strategies and role of the financial sector regarding European economic governance within
the current context of international crisis was the central theme of the talk by Guido Ravoet, Chief
Executive the European Banking Federation.
Guido Ravoet,
before his talk
38
Talk Leadership in difficult times: less show and more responsibility
Together with the business school Esade, we organised a talk to analyse the importance of engaged,
knowledgeable, expert and responsible leadership, especially during the current crisis. This talk was
given by Carlos Losada, Associate Professor in Esade’s Department of Business Policy and a specialist
in management and leadership.
On the right,
Carlos Losada
Talk The current situation of financial markets
Francisco García Paramés, General Manager for Investments at the Spanish fund management firm
Bestinver, who, together with this team are the only AA rated fund managers in the Spanish market, as rated
by the magazine Citywire according to their track record, analysed the situation of the financial markets in
2012. At Crèdit Andorrà we have a strategic alliance with Bestinver to advise us on three investment funds:
Crediinvest Spanish Value, Crediinvest International Value and Crediinvest Big Cap Value.
Francisco García
Paramés at a
point during
the talk
39
Talk The United States’ solution to the financial crisis
Organised as part of the strategic alliance signed with the company Gamco Asset Management Inc. to
manage the Bank’s shares in dollars, speaker Robert Leininger, Vice-Chairman of Gamco, evaluated
the monetary and fiscal policies implemented by the United States due to the financial crisis and their
consequences in the short and long term.
Robert Leininger,
Vice-Chairman of
Gamco, at a point
during the talk
Seminar on the new direct taxes in Andorra
Together with the consultancy firm Strategos, we organised a seminar aimed at people in business,
finance and accounting on the new direct taxes in Andorra, analysed and explained from a practical
point of view. The session was given by Joan Oliver, tax advisor and partner of the consultancy firm
Strategos Business Bureau, with the participation of Rafael Casado, tax partner of the consultancy firm
Montero Aramburu Abogados and lecturer at the University of Pablo de Olavide in Seville.
Participants at
the seminar on
the new direct
taxes in Andorra
Seminar The general indirect tax and its regulations. A practical view
Together with the consultancy firm Strategos, we organised a seminar with three sessions whose main
focus was the analysis and practical application of the new general indirect tax (IGI in Catalan). The
talks were given by Joan Oliver, partner of the consultancy firm Strategos Business Bureau, and Rafael
Casado, Jorge Sánchez and Ana María Feria, experts in indirect taxation from the consultancy firm
Montero Aramburu Abogados.
40
Seminar on preventing money laundering and terrorist financing
In collaboration with the College of Lawyers of Andorra, we organised a seminar whose aim was to
inform lawyers and law graduates registered with the College. Carles Fiñana, Director of the Unit of
Financial Intelligence of the College of Lawyers and Joan Miquel Rascagneres, former dean of the
College of Lawyers were some of the speakers.
Andorra Update
This was the sixth year we held the Andorra Update, a conference focusing on innovation, presenting
business ideas, experiences and projects based on collaboration as the key to success. This event,
organised for the first time in a large format to allow a larger audience to attend, was given by Alfons
Cornella and Antonella Broglia, Chairman and consultant at Infonomia, the company creating the
Update project.
Xavier Cornella,
Business General
Manager at the
opening session
of Update 2012
PARTICIPAnts IN THE TALKS AND SEMINARS
100
245
Talk The economic keys to understanding 2011 and future prospects
119
298
255
197
504
295
100
360
Talk For better European economic governance. Strategies and role of the financial sector
Talk The economic keys to understanding 2011 and future prospects and presentation of the
book Manifest for better management. A rational, humanist view
Talk The current situation of financial markets
Talk Leadership in difficult times: less show and more responsibility
Talk The United States’ solution to the financial crisis
Seminar on the new direct taxes in Andorra
Seminar The general indirect tax and its regulations. A practical view
Seminar on preventing money laundering and terrorist financing
Andorra Update
41
Collaboration with business institutions and associations
Associació Empresa Familiar Andorrana (Andorra Family Business Association)
With the co-sponsorship of Crèdit Andorrà, Andorra Family Business held its 11th Forum, this time
focusing on the diversification of Andorra’s economy. The event was attended by Jordi Cinca, Minister
of Finance and Public Function; Rosa García, Member of the Board at Siemens in Spain; Ramon Ollé,
Executive Chairman of the Salle Business Engineering School; Ludger Hanneken, Chairman of IOHA;
Ramon Adell, Business Economics Chair (UB) and President of the Society of Economic Studies;
and Jordi Albà, Director of Ordino Studios. The closing talk was given by Antoni Martí, Head of the
Andorran government.
XXIII Trobada Empresarial al Pirineu (23rd Business Meeting in the Pyrenees)
Since 2006 we have collaborated with the Business Meeting in the Pyrenees, well established as one
of the most relevant economic seminars in Catalonia. In 2012, under the title of New economy. New
challenges, it dealt with issues such as internationalisation and innovation in business, as well as the
use of new technologies and the value of people; all analysed within the current context, affected by
globalisation and the positioning of emerging countries. The seminars were given by eminent speakers
from the world of politics and economics, especially the specialist in macroeconomics and economic
cycles and Nobel prize-winner for Economics in 2004, Finn Erling Kydland.
Finn Erling
Kydland, Nobel
Prize in Economic
Sciences
In 2012 Crèdit Andorrà renewed its collaboration agreement with the Business Meeting in the Pyrenees
Association for the next three years.
Oportunitats i reptes de l’economia andorrana (Opportunities and challenges for the
Andorran economy)
The consultancy firm KPMG, in collaboration with Expansión, brought together for a round table
Joan Viladomat, General Manager of Saetde, Ciscu Gibert, partner at KPMG, Jordi Alcobé, Minister
for Economics and Territory of the Andorran government, Josep Alboquers, General Manager of
Perfumeries Júlia and Josep Peralba, Chief Executive Officer of Crèdit Andorrà Group.
42
The round table debated the opportunities and challenges for Andorra’s economy and highlighted that
the best way for Andorra to be a competitive country with the same conditions as the European Union
is to open up its economy.
The participants
in the KPMG
round table
TEDxAndorra la Vella
Once again Crèdit Andorrà collaborated and sponsored TEDxAndorra la Vella, in its fourth year in
2012, with talks on the theme of “Size doesn’t matter”. The session was given by business people, writers
and other guest professionals and included subjects as varied as smart cities versus smart countries,
productivity 2.0, the power of words and people’s innate capacity to achieve goals.
The head of the
General Council
of Andorra,
Vicenç Mateu,
was one of the
speakers at
TEDxAndorra la
Vella 2012
PARTICIPANTS AT THE TALKS
125
300
75
100
Andorra Family Business Association
23rd Business Meeting in the Pyrenees
Opportunities and challenges for the Andorran economy
TEDxAndorra la Vella
43
CLOSENESS AND CLEAR, TRANSPARENT
COMMUNICATION
With a network of 12 branches, 3 automatic branches, 43 ATMs and a team of managers always at
customers’ disposal, we’ve managed to implement a business model that’s close to people. We strive
to offer users the utmost accessibility, both physically and virtually. We are increasingly close to our
customers thanks to improvements in the services offered online and are present on social networks
with a global strategy whose aim is to get closer to customers and society as a whole, offering them the
chance to keep in touch with the Bank via a range of channels.
Crèdit Andorrà Facebook channel
We’ve opened a Crèdit Andorrà corporate Facebook page to enhance access to information via social
networks. We provide users with corporate and institutional information and a calendar of events, as
well as sharing images and videos related to our activities. This also allows us to attend to comments
made by users and promote dialogue with the Bank. The address to access our Facebook page is
www.facebook.com/creditandorra.
Corporate page
of the Crèdit
Andorrà on
Facebook
New Banco Alcalá website
In 2012 Banco Alcalá brought out its own new website (www.bancoalcala.com) with a notably elegant
but serious design framed within the new corporate image for the Group’s subsidiaries.
Website of
Banco Alcalá
44
Renewed image for Crèdit Avui
The newsletter Crèdit Avui has changed its graphic concept, more corporate and modern and in line
with Crèdit Andorrà’s identity today. This monthly newsletter provides information on corporate
news, products and services available and promotions, as well as a complete calendar of social, cultural
and sporting events promoted by the Bank and the Foundation.
RSC POLICY
Our objective is to innovate so as to better meet the needs of our customers with diligence,
professionalism, a personalised relationship and clear, transparent communication.
The aim is to add value in all areas of activity of service for customers.
LINES OF ACTION
IMPROVING THE
RANGE OF SOCIALLY
INITIATIVES TO
CLOSENESS AND
SERVICE: INNOVATION
RESPONSIBLE
BOOST THE
COMMUNICATION:
AND ASSOCIATED
PRODUCTS
COUNTRY’S
CLEAR AND
ECONOMY
TRANSPARENT
BENEFITS FOR
PRODUCTS
45
GOALS 2012
Reached
Underway
Continue offering advantages and discounts to customers.
Continue supporting the main economic sectors to boost the country’s economic recovery.
Strengthen the complementary channels (e-Crèdit, Línia Directa Crèdit and automatic
branches).
• Make it easier to carry out banking operations through complementary channels.
• Improve and enhance the level of customer communication.
GOALS 2013
Improve and adapt the service to customers’ needs, with measures to monitor and control
satisfaction.
Offer new and better features in products and services.
Enhance advantages for customers from the Bank’s collaboration and sponsorships with other
institutions in the country.
Continue supporting the main economic sectors to boost the country’s economic recovery.
Reinforce the dissemination and communication to customers of the Bank’s events, sponsorships and
campaigns.
46
People in the Group
8.7%
overall growth in
personnel
33%
37%
From
to
of people in the international area
INTERNATIONAL EXPANSION HAS BEEN CARRIED
OUT IN LINE WITH REINFORCING THE TEAM
At the Crèdit Andorra Group we concentrate our human resource management on implementing efficient
policies that focus on handling the expansion process, spreading our corporate culture and maximising
the knowledge, skills and capacities of our employees.
The growth and consolidation of the Crèdit Andorrà Group result from a committed team with a strategic
vision, oriented towards serving people and the whole community where we are present. That’s why we
promote human resource management that strives to make the requirements entailed in our expansion
compatible with those inherent in each job.
The Group’s presence in other geographies outside Andorra has led to a conscientious, respectful integration
process that ranges from people to culture, language, traditions and the work processes themselves.
At the same time we have also promoted criteria of efficiency in defining work positions that have served
to reinforce those areas deemed strategic by the Bank, both in terms of consolidating and strengthening
our work in Andorra as well as ensuring our establishment in new countries.
The men and women that belong to Crèdit Andorrà are those who, with their talent and commitment,
are helping to transform the Group, promoting the growth and sustainability of the business through
innovation and leadership. We are growing in competitiveness, as well as in human relations management.
EFFICIENT MANAGEMENT TO MEET THE GROUP’S
NEEDS
The Crèdit Andorrà Group’s expansion process involves the development of an international structure
that has helped us tackle the new challenges and implement policies and projects capable of responding
to the Group’s needs. We are working to adapt and extend the Bank’s corporate culture to all our
subsidiaries.
In line with the strategic plan “CLAU 2011-2014”, in 2012 we made a significant effort to resize our
workforce, in two aspects:
• increasing efficiency in Andorra
• increasing teams in line with the growth of our subsidiaries
Resources have been greatly optimised by redefining and reorganising jobs, accompanied by starting up
new tools and channels to boost organisational efficiency.
One of the challenges in 2012 was to strengthen the ties between the Crèdit Andorrà Group and the
personnel in its subsidiaries, a process that is progressing at a good rate, albeit at differing speeds. Of note
in this area is the fact that personnel management has been focused constantly on integration at all levels
of the Group, from management teams to senior executives, reinforcing structures to optimise operations
at the parent company.
The main challenge for 2013 will be to implement knowledge management bearing in mind the complexity
involved in managing such a wide range of people.
48
ATTRACTING TALENT, EQUALITY AND STABILITY
Group profile
The workforce of the Crèdit Andorrà Group continued to grow in 2012. The total personnel increased
by 53 employees, a rise that was 8.7% higher than in 2011, due principally to the incorporation of new
subsidiaries and the structural reinforcement of the Group’s parent company.
Trends
Number of employees in the Crèdit Andorrà Group Number of employees in Crèdit Andorrà (companies located in Andorra)
662
609
517
418
411
411
2011
2010
2012
Number of new employees by nationality
Andorra
4
ARGENTINA
2
AZERBAIJAN
1
UNITED KINGDOM
1
ECUADOR
1
SPAIN
12
PARAGUAY
14
PERU
RUSSIA
17
1
49
Age pyramid
Women
Men
7
> 60 YEARS
7
56 - 60 YEARS
18
12
35
51 - 55 YEARS
31
45
46 - 50 YEARS
50
72
41 - 45 YEARS
55
64
36 - 40 YEARS
70
62
31 - 35 YEARS
30
51
26 - 30 YEARS
10
30
< 25 YEARS
278 women
13
384 men
Number of new employees by gender and age group
Women
Men
8
< 25 YEARS
4
13
26 - 35 YEARS
9
4
36 - 45 YEARS
4
5
46 - 55 YEARS
2
2
> 56 YEARS
50
2
Geographic distribution of the workforce
2011
2012
67%
63%
18.6%
17.7%
ANDORRA
18.5%
14.7%
REST OF EUROPE
Spain: 12.6% / 14.2%
Luxembourg: 4.9% / 4.2%
Switzerland: 0.2% / 0.2%
AMERICA
Uruguay and Panama: 5.7% / 5.3%
United States: 4.9% / 4.2%
Mexico: 4.1% / 3.8%
Paraguay: - / 2.6%
Peru: - / 2.6%
Native directors of each local community (for subsidiaries)
2011
61%
2012
57%
ANDORRA
86%
100% 100%
SPAIN
83%
MIAMI (USA)
0%
LUXEMBOURG
67%
PARAGUAY
0%
100%
PEru
0%
0%
SWITZERLAND
50%
80%
80%
MEXICO
78%
URUGUAY- PANAMA
51
Equal opportunities
Our human resources policies guarantee respect for diversity, equal opportunities and nondiscrimination due to gender, age, disability or any other circumstance. The principle of equality is
present in our employee relations: recruitment, training, promotion and working conditions including
salary, among others.
With regard to salary, we have a system to describe and rate positions that ensures the basic salary for
each job is defined according to the position; in other words, on the responsibility inherent in the job
and the fulfilment of this responsibility by the person in question, irrespective of gender.
The women working for the Crèdit Andorrà Group account for 42% of the overall workforce and 29%
of the management positions.
Women on the staff and in management positions
In the workforce:
41%
40%
2011
23%
21%
ANDORRA
0%
0%
67%
PARAGUAY
52
In management positions:
52%
52%
36%
33%
SPAIN
0%
0%
SWITZERLAND
29%
2012
27%
PERU
25%
45%
2012
33%
36%
10%
13%
LUXEMBOURG
28%
22%
22%
MEXICO
53%
2011
36%
36%
71%
60%
MIAMI (USA)
57%
URUGUAY-PANAMA
50%
50%
41%
42%
28%
CRÈDIT ANDORRÀ GROUP
29%
As part of Crèdit Andorrà’s commitment to helping disabled people to integrate, we have established
a collaboration agreement with the Employment Agency (Agentas), with the support of the Board of
Trustees of the special school Escola Especialitzada Nostra Senyora de Meritxell, through which the
Bank has outsourced its material storage and distribution service. Three people worked at the Bank in
2012 via this programme.
Stability
Retaining talent is a priority for the Crèdit Andorrà Group. That’s why we are committed to maintaining
staff when acquiring new subsidiaries and offer confidence and professional opportunities to employees.
In line with this commitment, and in spite of the closure of the Prat de la Creu branch, the workforce
of Crèdit Andorrà has remained stable, thanks to the employees being relocated within the Bank. This
branch was closed as part of the plan to centralise the corporate banking service, which aims to specialise
managers even further (divided by business sector) and offer a more suitable response in line with
customers’ profile. This centralisation involves specialisation by business sector and thereby improves our
customer service.
96.7% of the workforce of the Crèdit Andorrà Group has a permanent contract.
Workforce with a permanent contract
Luxem- Switzerbourg
land
Mexico
Miami
(USA) Paraguay
Peru
Crèdit
Uruguay Andorra
Panama Group
Andorra
Spain
2011
100%
96%
100%
100%
100%
100%
-
-
100%
99,5%
2012
100%
100%
100%
100%
100%
100%
89%
81%
100%
96,7%
Average length of employment (years)*
Women
Men
Both genders
18.2
17.7
15.8
16.4
14.0
13.5
13.1
2010
18.0
16.2
2011
2012
*Figures for Crèdit Andorrà (companies located in Andorra).
53
Percentage of resignations out of the total workforce
Luxem- Switzerbourg
land
Mexico
Miami
(USA) Paraguay
Peru
Andorra
Spain
2011
2.2%
2.3%
0%
0%
7%
5.7%
-
-
7.5%
2.8%
2012
1.2%
4.7%
3.4%
0%
0%
26.7%
5.6%
0%
9.8%
5.7%
Staff leaving the company by reason and gender*
Women:
2012
2011
Men:
2011
2011
NUMBER OF
DISMISSALS
5
2
4
3
1
2
0
3
2
NUMBER OF EARLY
AND NORMAL
RETIREMENTS
NUMBER OF
DEATHS
2012
2012
NUMBER OF
RESIGNATIONS
3
1
1
0
*Figures for Crèdit Andorrà (companies located in Andorra).
54
Crèdit
Uruguay Andorra
Panama Group
1
0
0
ADDED VALUE WITH CORPORATE BENEFITS
AND AFTER-WORK ACTIVITIES
Corporate benefits
Crèdit Andorrà employees enjoy the following corporate benefits:
•
•
•
•
Defined contribution pension plan
Comprehensive medical assistance plan
Life insurance
Special conditions for banking products and services from the moment a person begins to work
at the bank
The Board of Trustees of the Benefit and Assistance Mutual Fund for Crèdit Andorrà Employees (Previfun)
has adopted a change in the private company benefit system enjoyed by Crèdit Andorrà employees
in order to guarantee its future continuation. This change involves adopting a model whose ultimate
aim is to protect workers in the long term. This is a company benefit scheme to which the bank makes
considerable contributions to a defined contribution retirement plan, in line with market practices.
The employees of the new subsidiaries enjoy the same company benefits as they had prior to being
taken over by the Crèdit Andorrà Group. Moreover, all employees with at least three years’ service can
acquire shares in the Bank. They currently hold 21% of all the Bank’s stock.
After-work activities
We offer Crèdit Andorrà employees the chance to take part in various after-work activities that encourage
cohesion among the staff and help to build a common culture within a more sociable and fun environment.
Of note are the sports activities, such as the Inter-Company Games, the Desman Trophy and the Andorra
Interbank Gold championship, as well as institutional activities such as the annual Sant Carles dinner. In
the case of the Desman Trophy, a sports competition for companies and institutions, we have taken part
in every year and have won on three occasions (in 2005, 2006 and 2009).
Participating
team in Desman
Trophy
55
OPPORTUNITIES FOR PROFESSIONAL
DEVELOPMENT AND TRAINING
The Crèdit Andorrà Group provides continued, progressive training adapted to the functions of the
different professional profiles to offer them the knowledge required to carry out their daily work and
reinforce their skills and abilities.
The plan includes both individual and group training and is based on three sources: the Bank’s strategic
plan spanning several years, the translation of the strategic plan into annual goals by area and the
results taken from the performance assessment system. Training is given via class-based and online
resources, the latter using a digital learning platform.
2012 training plan
In 2012 we gave a wide range of internal training which allowed us to increase the number of
participants and the hours of training, with a notable drive in proactive commercial practices, both in
private banking and corporate and individual banking.
Andorra
Personnel
receiving
training
100%
100%
Expenditure
on training
out of total
payroll
100%
100%
-
-
100%
100%
88.00%
90.06%
1.82%
2.12%
0.08% 0.00% 0.10% 1.00% 1.05%
0.09% 0.71% 0.00% 0.32% 0.70%
-
-
1.30%
1.69%
1.29%
1.58%
924.71
Average
1,134.83
investment
in training
per employee
(€/employee)
122.00 74.00 250.00 277.00 723.81
15.20 621.00
0.00 66.47 245.00
-
-
361.69 710.26 €
450.52 811.71 €
Average
training hours
(h/employee)
2011
31%
59%
100%
100%
54.50
54.16
5.00
28.00
3.00
20.00
27%
26%
100%
82%
66%
23%
Training
within
the work
timetable
56
Spain1
Crèdit
Luxem- SwitMiami
Uruguay Andorra
bourg zerland Mexico (USA) Paraguay2 Peru2 Panama Group
2012
1
100%
0%
8.00
0.00
77%
12%
36.00
1.00
8.00
8.00
-
-
24.20
17.50
40.52 h
41.58 h
0%
15%
0% 1.36%
100%
100%
-
-
77%
93%
30%
40.97%
The figures for 2011 correspond only to ERM.
2
Data not available; opened November 2012.
Type of training given
2011
2012
FINANCE AND
BANKING
2011 - 20.35%
2012 - 20.84%
LANGUAGES
LEGAL
ORGANISATION
AND APPLICATIONS
2011 - 7.58%
2012 - 4.11%
2011 - 39.13%
2012 - 20.35%
2011 - 10.32%
2012 - 4.37%
SKILLS
DEVELOPMENT
2011 - 1.65%
2012 - 8.75%
MANAGEMENT
PRODUCTS
2011 - 2.35%
2012 - 4.74%
2011 - 0.76%
2012 - 4.40%
OCCUPATIONAL RISK
PREVENTION AND
OTHER
2011 - 9.00%
2012 - 1.50%
ENVIRONMENT
COMMERCIAL-SALES
2011 - 0.90%
2012 - 1.25%
2011 - 7.96%
2012 - 0.87%
Figures for Crèdit Andorrà (companies located in Andorra)
e-learning at Crèdit Andorrà
2011
2012
HOURS DEDICATED
PEOPLE INVOLVED
2011 - 3,957 hr
2012 - 2,183.68 hrs
2011 - 411
2012 - 5
In 2011, the Association of Andorran Banks (ABA) gave online training in preventing money laundering
and terrorist financing aimed at the country’s bank employees. 411 from the Bank took part in this
training. In 2012, the number of people from the Bank trained in this area returned to the usual figure.
Specifically, 5 people took online postgraduate courses totalling 400 hours on this subject.
With regard to training given to Group subsidiaries, training given in the United States concentrated
primarily on issues related to corporate aspects, regulatory compliance and the regulation and preventing
of money laundering, this being given via classes, online (webinars) and attendance at seminars and
congresses organised by FINRA (Financial Industry Regulatory Authority). In Luxembourg employees
received training on preventing money laundering, funds accounting, risk management, market
instruments and languages. Finally, in Panama-Uruguay training focused on issues related to the financial
legal framework, international accounting standards and their compliance, risk management, preventing
money laundering, financial assessment, international markets and languages.
57
Performance management
The Bank has a performance assessment system used as an instrument for continued improvement that
helps to systematically and regularly analyse the effectiveness of employees related to the demands of their
job. Once a year, employees and their direct superior meet specifically to jointly assess their performance
based on corporate skills. The aim for the coming years is to roll out this performance assessment system
at a Group level.
The main goals of this performance management are as follows:
•
•
•
•
Establish an objective performance assessment system for professional improvement
Create a communication channel between employees and their direct superiors
Inform employees of how they have been performing
Involve people in the Group’s achievements
The following three core areas are assessed in terms of performance: targets, values (Crèdit Andorrà’s
cultural model) and the degree of professional development/consolidation.
100% of Crèdit Andorrà’s workforce is subject to performance assessment, which is gradually being
implemented throughout the subsidiaries.
With regard to professional development, we prioritise internal promotion, encouraging new positions
created to be filled by professionals already on our staff.
58
PREVENTING Risks IN A SAFE
WORKING ENVIRONMENT
At Crèdit Andorrà we apply a preventative policy of continued improvement in the occupational health
and safety conditions of the Bank’s employees. Pursuant to Act 34/2008, on health and safety at work,
in 2012 everyone at Crèdit Andorrà received training on occupational risk prevention (ORP). We also
offered all employees a medical check-up.
In Andorra in 2011, all employees carried out the mandatory training of 2.5 hours on occupational
hazards, as per Act 34/2008. In 2012, this training was given to new recruits and those people who could
not be trained in 2011. In 2013, the plan is to start basic training on occupational hazards, lasting 50
hours, to an initial group of 20-30 people (from 1 to 2 employees per centre).
2011
2012
1,027.5
183.5
57
62
27
75
Absenteeism rate including maternity (%)
2.75%
2.00%
Absenteeism rate not including maternity (%)
1.90%
0.95%
Total training hours in ORP
Number of cases of leave by gender
Men
Women
Absenteeism rate by gender
Men
Women
1.48%
4.59%
0.39%
1.61%
Number of days lost due to leave by gender
Men
Women
1,351
2,881
573
2,354
Figures for Crèdit Andorrà (Companies located in Andorra)
Absenteeism rate
Luxem- Switzerbourg
land
Mexico
Miami
(USA) Paraguay
Peru
Crèdit
Uruguay Andorra
Panama Group
Andorra
Spain
2011
2.8%
0.02%
3.7%
0%
0%
2.5%
-
-
1.3%
2.49%
2012
2.2%
0.21%
2.3%
0%
0%
1.6%
-
-
1.4%
1.10%
59
COMMUNICATION FOR A COHESIVE TEAM
Internal communication is a basic tool which we use to encourage cohesion among our staff,
strengthening employees’ commitment to the Group and keeping them constantly informed in order
to improve the everyday organisation and involve our workers in the Group’s endeavours.
In 2012 we continued to work on spreading the Bank’s corporate culture to the subsidiaries of the
Crèdit Andorrà Group. In this respect, we are preparing a participation plan aimed at all employees to
involve them in the Group’s values and its everyday work. The main communication and motivational
tool used for this purpose is the corporate blog WeCrèdit. This blog has regular news flashes on the
Group’s activities and makes the rules and policies available to all our staff.
CSR POLICY
As part of our support for our workforce, we promote the professional and personal growth of
our team. We encourage commitment and dedication, following professional ethical principles,
with prudence and discretion.
LINES OF ACTION
60
EFFICIENT
ATTRACTING TALENT
ADDED VALUE WITH
OPPORTUNITIES
MANAGEMENT TO
AND PROMOTING
CORPORATE BENEFITS
FOR PROFESSIONAL
MEET THE GROUP’S
EQUALITY AND
AND AFTER-WORK
DEVELOPMENT AND
NEEDS
STABILITY
ACTIVITIES
TRAINING
PREVENTING Risks
COMMUNICATION
IN A SAFE WORKING
FOR A COHESIVE
ENVIRONMENT
TEAM
GOALS 2012
Reached
Underway
Resize the human resources of the Crèdit Andorrà Group in line with the CLAU strategic plan.
Extend the bank’s organisational culture to the group companies.
Implement the HR tools, the procedures and the policies throughout the Group.
GOALS 2013
Continue to provide operational support for the international expansion process.
Raise awareness throughout the Group of the basic policy and procedures for human relations.
Continue to implement the performance system and training plan.
Set up the active WeCrèdit directory.
61
Involvement in the community
25th
105
anniversary of
participants in the art
collection’s open door day
the bank with the highest social
investment in andorra
At the Crèdit Andorrà Group we see social action as a commitment, promoting actions with particularly
sensitivity towards our country and its people. At times such as the present, it becomes even more
significant to talk about responsibility, mutual aid and solidarity, values that make up our culture as
a Bank. The educational, social, cultural and environmental initiatives we promote, both via Crèdit
Andorrà and the Fundació Crèdit Andorrà, are based on commitment to the community and a desire
to complement and contribute to the country’s economic progress.
The investment of Crèdit Andorrà and of Fundació Crèdit Andorrà in initiatives aimed at the
community totalled 2.16 million euros in 2012, accounting for 3% of the Bank’s profits.
Overall consolidated investment
32%
Fundació
Crèdit Andorrà
8%
11%
Education Society
65%
Economic and institutional
initiatives
3%
Environmental
initiatives
13%
Culture
0%
100%
25th anniversary of Fundació Crèdit Andorrà
2012 saw the commemoration of the 25th anniversary of Fundació Crèdit Andorrà. This Foundation
helps the Bank to fulfil its objective of contributing to the country’s growth by promoting talent and
development education, as well as improving people’s quality of life.
This commitment has been evident over the last 25 years in our educational, social and cultural
initiatives, in the spread of knowledge among Andorran society and the continued development
and promotion of training as a value that generates progress in both economic and social terms. It
is currently the private foundation with the largest scope and greatest allocation of resources in the
Principality, reflecting our firm undertaking to take part in constructing the country’s present and
future, always at the side of its people.
63
Various events were organised in 2012 to celebrate the Foundation’s 25th anniversary, both to
commemorate the occasion itself and also to raise awareness of the Foundation’s actions throughout
this quarter century of activity, of note being a press campaign with endorsements by fifteen people
who have benefitted in some way from the initiatives we have promoted.
25 ANYS
AL SERVEI DE L’EDUCACIÓ
25 ANYS
AL SERVEI DE LA CULTURA
“Jo he crescut
amb la Fundació”
“Jo he crescut
amb la Fundació”
Ester Zamora
Dermatòloga
Josep Martínez
Violinista de l’ONCA
i dels Solistes de la JONCA
“Vaig ser de les primeres a beneficiarme del programa de beques de la
Fundació Crèdit Andorrà. Aquest ajut em
va permetre ampliar els meus estudis
en dermatologia a l’Hospital Clínic de
Barcelona, especialitat que exerceixo al
nostre país des de fa 20 anys”
“Gràcies al suport incondicional de
la Fundació Crèdit Andorrà, he pogut
desenvolupar la meva carrera musical al
més alt nivell europeu i he trobat sempre
un marc idoni per expressar-me”
Des dels nostres inicis, hem ajudat més
de 170 estudiants a créixer i complir els
seus somnis.
25 anys al servei de l’educació,
la societat i la cultura.
Des dels nostres inicis, hem dedicat
una part important dels nostres esforços
a donar suport al món de la cultura, part
imprescindible de la nostra societat.
25 ANYS
AL SERVEI DE LA SOCIETAT
25 ANYS
AL SERVEI DE LA SOCIETAT
“Jo he crescut
amb la Fundació”
“Jo he crescut
amb la Fundació”
Enric Adran
Membre de l’equip
Special Olympics
Júlia Xandri
Voluntària a L’espai i tresorera de
l’Associació de gent gran voluntària (AVIM)
“Gràcies a la Fundació Crèdit Andorrà,
els meus companys de Special Olympics i
jo tenim l’oportunitat de practicar diferents
esports, participar en competicions
internacionals i, sobretot, compartir grans
experiències”
“La Fundació ens permet relacionar-nos
amb gent de la nostra edat i a la vegada
no deixem mai de formar-nos. Totes les
activitats que organitza, com ara cursos
o viatges culturals, ens ajuden a estar
actius i en contacte amb el món”
Example of the
graphic campaign
for the 25th
anniversary of
Fundació Crèdit
Andorrà
Sempre hem confiat en les possibilitats
de les persones amb discapacitat i volem
ajudar-los a aconseguir els seus objectius
i a trencar les barreres que els envolten.
Des dels nostres inicis, hem confiat en
la força dels grans i els hem donat eines
perquè continuïn fent la seva aportació
a la societat.
The Foundation’s Activities Report for 2012 provides a more detailed description of all the activities
carried out.
Download the Foundation’s Activities Report 2012
64
EDUCATION
Through the Foundation and as part of its programme At the service of education, we have continued to
contribute to knowledge and talent via activities aimed at fomenting and promoting training among
young generations, as well as investigation and research, in the belief that these are the true driving
forces behind the country’s development.
• Fundació Crèdit Andorrà Scholarships for postgraduate courses to enable further studies
abroad. Since they were set up in 1988, more than 170 young people have benefitted from the
Foundation’s scholarships in 46 cities around the world.
Students awarded
scholarships in
2012. From left
to right: Albert
Gomàs, Xavier
Fonoll and Enric
Xipell
• Cooperation with the University of Andorra, which has benefitted almost 300 people. Particularly
of note was the presentation of another book in the Andorran law collection, namely Dret
processal civil del Principat d’Andorra (Civil procedural law of the Principality of Andorra); the
continued training course Òpera oberta (Open opera) aimed at people interested in this genre;
sessions included in the higher professional studies cycle; Income tax in the Principality, Multiple
intelligences, Multiple intelligences in the classroom, Introduction to Android programming and
Techniques for effective presentations, as well as refresher courses on Andorran law; Criminal
procedural law and international cooperation and on legal ethics.
65
• Calvó Armengol International Prize, awarded every two years to economists and social scientists
aged under 40 for their contribution to the study of social interaction. In 2012 the second Calvó
Armengol International Prize was given to Professor Roland Fryer from Harvard University. As
part of the prize-giving, there was also a workshop entitled Advances in social economies: theory
and applications, at the Casa de la Convalescència of the Autonomous University of Barcelona,
where Professor Fryer also gave a talk on Inequality in the 21st Century: The Declining Significance
of Discrimination.
Roland Fryer,
during the talk
at the Casa de la
Convalescència of
the Autonomous
University of
Barcelona
As part of the 15th Seminar on secondary education, Crèdit Andorrà organised a professional awareness
session on the finance sector in which fifteen secondary school students took part from the Escola
Andorrana. The aim was to raise awareness of the Bank’s different functional areas and departments,
as well as to familiarise students with the different professional profiles employed at the Bank.
Students taking
part in the
professional
guidance seminar
on the financial
sector
66
SOCIETY
In collaboration with Ràdio i Televisió d’Andorra, at Crèdit Andorrà we promoted the Identitats
(Identities) programme. Led and presented by journalist Josep Anton Rosell, this programme was
divided into seventeen interviews with people related to politics, economics, society and culture who
have played a key role in the Principality’s development and growth.
The programme
explains the
recent history of
Andorra using
accounts from
seventeen figures
from the country
Through the Foundation, in the social area we carry out a programme of several initiatives aimed at
enhancing quality of life among the most vulnerable of people, with particular attention to the elderly.
A senior force
Programme of activities at the L’espai
The Fundació Crèdit Andorrà offers a wide range of activities for senior citizens, aware of the dynamism
shown by these people and of their desire to learn. In 2012, the L’espai held courses, workshops and
talks on subjects of interest for 1,293 people aged over 60 and registered with the centre.
Students on the
L’espai computer
centre
67
• L’espai computer centre: introductory and more advanced courses and workshops on the
Windows environment, specific applications (PowerPoint, Photoshop and Publisher, among
others) and tools to take part in social networks and blogs.
• L’espai media library: talks on various aspects of general interest, such as legal issues or those
related to science, health, the history of Andorra and languages, namely Catalan and English,
among other topics. In the area of health, we held a cycle of talks via the Healthy Ageing
programme.
• L’espai volunteers centre: support activities for the Senior Citizens Voluntary Association
(AVIM), specific workshops, cultural excursions, film forum, etc.
Antoni Pintat,
Chairman of the
Board of Trustees
of Fundació
Crèdit Andorrà,
welcomes elderly
participants in
the traditional
Christmas lunch
Up-to-date health
As part of this programme, the Foundation holds a comprehensive calendar of workshops and talks
throughout the year on diseases and problems of great social concern. In 2012 some of these were as
follows:
• Workshops on cognitive stimulation and rehabilitation for multiple sclerosis sufferers organised
together with the Trana Multiple Sclerosis Association, benefitting 11 people.
• Talk New technologies applied to the treatment of diabetes, given by doctor and diabetes specialist Isaac
Levy, in collaboration with the Andorran Diabetics Association.
• Talk Social obesity and nutritional education, given by doctor and nutrition expert Manuel Jiménez,
with the participation of renowned nutritionist Montserrat Folch.
• Talk Adolescents and new technologies: from use to addiction, given by clinical psychologist Jordi Royo.
68
Social collaboration
• Official sponsorship of the Andorra Special Olympics sports federation, which in 2012 organised
the 3rd Andorra Special Olympics International Ski Trophy, in which 34 athletes took part.
• Collaboration with Càritas Andorrana via specific support for the citizen assistance programme
via the food bank.
• Support for the National strategy for nutrition, sport and health promoted together with the
Andorran government. Part of this programme was the talk What can we do to prevent child
obesity?, given by Dr. Miguel Ángel Royo, Academic Director of the National School of Health
and coordinator of the Spanish Interdisciplinary Committee for Cardiovascular Prevention, as
well as presenting the practical guide Alimentació i activitat física per a infants i adolescents (Diet
and physical activity for young children and teenagers).
• Promoting the Programme to obtain cord blood donations, given at the time of the birth and
resulting from agreements established between the Andorran and Spanish government, with the
collaboration of the National Transplant Organisation, the Blood and Tissue Bank of Catalonia,
the Josep Carreras International Leukaemia Foundation, the Andorran Health Service and
Fundació Crèdit Andorrà. Thanks to this action, Andorra has joined the international scheme
Concòrdia. As part of this programme, a talk was offered entitled Cord blood donations and
transplants, given by Rafael Matesanz, Director of the National Transplant Organisation of
the Spanish government, and Concòrdia, 8 years’ experience, 1,000 transplants, given by Marta
Torrabadella from the Blood and Tissue Bank of Catalonia.
• Collaboration with the country’s associations for the sick. The Fundació Crèdit Andorrà has
taken out collaboration agreements with different associations for the sick in Andorra in order
to promote activities to attend to the needs of those affected by diseases of great social concern
and their relatives and carers. The agreements signed in 2012 were with the Andorran Celiac
Disease Association, the Alba Group of the Association of Women of Andorra and the Trana
Multiple Sclerosis Association.
Other collaborations
• Talk How to manage enthusiasm in times of change, by Emili Duró, Economics graduate
and business consultant. This talk attracted almost 1,000 people, organised together with the
Jacqueline Pradère Foundation.
• Talk Learning to be parents. The Kovacs method, organised together with the Kids school and
given by renowned doctor Francisco Kovacs.
69
CULTURE
Crèdit Andorrà art collection
In 2012, Crèdit Andorrà collaborated with the European heritage seminars by organising visits to the
Bank’s art collection (Catalan painting from the 18th to the 20th century and domestic Catalan timepieces
from the 18th century). Some of the outstanding works in the gallery included the predella and tabula
entitled Appearance on Mont Gargan of the altarpiece from Sant Miquel de Prats (16th century), acquired
by the Bank in 2011.
These visits are among the most important events celebrated around Europe for the last 25 years. During
one weekend, millions of people visit historical monuments and places, either publicly or privately owned,
which open their doors to the public for the occasion. This joint initiative by the Council of Europe and
the European Union brings together 49 states under the European heritage agreement, which participate
in a number of events. Andorra has been taking part in this initiative uninterruptedly for the last 17 years.
Tabula
Appearance on
Mont Gargan
Cercle de les Arts and de les Lletres (Arts and Humanities Circle)
Once again we provided financial backing for the prizes given by the Cercle de les Arts i de les Lletres:
The 50th Anniversary Crèdit Andorrà Drama Prize, the Crèdit Andorrà Grandalla Prize for Poetry of
the 35th Andorran Literary Night and the Crèdit Andorrà Prizes for Painting and Sculpture of the 18th
Andorran Arts Poster.
Chikao Nakano
and Enric Cardús,
winners of the
Crèdit Andorrà
Prizes for Painting
and Sculpture
of the 18th
Andorran Arts
Poster
70
Our music, everyone’s heritage
The initiatives promoted by the Fundació Crèdit Andorrà in the field of music aim to unite society with
the creation and dissemination of music.
• 19th season of performances in Andorra and abroad by the Andorran National Classical
Orchestra (ONCA), the Andorran National Youth Classical Orchestra (Jonca) and the Jonca
Soloists. The Fundació Crèdit Andorrà is on the Board of Trustees of the ONCA Foundation,
together with the government of Andorra.
The concerts given by ONCA in Andorra were as follows: the Concert de la Constitució, the
Concert als Jardins de la Casa de la Vall and the Concert de Santa Cecília. Abroad, the ONCA
presented the 8th annual cycle of concerts at the Petit Palau de la Música Catalana in Barcelona,
attracting almost 2,500 participants. Other performances outside Andorra were the concert at the
Sala Gran of the Palau de la Música Catalana and as guest orchestra Estive de l’Escena Nacional de
Foix i de l’Arieja, as part of the Festival Musiques au Pays de Gabriel Fauré.
The Jonca continued its pedagogical and artistic work by incorporating new members and broadening
its repertoire, which could be appreciated at the Concert de Meritxell, attended by 250 people.
And the Jonca Soloists also included new pieces in their repertoire, as well as multiplying their
activities and performances, including their participation in the Festival of Narciso Yepes Ordino
and Fundació Crèdit Andorrà and the performance of the play Els Pastorets, attracting 1,300
participants. We should also mention the pedagogical project Des d’aquell dia... (Since that day...),
via which stories were presented about different instruments to 800 primary school children.
• International Organ Cycle of the Principality of Andorra, organised together with the ArchPriesthood of Andorra, celebrating its 13th year in 2012 with almost 700 participants.
• Collaboration with the Comú (town council) of Ordino as part of the Ordino Festivals
Association with the 30th Festival of Narciso Yepes Ordino and Fundació Crèdit Andorrà and
the traditional Concert de Cap d’Any (New Year’s Eve Concert), events attended by 1,429 and
473 people respectively.
Performance
by the Trío
Narciso Yepes
commemorating
15 years since this
musician’s death
71
On the left:
Edmon Colomer,
who directed
the ONCA at the
Festival of Narciso
Yepes Ordino and
Fundació Crèdit
Andorrà
On the right: Àlex
Garrobé, ONCA
soloist at the
Festival of Narciso
Yepes Ordino and
Fundació Crèdit
Andorrà
Let’s put Andorra on the stage
The Fundació Crèdit Andorrà promotes stage arts and new drama via the ENA Season and the Young
Drama Fair.
• Collaboration with activities as part of the 2012 Season of the Andorran National Stage
Foundation (ENA), as a member of the Board of Trustees of the ENA Foundation together with
the Government of Andorra and the Comú (town council) of La Massana. Les Fontetes hosted
the plays La verité (The truth), S de Shakespeare (S for Shakespeare), Obaga (Shady side) and
El somni de la terra (The dream of the land), attracting more than 500 participants.
• 15th Young Drama Fair, an event that encourages drama as an educational tool, as well as helping
to give young people the chance to express themselves. In 2012, the Fair had 149 participants
aged between 6 and 25.
Cultural cooperation abroad
Philharmonic Orchestra of the National Autonomous University of Mexico
Through CA México Asesores Patrimoniales we have collaborated with the Philharmonic Orchestra of
the National Autonomous University of Mexico (UNAM) in the programme of concerts which, in 2012,
totalled 60 (30 concerts, each performed twice). The Netzahualcoyotl auditorium was almost full for every
concert, with an audience of 2,229 people. This collaboration, which will continue in 2013, is in line with
the Crèdit Andorrà Group’s philosophy of being close to the people and to the regions where it is present.
MORE THAN 120,000 PARTICIPANTS
AT THE CONCERTS OF THE PHILHARMONIC ORCHESTRA OF
THE NATIONAL AUTONOMOUS UNIVERSITY OF MEXICO
72
Publications
The management and spread of knowledge are two key aspects of the publishing arm of Crèdit Andorrà
and the Fundació Crèdit Andorrà. The wish to promote this content as much as possible results in our
presence in the world of publishing both promoting our own publications and also collaborating with
other companies and institutions in the country in projects that add value for the different audiences they
are aimed at. In all cases, these works will be available online, via our website (www.creditandorra.ad).
Consult the publications:
Crèdit Andorrà
VÍCTOR POU I SERRADELL
Own publications
Tercera fase del procés d’acostament
del Principat a la Unió Europea
Cap a la integració en el mercat interior europeu
Andorra − Unió Europea
Andorra
Unió Europea
BIOGRAFIA
L’autor d’aquest llibre, en Víctor Pou i Serradell, és
doctor en dret i llicenciat en ciències econòmiques
per la Universitat de Barcelona, màster en Economia
i Direcció d’empreses (MBA) per l’IESE Business
School, de la Universitat de Navarra, i diplomat en
integració europea per la Universitat d’Amsterdam.
És professor del Departament d’Anàlisi Social i
Econòmica de l’IESE Business School Universitat de
Navarra i professor d’economia mundial i relacions
internacionals a la Universitat Internacional de
Catalunya (UIC).
És director d’afers europeus a la consultora TAS Europrojects (Brussel·les) i delegat de la secció d’economia de l’Institut d’Estudis Catalans a Brussel·les. Ha estat director internacional de l’empresa Torras Hostench S A i director general
de Programació Econòmica, director general d’Adequació a
les Comunitats Europees i director del Patronat Català pro
Europa de la Generalitat de Catalunya, així com cap d’unitat
i conseller de Relacions Exteriors de la Comissió Europea a
Brussel·les. És autor de nombrosos articles i llibres sobre
les Comunitats Europees, geopolítica, economia mundial i
relacions internacionals, i col·laborador habitual de diaris i
revistes econòmiques. Aquest és el sisè llibre publicat per
l’autor sobre les relacions internacionals d’Andorra, particularment referides a la Unió Europea (UE), cinc dels quals han
estat editats per Crèdit Andorrà i un pel ministeri d’Afers
Exteriors del Govern d’Andorra. El professor Pou és especialista en les relacions internacionals d’Andorra i alhora una
persona tradicionalment vinculada amb el Principat. Ha treballat com a consultor del ministeri d’Afers Exteriors i de diferents empreses, a més de participar en diverses activitats
culturals andorranes, entre les quals destaca la Universitat
d’Estiu, a Prada de Conflent.
1,000
copies published
Andorra - Unió Europea.
Tercera fase del procés d’acostament del Principat
a la Unió Europea. Cap a la integració en el mercat
interior europeu
(Andorra - European Union. Third phase in the bringing
the Principality closer to the European Union. Towards
integration in the European domestic market)
Professor Víctor Pou reviews a possible agreement
between Andorra and the EU on participation in the
European domestic market. Work presented as part of
the Andorra-European Union talk Cap a la integració
en el mercat interior europeu (Towards integration in the
European domestic market) by the same professor and
organised by the Bank.
5,000
copies published
Andorra’11: el país en xifres
(Andorra ‘11: the country in figures)
A publication produced by Crèdit Andorrà every year
since 1981 and available in four languages: Catalan,
Spanish, French and English, this contains the
country’s main indicators in terms of demographics,
economy, finance, public administration, trade and
tourism, among other aspects. The 2011 edition
includes a new section on the human development
index, an indicator produced by the United Nations
Development Programme. The content has been
supervised by economist Xavier Sáez, lecturer at the
Economics Faculty of Barcelona University.
73
Co-publication
Manifest per a un management millor Una visió racionalista i humanista
Manifesto for a better management A rational and humanistic view
MANUAL PRÀCTIC
DEL PLA GENERAL
DE COMPTABILITAT
D’ANDORRA
Edició 2012
Manifest per a un management millor
Una visió racionalista i humanista
Manifesto for a better management
A rational and humanistic view
Rafael Andreu
Josep M. Rosanas
1,000
copies published
Codi de barres
5,000
copies published
Manifest per a un management millor. Visió
racionalista i humanista
Manual pràctic del Pla general de comptabilitat
d’Andorra (edició 2012)
(Manifest for better management. A rational, humanist view)
(Practical manual for Andorra’s Accounting Standards, 2012
edition)
Work by Josep Maria Rosanas and Rafael Andreu,
Professors in the departments of Strategic
Management and Information Systems at IESE.
The aim is to establish the starting points for good
management, explain its importance for society and
critically analyse the current crisis and the practices
and concepts that have led to it. The book was
published as part of the Crèdit Andorrà Chair and
provides the fundamentals for better management
for the future, against a short-sighted culture which is
partly to blame for the current crisis.
By Alfa Capital Assessors & Auditors and produced in
collaboration with Andorra’s Chamber of Commerce
and the support of Crèdit Andorrà, this 2012
edition covers all the changes resulting from the new
accounting regulations and their fiscal application.
The manual’s presentation was complemented by
informative training sessions aimed at professionals
and business people, given by Alfa Capital.
Molly Visits Chloé in ANDORRA
6,500
printed copies
ISBN 978-99920-19542-2
by Gregory Stéphane Coonen
9 789992 019542
74
Drawings by
Alejandro Blasco Muñoz
6,000
copies published
7,800
digital copies
Molly visits Chloé
Guia alimentació saludable - número 3
Book by Gregory Stéphane Coonen, a Dutch national
resident in Andorra who works as a writer and
businessman. This is a story designed to introduce
children aged between 6 and 10 to reading in English.
This publication has been mainly supported by Crèdit
Andorrà, as well as Grandvalira, Pyrénées, Financera
d’Assegurances, Esna and Commit, to reach the
country’s school children thanks to the distribution
of 4,000 copies. Of the remaining 2,000, half will be
sent to African countries as part of the Books for Africa
campaign.
(Healthy diet guide - Number 3)
This is the third guide in a collection dedicated to
nutrition, dietary habits and physical activity, aimed at
young children and teenagers, as well as their parents.
The guide, with positive, simple messages, uses an
engaging, family-centred approach to put across its
recommendations. It also explains how to detect and
correct bad habits. This publication forms part of the
actions of the National Strategy for Nutrition, Sport
and Health (ENNES) promoted by the Andorran
government and Fundació Crèdit Andorrà since 2007.
CSR POLICY
Committed to the progress and development of society.
We work for the country’s economic, social and cultural development and reinvest the results
in programmes to help particularly vulnerable groups.
LINES OF ACTION
EDUCATION
SOCIETY
Culture
GOALS 2012
Reached
Underway
Provide support for the business fabric via training: workshops, talks, seminars, etc.
Continue to collaborate with initiatives that help boost the country’s economy and society.
Focus the activities of the Fundació Crèdit Andorrà on educational training.
GOALS 2013
Maintain our commitment to help in building the country’s future.
Look after our most important asset: people.
Promote, encourage and provide support for initiatives related to economic development.
75
Environmental management
4%
12%
of reduction in energy
global consumption
of reduction in
office paper waste
WE REINFORCE THE INVOLVEMENT OF THE WHOLE
TEAM IN GOOD ENVIRONMENTAL PRACTICES
CONSOLIDATION OF CONTINUED IMPROVEMENT
At the Crèdit Andorrà Group we believe it is necessary to offset and balance the economic development
related to our business with our impact on and protection of the environment. Year after year, we strive
to improve the energy efficiency of our facilities and reduce the environmental impact of the service
we provide. That’s why most of our good environmental practices form an intrinsic part of the Bank’s
everyday operations.
Crèdit Andorrà’s commitment to the environment is expressed through the Environmental
Management System (SGMA) implemented since 2004 and certified according to ISO standard 14001,
covering all the Bank’s branches and corporate centres.
Main environmental aspects identified in Crèdit Andorrà’s SGMA
GREENHOUSE
GAS EMISSIONS
(CO2)
CONSUMPTION
OF NATURAL
RESOURCES
(WATER,
ELECTRICITY AND
FUEL-OIL)
GENERATION
OF WASTE
(PAPER, TONER,
CARDBOARD,
PLASTIC, ETC.)
CONSUMPTION
OF MATERIAL
(PAPER, TONER,
ETC.)
GENERATION OF
WASTE WATER
(SEWERAGE SYSTEM)
77
The environment team, made up of representatives from the Bank’s different areas, is in charge
of supervising the correct implementation of the SGMA, defining the targets for environmental
improvements and leading the programmes to achieve these targets.
SGMA organisation chart
Environmental Management
System Department (DSGMA)
Head of the Environmental
Management System (RSGMA)
Communication
Area
Collaboration and
Sponsorship Area
Training Area and
Human Relations
Department
Works,
Maintenance and
Subcontractor Area
Coordination and control
Safety and
Emergency Area
DACs /
Replacement DACs
The DACs (those responsible for the environment at each branch) are key to ensuring the system works
properly. Their main functions are:
• Finding out about and documenting any non-conformity at their branch.
• Gathering suggestions and opportunities to improve and passing these on to the person responsible
for the SGMA.
• Quantifying the waste generated at their branch.
• Raising the awareness of new personnel in the branch or department.
In 2012, with the ultimate aim of increasing the involvement of all the Bank’s staff, online training was
given about the SGMA and physical support was provided for the DACs. We have also started to launch
a series of weekly or fortnightly communications on environmental news and issues, managed through
the DACs, as well as creating a working group to improve our analysis of the internal communication and
carrying out cross-audits; i.e. the DACs take part in internal audits at other branches, helping to identify
improvements to be implemented both in the branch audited and also in their own. And, through DAC
training, we have also continued to inform our employees about the consumption at their own workplace.
As part of the SGMA, all environmental initiatives are in line with our commitment to the country, to
continued improvement and the prevention of contamination. The following are particularly of note:
• Participation as observers in the working group to define the Greenhouse gas account for the
finance sector promoted by UNEPFI (the UN Environment Programme for Finance), which we
have been collaborating with since 2004.
• Participation as observers in the working group to define the Greenhouse gas account for the finance
sector promoted by UNEPFI (the UN Environment Programme for Finance), which we have been
collaborating with since 2004.
• Training those responsible for the SGMA in sustainable finances, environmental risks and
sustainable marketing.
78
Efficient use of resources
In accordance with the overall monitoring of our facilities, in 2012 we installed new meters at the work
centres to better manage energy consumption, which we expect to result in a reduction in consumption
over the coming years.
Energy
With regard to electricity consumption in 2012 at the bank branches and
corporate buildings, in absolute terms and relative terms per employee,
this has fallen by 2.46% and 4.28% respectively. This is due to the actions
carried out to improve energy savings and efficiency, as well as the
consumption monitoring system installed at the Crèdit Centre building.
If we analyse the electricity consumption per m2 of office space, it can be
seen that this has increased by 7.84% compared with 2011, principally
due to the decrease of surface area of branches.
Branches and buildings of Ròdol, ICA and Head Office
2010
2011
2012
Trend
2011-2012
6,354
5,994
5,847
-2.46%
Electricity consumption per m2 of office space
(kWh/m2)
294.92
293.04
316.00
+7.84%
Electricity consumption per employee
(kWh/employee)
13,519
12,620
12,080
-4.28%
Electricity consumption (MWh)
Note: Figures from October to September.
Fuel-oil consumption has fallen by 9% due to the closure of the Sant
Julià de Lòria branch and the changes in the heating system at the Ordino
branch, which has gone from fuel-oil to electric, and the Sant Julià de
Lòria II branch which used to operate with fuel-oil and where a heat
exchanger incorporating the VRV system has been installed.
79
2010
2011
2012
Trend
2011-2012
Fuel-oil consumption (litres)
179,710
174,052
157,933
-9.26%
Consum de gasoil (litres/m2)
10.39
10.85
10.28
-5.30%
Actions to improve energy savings and efficiency
1.
CHANGING ALL DICHROIC HALOGEN LAMPS TO LED LAMPS
AT THE HEAD OFFICE.
3.
CHANGING THE BOILER AT THE LA MASSANA BRANCH FOR
ONE OFFERING BETTER PERFORMANCE AND LOWER FUELOIL CONSUMPTION.
2.
APPLYING ENERGY EFFICIENCY CRITERIA TO NEW
AUTOMATIC BRANCHES AND REFURBISHMENT OF EXISTING
BRANCHES, SUCH AS THE ENCAMP BRANCH:
• Lighting system with movement detectors
• Installation of
class A low consumption lamps
LED lamps in outdoor signs
• Heating and air conditioning via heat exchangers
with an incorporated VRV system to adjust the
production of heat and cold as closely as possible to
the branch’s needs
• Installation of
4.
IMPLEMENTING IMPROVEMENTS IN ENERGY EFFICIENCY
AT THE PLAÇA REBÉS BUILDING AFTER CARRYING OUT AN
ENERGY AUDIT:
• Replacing windows with less conductive glass
to reduce the loss of heat, helping to reduce
consumption from 86 kWh/m2 to 46 kWh/m2.
• Changing the boiler for a low temperature model
that provides significant energy savings.
• Changing the uninterrupted power supply (UPS)
system for a more energy efficient one.
Note: Some of the figures presented below have been reformulated compared with those published in previous years to ensure
they are more accurate and more clearly reflect the situation of the Bank. This reformulation involves a change in the calculation
of m2 of gross surface area, which only includes the surface area of branches and the buildings of Ròdol, ICA and the Head Office
and excludes the automatic branches and ATMs, which were previously included. This concept has also been applied to the
calculation of the electricity consumed. In the case of fuel-oil consumption, as in previous years the surface area corresponds to
the m2 of space where there are boilers. The data on the consumption for automatic branches and ATMs are presented separately.
80
Water
Water consumption has fallen by 37% compared with 2011, a significant
reduction due to the resolution of the incident at the Crèdit Centre
building which had increased its consumption in 2011. Nevertheless, this
reduction is also largely due to the change in the cooling system used at
the Sant Julià de Lòria branch, which used to operate with a non-sealed
water circuit and now uses a heat exchanger incorporating a VRV system
which does not consume any water. Another reason is the facts that, at
the weekends, the cooling towers are now turned off at the Head Office.
Water consumption (m3)
Water consumption per m2 of office space
(m3/m2)
Water consumption per employee
(l/employee)
2010
2011
2012
Trend
2011-2012
14,278
16,291
10,222
-37.25%
0.66
0.80
0.55
-30.63%
30.38
34.30
21.12
-38.42%
Materials
In this area the generalised trend of reducing consumption has been reversed and there has been a
notable increase in the internal use of paper, resulting from the replacement of forms using the DIN
A5 format to DIN A4, a default format for the system.
In order to correct this deviation, in 2013 work will be carried out to increase energy efficiency when
printing, both at the branches and for internal services.
Customer-related paper consumption has fallen considerably thanks to
the growing use of the online e-Crèdit service among customers and the
grouping together of any bank information sent.
The campaign to encourage the use of complementary channels called
Crèdit Andorrà et dóna +! (Crèdit Andorrà gives you more!) has also
contributed to savings, namely 28.74 tonnes less (-6.86% compared with
2011). It’s worth noting that Crèdit Andorrà employees only operate
via complementary channels in order to promote this practice among
customers.
81
On the other hand, the gradual reduction in toner consumption over the last two years is partly due to
the replacement of the printers started in 2010, with the changeover to the new IT platform. These new
machines provide better quality and performance with a lower consumption of consumables.
2010
2011
2012
Trend
2011-2012
Paper for internal use
Tonnes
kg/employee
28,755
61.18
20,954
44.11
30,496
63.01
+45.54%
+42.83%
Paper for customers
Tonnes*
kg/customer
39.93
0.39
30.86
0.44
28.74
0.36
-6.86%
-18.24%
Toner
Units
Units/employee
1,184
2.52
1,005
2.12
757
1.56
-24.68%
-26.08%
* Data for 2011 have been reformulated compared with those published the previous year to bring them in line with the correct areas.
HELPING TO COMBAT CLIMATE CHANGE
CO2 emissions have risen due to a reduction in renewable energy sources
in the electricity mix, both in Spain and in France.
2010
2011
2012
Trend
2011-2012
Tonnes of CO2 (electricity)
762.48
827.23
917.93
+11%
Tonnes of CO2 (fuel-oil)
495.10
479.51
435.11
-9%
1,257.58
1,306.74
1,353.04
+4%
Tonnes of CO2/100 m2 of office space
5.84
6.39
7.31
+14%
Tonnes of CO2/employee
2.68
2.75
2.80
+2%
Total tonnes of CO2
Sources: Own calculations: Electricity from Andorra - FEDA (15% hydroelectric and 85% from Spain and France in equal parts).
Emission data for France - EDF. Emission data for Spain - CNE, System for guarantee of origin and labelling of electricity.
82
At the end of March 2012, we started calculating the trips made by Bank employees. The data presented
below correspond to the period from 28 March to 30 September.
Tonnes of CO2 resulting from travel
2012
Airplane
14.01
High speed train (AVE)
0.87
Total
14.88
Sources: Airplane (DEFRA. 2012 Guidelines to Defra/ DECC’S. GhG Conversion Factors for Company Reporting. Version 1.0 updated
28/05/2012) and high speed train (Oficina Catalana de Canvi Climàtic. Guia pràctica per al càlcul d’emissions de gasos amb efecte
d’hivernacle. Version March 2012).
OPTIMISING WASTE MANAGEMENT
In 2012 we generated less waste in terms of office paper, cardboard,
newspapers and plastic. The implementation of green purchasing criteria
has helped to significantly reduce these figures and, in the case of paper, has
replaced the purchase of printed newspapers with online versions. With
regard office paper waste, the percentage reduction is lower, especially
taking into account the fact that, last year, this was relatively high due to
the elimination of files. Although paper consumption has increased, one
part is filed and is given to the customer, so it does not become waste.
The increase in toner waste was due to the installation of new containers to collect used toner, where
waste consisting of ink, wax, tapes and ink containers is also deposited, which was not collected
separately previously.
In the case of waste from fluorescent tubes, this has fallen by more than 50% in absolute terms and
compared with 2011, when there was a very sharp increase due to the reconversion of our conventional
branches into automatic branches. Compared with 2010, there has been a slight increase in the waste
generated because of fluorescent tubes being replaced by LED lights, as well as removing all the
fluorescent tubes from a branch that is no longer used and refurbishment work at other branches.
83
2010
2011
2012
Trend
2011-2012
Processing
method
Office paper
kg
kg/employee
25.072
53,34
27.527
57,95
24.259
50,12
-11,87%
-13,51%
Recycled
Specialist handling
Cardboard
kg
kg/employee
130
0,28
173
0,36
124
0,26
-28,32%
-29,66%
Recycled
Specialist handling
Newspaper
kg
kg/employee
4.314
9,18
4.881
10,28
4.191
8,66
-14,14%
-15,73%
Recycled
Specialist handling
Plastic
kg
kg/employee
93
0,20
86
0,18
77
0,16
-10,47%
-12,13%
Recycled
Specialist handling
Fluorescent
tubes
Units
Units/100m2
of office space
960
2,71
3.087
10,93
1.272
6,87
-58,79%
-54,44%
Recycled
Municipal dump
Toner
Units
Units/
employee
273
0,58
285
0,60
393
0,81
+38,14%
+35,57%
Recycled or
converted into
energy
Specialist handling
GREEN PURCHASING
As a result of the Bank’s awareness and respect for the environment inherent in its approach, we promote
an environmental culture with our suppliers to ensure they apply environmental criteria when working
at our facilities: among other conditions, we require the following from our subcontractors:
• Waste is managed according to current regulations.
• Hazardous products are suitably stored.
• Priority is given to environment-friendly materials.
In 2012 we produced and started to distribute among employees a guide of good practices in purchasing.
This guide explains what ecological labels are and the main ones in the market; the principles of green
purchasing and the criteria that should be taken into account when buying stationery or other office
supplies, among others.
84
RAISING AWARENESS OF THE ENVIRONMENT
AMONG THE WORKFORCE AND SOCIETY
Raising awareness forms part of the Group’s commitment to promote good environmental practices
among its employees, to make them aware and promote a change in habits among customers to
minimise the Bank’s indirect impact on the environment and help spread respect for the natural
environment in society at large.
This commitment to preserving the environment, underlined with the SGMA, has been promoted
among the Group’s subsidiaries as one of the Bank’s values. All the environmental information is
provided via memos on the corporate blog WeCrèdit.
Among the actions carried out in 2012 to raise environmental awareness, of particular note were the following:
• Communications aimed at employees to incorporate good environmental practices in the
Bank’s daily operations, informing them of trends in the environmental performance of their
branch and any new issues in this area.
• Specific campaigns aimed at customers to promote the use of virtual channels and eliminate
postal correspondence.
Saló Pirineu Sostenible (Sustainable Pyrenees Salon)
With the aim of participating in creating places for dialogue, training, communication and information in
order to build the necessary bridges and ties to advance towards the complete and sustainable environment
we want, at Crèdit Andorrà we sponsored the third Sustainable Pyrenees Salon. 2012’s aim was to raise
awareness of the alternatives to using conventional fuels, taking advantage of renewable energy sources,
to reduce the emission of contaminants and thereby improve the quality of life of everyone on the planet.
550
20
participants firms
(3 days)
300
registered for specific training sessions: hotels
exhibiting and catering and environmental legislation
Inaugural talk of
the Sustainable
Pyrenees Salon
85
CSR POLICY
In looking after the environment, we apply an environmental management system of continued
improvement to correct the environmental impacts we cause and be able to save resources and
reduce waste, as per ISO standard 14001:2004.
LINES OF ACTION
CONSOLIDATION
RAISING AWARENESS
HELPING TO
OPTIMISING WASTE
OF CONTINUED
OF THE ENVIRONMENT
COMBAT CLIMATE
MANAGEMENT
IMPROVEMENT
AMONG THE
CHANGE
WORKFORCE AND
SOCIETY
GREEN PURCHASING
EFFICIENT USE OF
RESOURCES
86
GOALS 2012
Reached
Underway
Incorporate environmental criteria in purchasing (water, coffee, newspapers, etc.) and reduce
their waste.
Carry out an energy audit at the Plaça Rebés branch to improve its energy efficiency.
Produce and distribute a guide to good environmental practices aimed at employees.
Obtain the UNE 171330-2:2009 certificate for Interior Environmental Quality for the Ròdol
building.
Introduce efficiency criteria in communication campaigns.
Incorporate sustainability criteria in investment products.
Reduce the amount of paper consumed in bank correspondence.
Continue to support environmental initiatives and collaboration to raise awareness in society.
Raise the environmental awareness of the whole team using the Group’s corporate channels.
GOALS 2013
Implement a system to monitor print-outs in order to reduce paper consumption.
Study the Bank’s new products to calculate their life cycle and carbon footprint.
Carry out an energy audit on the LED illuminated signage.
Install LED lamps in branches, signs and indoor spaces of Crèdit Andorrà.
Reduce the consumption of internally used paper envelopes.
87
TABLE OF GRI INDICATORS AND
FINANCIAL SERVICES SECTOR
SUPPLEMENT
GRI G3.1 CONTENTS
Strategy and Analysis
Paging
1.1
Statement from the most senior decision-maker
of the organization (e.g., CEO, chair, or equivalent
senior position) about the relevance of sustainability
to the organization and its strategy.
6-7
1.2
Description of key impacts, risks, and opportunities.
6-7, 11-12, 19, 25, 48, 77
Organizational Profile
Paging
2.1
Name of the organization.
11
2.2
Primary brands, products, and/or services.
14-15, 28-31
The Crèdit Andorrà Group offers financial
products and services included within Private
Banking, Individual Banking and Corporate
Banking.
All the products and services, including insurance
and asset management, are available to the
public through the branches and can also be
consulted on the Crèdit Andorrà Group website.
2.3
Operational structure of the organization,
including main divisions, operating companies,
subsidiaries and joint ventures.
11-15
2.4
Location of organization’s headquarters.
The registered offices of the Crèdit Andorrà
Group are located at Avinguda Meritxell no. 80,
AD500 Andorra la Vella, in the Principality of
Andorra.
2.5
Number of countries where the organization
operates, and names of countries with either major
operations or that are specifically relevant to the
sustainability issues covered in the report.
14-16
2.6
Nature of ownership and legal form.
Crèdit Andorrà SA is a limited company whose
corporate purpose is to carry out banking
activities, which it carries out as a commercial
bank and as a private bank, and is subject to
the rules and regulations governing financial
institutions operating in Andorra.
Crèdit Andorrà SA is the parent company in the
Group and, together with its investee companies,
makes up the Crèdit Andorrà Group.
88
Coverage
Coverage
2.7
Markets served (including geographic
breakdown, sectors served, and types of
customers/beneficiaries).
14-15
The Crèdit Andorrà Group, through its universal
banking philosophy, offers financial products
and services included within Private Banking,
Individual Banking and Corporate Banking. Other
lines of business offered are insurance and asset
management on an international scope.
2.8
Scale of the reporting organization, including:
number of employees; number of operations; net
sales; total capitalization broken down in terms
of debt and equity; and quantity of products or
services provided.
22, 28-31, 49
Annual report (6-7, 10-11)
2.9
Significant changes during the reporting period
regarding size, structure, or ownership including
the location of, or changes in operations, including
facility openings, closings, and expansions; and
changes in the share capital structure and other
capital formation, maintenance, and alteration
operations (for private sector organizations).
11-12
Annual report (6-7, 17-20)
2.10
Awards received in the reporting period.
16-17
All the products and services can be consulted on
the Crèdit Andorrà Group website.
Report Parameters
Paging
3.1
Reporting period (e.g., fiscal/calendar year) for
information provided.
From January 1 to December 31, 2012, except for
the quantitative data in the environment section,
which go from September 30, 2011 to September
30, 2012.
3.2
Date of most recent previous report (if any).
2011
3.3
Reporting cycle (annual, biennial, etc.).
Annual
3.4
Contact point for questions regarding the report or
its contents.
Corporate Communication Office
Av. Meritxell, 80
Tel. +376 88 80 26
comunicaciocorporativa@creditandorra.ad
3.5
Process for defining report content, including:
determining materiality; prioritizing topics within
the report; and identifying stakeholders the
organization expects to use the report.
9
The report’s content has been defined taking into
account the interests of the main stakeholders
of the Crèdit Andorrà Group, which are as
follows: employees, customers, suppliers, media
and community. The processes to determine
materiality and to know the concerns and
interests of stakeholders, as well as the results,
are explained in the section “Stakeholder
involvement” in this report.
3.6
Boundary of the report (e.g., countries, divisions,
subsidiaries, leased facilities, joint ventures,
suppliers).
The information presented in the report
corresponds to the Crèdit Andorrà Group, except
for the data in the customer and environment
sections, which refer only to Crèdit Andorrà
Group companies located in the Principality of
Andorra. The objective for the coming years
is to gradually extend the scope of the report
to include all the subsidiaries within the data
presented.
Coverage
89
3.7
State any specific limitations on the scope or
boundary of the report.
Specified when necessary throughout the report.
3.8
Basis for reporting on joint ventures, subsidiaries,
leased facilities, outsourced operations, and other
entities that can significantly affect comparability
from period to period and/or between
organizations.
The report only contains data relative to the
Crèdit Andorrà Group and specifies the business
activities that might affect comparability with
other years.
3.9
Data measurement techniques and the bases of
calculations, including assumptions and techniques
underlying estimations applied to the compilation
of the Indicators and other information in the
report.
The following framework document and
supplement have been used: Sustainability
Reporting Guidelines version 3.1 and the
Financial services sector supplement of the
Global Reporting Initiative. When necessary,
the techniques for measuring data and the
bases used for calculations are specified in the
indicators throughout the report.
3.10
Explanation of the effect of any re-statements of
information provided in earlier reports, and the
reasons for such re-statement
(e.g., mergers/acquisitions, change of base
years/periods, nature of business, measurement
methods).
There has not been any significant re-statement
of information contained in previous reports. If
any data have been reformulated, this is specified
with a note and the reason for this reformulation
is explained.
3.11
Significant changes from previous reporting
periods in the scope, boundary, or measurement
methods applied in the report.
There have not been any significant changes
from the previous period.
3.12
Table identifying the location of the Standard
Disclosures in the report.
98-101
3.13
Policy and current practice with regard to seeking
external assurance for the report. If not included
in the assurance report accompanying the
sustainability report, explain the scope and basis of
any external assurance provided. Also explain the
relationship between the reporting organization
and the assurance provider(s).
The report has not been verified externally.
Governance, Commitments,
and Engagement
4.1
Governance structure of the organization,
including committees under the highest
governance body responsible for specific tasks, such
as setting strategy or organizational oversight.
Paging
21-22
The governance structure of the Crèdit Andorrà
Group is made up of two bodies: the Board of
Directors and the Executive Committee.
The Board of Directors is the highest governance
body of the Crèdit Andorrà Group, representing
the majority shareholders of the Bank. This body
is responsible for directing, administrating and
representing the Group.
The Executive Committee is the body
responsible for defining the Group’s strategy
and its supervision and assumes functions of
management, direction and administration.
The Advisory Council adds value to the
international expansion process and assumes the
functions of an advisor.
4.2
90
Indicate whether the Chair of the highest
governance body is also an executive officer (and,
if so, their function within the organization’s
management and the reasons for this
arrangement).
The Chair of the highest governance body does not
hold any executive office.
The Chair of the Board of Directors does not carry
out any executive functions. These functions are
carried out by the CEO / Managing Director.
Not
applicable
Coverage
4.3
For organizations that have a unitary board
structure, state the number and gender of
members of the highest governance body that are
independent and/or non-executive members.
The Crèdit Andorrà Group does not have a
unitary board structure as there is a separation
between the operational board structure
(Executive Committee) and the non-executive
governance body (Board of Directors).
4.4
Mechanisms for shareholders and employees to
provide recommendations or direction to the
highest governance body.
At the General Shareholders’ Meeting, 21% of
the shares that correspond to the employees are
represented by the CEO.
4.5
Linkage between compensation for members of
the highest governance body, senior managers,
and executives (including departure arrangements),
and the organization’s performance (including
social and environmental performance).
There is a link between compensation for
members of the highest governance body, senior
managers and executives and the organization’s
performance.
4.6
Processes in place for the highest governance body
to ensure conflicts of interest are avoided.
19
The processes are governed by law and contained
in the Regulations of the Board of Directors.
4.7
Process for determining the composition,
qualifications, and expertise of the members of
the highest governance body and its committees,
including any consideration of gender and other
indicators of diversity.
The corporate governance policy and the
procedures established are contained in the
Regulations of the Board of Directors of Crèdit
Andorrà, approved on November 19, 2008.
These regulations contain the legal framework,
establish the principles of action of this
governance body and its functions, detail the
rights and obligations of the board members
and their personal liability when exercising their
position, as well as clarifying conflicts of interest.
4.8
Internally developed statements of mission or
values, codes of conduct, and principles relevant to
economic, environmental, and social performance
and the status of their implementation.
The Group is made up of: a Culture Model, Code
of Ethics and Conduct for the Crèdit Andorrà
Group, a Manual to prevent money laundering
and a Corporate social responsibility policy.
Not
applicable
Confidential
information
Confidential
information
Crèdit Andorrà Asset Management follows
the principles established in the EU Directive
(MiFID) and forms part of the AIMA (Alternative
Investment Management Association).
4.9
Procedures of the highest governance body for
overseeing the organization’s identification and
management of economic, environmental, and
social performance, including relevant risks and
opportunities, and adherence or compliance with
internationally agreed standards, codes of conduct,
and principles.
9, 16-17, 78
The CEO, with the collaboration of the Executive
Committee and under the supervision of the Board
of Directors, carries out the function of ordinary,
permanent direction of the Group (assume the
execution of all the agreements of the Board
of Directors and of the Executive Committee),
which includes the management of the economic,
environmental and social policies adopted by
the Crèdit Andorrà Group. Within the Executive
Committee, responsibility for the CSR policy
corresponds to the General Secretary to the CEO.
However, the rest of the Group’s areas are also
involved in executing this policy.
4.10
Processes for evaluating the highest governance
body’s own performance, particularly with
respect to economic, environmental, and social
performance.
19
With regard to that mentioned in indicator 4.9,
the Board of Directors approves the economic,
environmental and social policies and the
Executive Committee makes sure these are
executed and duly completed.
91
4.11
Explanation of whether and how the precautionary
approach or principle is addressed by the
organization.
The bank has a Risk and Regulatory Compliance
Area. The function of Regulatory Compliance and
Internal Control, in charge of compliance with
the internal and external regulatory obligations
applicable to the Crèdit Andorrà Group, manages
the risk of not complying with these obligations
via appropriate policies and procedures. This
risk entails legal or administrative penalties and
reputational risk as a result of not complying
with all applicable regulations.
Annual report (22-23, 26-27, 42, 56-60)
92
4.12
Externally developed economic, environmental,
and social charters, principles, or other initiatives to
which the organization subscribes or endorses.
17, 33-43, 65-74, 78
In 1998, Crèdit Andorrà signed the United
Nations Environment Programme declaration
(UNEP).
4.13
Memberships in associations (such as industry
associations) and/or national/international
advocacy organizations in which the organization
has positions in governance bodies; participates
in projects or committees; provides substantive
funding beyond routine membership dues; or views
membership as strategic.
18
Crèdit Andorrà has been a member of the
Association of Andorran Banks since 1960. In
1998, Crèdit Andorrà signed the United Nations
Environment Programme (UNEP).
4.14
List of stakeholder groups engaged by the
organization.
The stakeholders included by the organization
are employees, customers, shareholders,
suppliers, the media and the community.
4.15
Basis for identification and selection of
stakeholders with whom to engage.
The stakeholders identified by the Crèdit
Andorrà Group are customers, who make up the
centre of the Group’s decisions; shareholders, as
owners of the Group; employees, who are the
most important asset and the key to ensuring the
Group’s challenges are achieved; the community,
which we aim to influence, promoting its
progress and economic and social development;
suppliers, whose contributions, as a group, are
important for achieving more competitiveness;
and the media, for their capacity to inform and
their impact on society.
4.16
Approaches to stakeholder engagement, including
frequency of engagement by type and by
stakeholder group.
9, 44, 60
The Crèdit Andorrà Group bases its strategy on
an orientation towards its stakeholders; that’s
why it has communication channels and dialogue
with each of them, in order to discover their
concerns, expectations and needs.
4.17
Key topics and concerns that have been raised
through stakeholder engagement, and how the
organization has responded to those key topics
and concerns, including through its reporting.
60
The Crèdit Andorrà Group has detected their
expectations and needs by means of constant
dialogue with the different stakeholders,
carried out through the different channels it has
available.
MANAGEMENT APPROACH AND PERFORMANCE
INDICATORS
Product and Service Impact Disclosure
Paging
Product and services management focus
11-12, 26-31, 78
FS1
Policies with specific environmental and social
components applied to business lines.
11-12, 26-31, 78
The Group has a corporate social responsibility
policy and an environmental policy for the whole
Crèdit Andorrà Group within the framework
of the environmental management system (ISO
14001).
FS2
Procedures for assessing and screening
environmental and social risks in business lines.
11-12, 26-31, 78
The Group has a corporate social responsibility
policy and an environmental policy for the whole
Crèdit Andorrà Group within the framework
of the environmental management system
(ISO 14001). To monitor this environmental
management system (SGMA) there is an SGMA
working group that, among other functions, is
responsible for executing and monitoring the
procedures to evaluate environmental risk.
FS3
Processes for monitoring clients’ implementation
of and compliance with environmental and
social requirements included in agreements or
transactions.
28-31
There is an environmental management system
certificate as per ISO 14001 and audits are carried
out annually. The corporate social responsibility
report is also published with information on the
social and environmental areas.
FS4
Process(es) for improving staff competency to
implement the environmental and social policies
and procedures as applied to business lines.
57-78
The corporate social responsibility strategy and
the actions resulting from this are communicated
to the whole team via different channels. The
branch network staff are also informed of the
socially responsible products available through
the internal communication channels established.
FS5
Interactions with clients/investees/business partners
regarding environmental and social risks and
opportunities.
The General Shareholders’ Meeting is held every
year, where social and environmental aspects of
the Group’s CSR strategy are explained. Moreover,
every year The corporate social responsibility report
is published. (Some customers have been sent a
participation survey to draw up the content of the
report and to define priorities in the lines of work
for the social responsibility strategy).
FS6
Percentage of the portfolio for business lines by
specific region, size (e.g. micro/SME/large) and by
sector.
Taking into account the size of the country and
that the Bank’s business is universal banking,
there is a crossed segmentation.
Coverage
Confidential
information
See indicator 2.8.
FS7
Monetary value of products and services designed
to deliver a specific social benefit for each business
line broken down by purpose.
29-31
Confidential
information
FS8
Monetary value of products and services designed
to deliver a specific environmental benefit for each
business line broken down by purpose.
The creation of products and services designed to
offer an environmental benefit is aimed globally.
Confidential
information
93
FS9
Coverage and frequency of audits to assess
implementation of environmental and social
policies and risk assessment procedures.
The scope of the environmental management
system is Crèdit Andorrà. In 2012 a follow-up audit
was carried out on the Environmental management
system according to standard UNE-IN-ISO 14001.
And internal and external audit were carried out.
See indicator 4.11.
FS10
Percentage and number of companies held in the
institution’s portfolio with which the reporting
organization has interacted on environmental or
social issues.
28-31
FS11
Percentage of assets subject to positive and
negative environmental or social screening.
All Crèdit Andorrà’s assets follow the established
social and environmental policies.
FS12
Voting policy(ies) applied to environmental or
social issues for shares over which the reporting
organization holds the right to vote shares or
advises on voting.
The decision-making power of the Crèdit
Andorrà Group in investee companies depends
on the percentage of shares held.
Economic
Paging
Management focus
19, 22, 25, 63
EC1 (P)
Direct economic value generated and distributed,
including revenues, operating costs, employee
compensation, donations and other community
investments, retained earnings, and payments to
capital providers and governments.
22, 25, 63
Financial implications and other risks and
opportunities for the organization’s activities due
to climate change.
29, 78-84
Climate change has financial implications for the
Crèdit Andorrà Group and entails a series of risks
and opportunities.
EC2 (P)
Coverage
Annual report (10-11, 43)
The financial implications are the direct
consequences for the business of the Group
entities as banking and financial institutions,
insurance or asset management firms, and the
costs of possible expenditure or investment
to improve their environmental performance
responding to the challenges of climate change.
The risks arise in how climate change affects
Andorra and its repercussions for the country’s
economy and the reputational risk resulting from
incorrect environmental management.
The main opportunities are the chance to
offer products aimed at counteracting climate
change (ecological Crèditcar) and a prestigious
reputation in the case of achieving excellence in
environmental performance.
94
EC3 (P)
Coverage of the organization’s defined benefit
plan obligations.
55
(*) The economic value of the corporate benefits
is confidential information.
EC4 (P)
Significant financial assistance received from
government.
As a bank, no government assistance is received.
EC5 (A)
Range of ratios of standard entry level wage
by gender compared to local minimum wage at
significant locations of operation.
Information not reported.
*
EC6 (P)
Policy, practices, and proportion of spending on
locally-based suppliers at significant locations of
operation.
Working with suppliers from the Principality
of Andorra is prioritized (local suppliers). The
factors influencing selection are environmental,
geographic location, quality and price.
*
(*) No data are available on the proportion of
expenditure corresponding to local suppliers.
EC7 (P)
Procedures for local hiring and proportion of senior
management hired from the local community at
locations of significant operation.
51
There are procedures for the local hiring of
senior management. Senior positions come from
the Principality of Andorra and directors from
the local community.
EC8 (P)
Development and impact of infrastructure
investments and services provided primarily for
public benefit through commercial, in kind, or pro
bono engagement.
32-43, 63-72
EC9 (A)
Understanding and describing significant indirect
economic impacts, including the extent of impacts.
Information not reported.
Environmental
Paging
Management focus
76-87
EN1 (P)
Materials used by weight or volume.
81-82
EN2 (P)
Percentage of materials used that are recycled
input materials.
There is no consumption of recycled materials.
EN3 (P)
Direct energy consumption by primary energy
source.
80
EN4 (P)
Indirect energy consumption by primary source.
79
EN5 (A)
Energy saved due to conservation and efficiency
improvements.
79-80
EN6 (P)
Initiatives to provide energy-efficient or renewable
energy based products and services, and reductions
in energy requirements as a result of these
initiatives.
79-80
EN7 (P)
Initiatives to reduce indirect energy consumption
and reductions achieved.
79-80
EN8 (P)
Total water withdrawal by source.
81
EN9 (A)
Water sources significantly affected by withdrawal
of water.
Regarding the activities of the Crèdit Andorrà
Group, no water sources or ecosystems related to
water sources are significantly affected.
EN10 (A)
Percentage and total volume of water recycled and
reused.
Water is not recycled or re-used.
Coverage
95
EN11 (P)
Location and size of land owned, leased, managed
in, or adjacent to, protected areas and areas of
high biodiversity value outside protected areas.
The Crèdit Andorrà Group does not have any
facilities in protected areas or areas of high
biodiversity value nor adjacent to these.
Not
applicable
EN12 (P)
Description of significant impacts of activities,
products, and services on biodiversity in protected
areas and areas of high biodiversity value outside
protected areas.
Due to its activity, the Crèdit Andorrà Group does
not have an impact on protected and/or sensitive
areas; the Group carries out its activity in urban
environments, so that the impact on biodiversity
is not relevant.
Not
applicable
EN13 (A)
Habitats protected or restored.
Due to the type of activity of the Crèdit Andorrà
Group, there is no specific strategy per se for
the prevention, management or restoration of
damage in natural habitats. However, this is
included in the entity’s CSR and environmental
policy which minimizes environmental impact
through different initiatives, already mentioned.
Not
applicable
EN14 (A)
Strategies, current actions, and future plans for
managing impacts on biodiversity.
Due to the type of activity of the Crèdit Andorrà
Group, there is no specific strategy per se for
the management of impacts on biodiversity.
However, this is included in the entity’s CSR
and environmental policy which minimizes
environmental impact through different
initiatives, already mentioned.
Not
pplicable
EN15 (A)
Number of IUCN Red List species and national
conservation list species with habitats in areas
affected by operations, by level of extinction risk.
The operations of the Crèdit Andorrà Group do
not affect any habitat with species on the UICN
Red List.
Not
applicable
EN16 (P)
Total direct and indirect greenhouse gas emissions
by weight.
82
(*) The calculation of greenhouse gas emissions
does not include business trips or the use of the
company’s fleet or courier services. The plan is to
include data on business trips in the next report.
EN17 (P)
Other relevant indirect greenhouse gas emissions
by weight.
Given the kind of activity it carries out, the Crèdit
Andorrà Group does not generate significant
greenhouse gas emissions other than the CO2
emissions already reported.
EN18 (A)
Initiatives to reduce greenhouse gas emissions and
reductions achieved.
79-80
EN19 (P)
Emissions of ozone-depleting substances by weight.
No significant emissions are produced of other
ozone-depleting substances.
Not
applicable
EN20 (P)
NOx, SOx and other significant air emissions by
type and weight.
The Crèdit Andorrà Group does not produce
significant air emissions resulting from the
consumption of fossil fuels.
Not
applicable
*
Not
applicable
Direct air emissions of NOx and SOx result from
the boilers. As per environmental management
standard ISO 14001, these air emissions are not
significant.
96
EN21 (P)
Total water discharge by quality and destination.
This information is not considered to be relevant
at the Crèdit Andorrà Group as its water
discharge is similar to domestic discharge, which
is not considered to be contaminating.
EN22 (P)
Total weight of waste by type and disposal
method.
83-84
EN23 (P)
Total number and volume of significant spills.
No significant accidental spill has occurred.
Not
applicable
Not
applicable
EN24 (A)
Weight of transported, imported, exported, or
treated waste deemed hazardous under the terms
of the Basel Convention Annex I, II, III, and VIII,
and percentage of transported waste shipped
internationally.
Due to its kind of activity, the Crèdit Andorrà
Group does not import, export, transport or
generate waste deemed hazardous.
Not
applicable
EN25 (A)
Identity, size, protected status, and biodiversity
value of water bodies and related habitats
significantly affected by the reporting
organization’s discharges of water and runoff.
Due to its kind of activity, discharges of water
and runoff from the Crèdit Andorrà Group do
not significantly affect any water bodies or
related ecosystems.
Not
applicable
EN26 (P)
Initiatives to mitigate environmental impacts
of products and services, and extent of impact
mitigation.
78-85
EN27 (P)
Percentage of products sold and their packaging
materials that are reclaimed by category.
The Crèdit Andorrà Group does not sell products
that can be reclaimed.
EN28 (P)
Monetary value of significant fines and
total number of non-monetary sanctions for
noncompliance with environmental laws and
regulations.
There have been no fines or legal penalties
related to noncompliance with environmental
laws.
EN29 (A)
Significant environmental impacts of transporting
products and other goods and materials used for
the organization’s operations, and transporting
members of the workforce.
The videoconferencing rooms have helped
professionals from different countries to meet
up, reducing the number of trips made by our
employees and, at the same time, lowering CO2
emissions.
EN30 (A)
Total environmental protection expenditures and
investments by type.
56,492 euros allocated to environment-related
investment and expenditure (collaboration,
building and maintenance work, audits and
patronage).
Social: Labor Practices and Decent Work
Paging
Management focus
47-61
At the branches there are safety systems,
emergency plans in the offices and employees
are trained in this respect. Training is given on
customer service skills (commercial, technical).
LA1 (P)
Total workforce by employment type, employment
contract, and region, broken by gender.
49-53
LA2 (P)
Total number and rate of new employee hires and
employee turnover by age group, gender, and
region.
49-54
LA3 (A)
Benefits provided to full-time employees that are
not provided to temporary or part-time employees,
by significant locations of operation.
55
LA15 (P)
Minimum notice period(s) regarding
operational changes, including whether it is
specified in collective agreements.
At Crèdit Andorrà, in 2012 one woman was given
maternity leave and returned to the same job
once this leave had ended.
LA4 (P)
Percentage of employees covered by collective
bargaining agreements.
The collective bargaining agreement is a
possibility that should encourage the employees
themselves. At this moment there is no collective
bargaining agreement affecting Credit Andorra
employees.
Not
applicable
Coverage
97
98
LA5 (P)
Minimum notice period(s) regarding operational
changes, including whether it is specified in
collective agreements.
The collective bargaining agreement is a
possibility that should encourage the employees
themselves. At this moment there is no collective
bargaining agreement affecting Credit Andorra
employees.
LA6 (A)
Percentage of total workforce represented in
formal joint management–worker health and
safety committees that help monitor and advice on
occupational health and safety programs.
Health and safety committees have to be
promoted by the employees themselves within
each sector, company, etc. Currently does not
affect Crèdit Andorrà employees.
LA7 (P)
Rates of injury, occupational diseases, lost days, and
absenteeism, and number of work-related fatalities
by region and by gender.
59
There has been no work-related fatality. There
has been no case of occupational illness (in terms
of illnesses recognised as such by Andorra’s Office
of Social Security).
LA8 (P)
Education, training, counselling, prevention, and
risk-control programs in place to assist workforce
members, their families, or community members
regarding serious diseases.
56-57
LA9 (A)
Health and safety topics covered in formal
agreements with trade unions.
However, Crèdit Andorrà employees have not set
up any trade union.
LA10 (P)
Average hours of training per year per employee
by gender, and by employee category.
56
LA11 (A)
Programs for skills management and lifelong
learning that support the continued employability
of employees and assist them in managing career
endings.
56-57
100% of the employees are covered by the skills
management and lifelong learning programmes
that foster their employment and support them
in managing career endings.
LA12 (A)
Percentage of employees receiving regular
performance and career development reviews, by
gender.
58
Every year, 100% of the employees are
interviewed as part of a performance and
professional development management
procedure.
LA13 (P)
Composition of governance bodies and breakdown
of employees per employee category according to
gender, age group, minority group membership,
and other indicators of diversity.
20-21, 52
LA14 (P)
Ratio of basic salary and remuneration of women
to men by employee category, by significant
locations of operation.
52
Social: Human Rights
Paging
Management focus
9, 19
HR1 (P)
Percentage and total number of significant
investment agreements and contracts that include
clauses incorporating human rights concerns, or
that have undergone human rights screening.
The Crèdit Andorrà Group applies, to its
investments, the code of ethics and conduct and
the rules that guarantee maximum protection
of human rights and that require an ethical
behaviour in all relations, and assumes, as a
minimum, the utmost compliance with national
and international legislation applicable in
carrying out its activities.
HR2 (P)
Percentage of significant suppliers, contractors,
and other business partners that have undergone
human rights screening, and actions taken.
The main distributors and contractors are
screened, although this is not formally
established.
Not
applicable
Coverage
HR3 (A)
Total hours of employee training on policies and
procedures concerning aspects of human rights that
are relevant to operations, including the percentage
of employees trained.
Employees have not received specific training in
the area of human rights.
HR4 (P)
Total number of incidents of discrimination and
corrective actions taken.
There have been no incidents of discrimination.
HR5 (P)
Operations and significant suppliers identified in
which the right to exercise freedom of association
and collective bargaining may be violated or at
significant risk, and actions taken to support these
rights.
No risks have been identified in this respect.
HR6 (P)
Operations and significant suppliers identified as
having significant risk for incidents of child labor,
and measures taken to contribute to the effective
abolition of child labor.
HR7 (P)
Operations and significant suppliers identified
as having significant risk for incidents of forced
or compulsory labor, and measures to contribute
to the elimination of all forms of forced or
compulsory labor.
HR8 (A)
Percentage of security personnel trained in the
organization’s policies or procedures concerning
aspects of human rights that are relevant to
operations.
The Crèdit Andorrà Group has a security
department and security guard personnel
hired through external firms authorized by
the government of Andorra that guarantee
the appropriate training of employees for the
position. These external companies ensure their
personnel are trained in the different areas
relevant to their position (the personnel receive
training in shooting, basic knowledge of firefighting systems (PPE, ISE), among others).
HR9 (A)
Total number of incidents of violations involving
rights of indigenous people and actions taken.
No incident has occurred related to the violation
of the rights of indigenous people.
HR10 (P)
Percentage and total number of operations that
have been subject to human rights reviews and/or
impact assessments.
The Crèdit Andorrà Group has not assessed the
impact on human rights of its operations as its
Code of ethics and conduct and standards are
applied to any operation, ensuring maximum
protection of human rights, and the institution
assumes at least full compliance of national
and international legislation applicable to its
operations.
HR11 (P)
Number of grievances related to human rights
filed, addressed and resolved through formal
grievance mechanisms.
The Crèdit Andorrà Group has not recorded any
complaint related to human rights.
Social: Society
Paging
Management focus
32-43, 62-74
SO1 (P)
32-43, 62-74
Percentage of operations with implemented local
community engagement, impact assessments, and
development programs.
Coverage
99
SO9 (P)
Operations with significant potential or actual
negative impacts on local communities.
Products and services offered by the Crèdit
Andorrà Group do not have any significant
negative impact on local communities. Moreover,
management and control is one of the group’s
priorities and, to this end, it has the necessary
infrastructure, methods and internal controls.
Policy and limits to risk are established and
supervised by the Assets, Liabilities and Risks
Committee.
Not
applicable
SO10 (P)
Prevention and mitigation measures implemented
in operations with significant potential or actual
negative impacts on local communities.
No operations have been identified with a
significant negative impact on local communities.
Not
applicable
FS13
Access points in low-populated or economically
disadvantaged areas by type.
The Crèdit Andorrà Group does not have any
activity in low-populated or disadvantaged areas.
FS14
Initiatives to improve access to financial services for
disadvantaged people.
In 2009, the Banco Crèdit Andorrà (Panamá)
signed a cooperation agreement with the
Panama Chamber of Commerce to promote the
creation of the Training and Preparation Unit of
Social Companies.
SO2 (P)
Percentage and total number of business units
analyzed for risks related to corruption.
The analysis of risks related to corruption is an
aspect governed by law. Moreover, the Crèdit
Andorrà Group has a Regulatory Compliance
Unit.
See indicator 4.11.
SO3 (P)
Percentage of employees trained in organization’s
anti-corruption policies and procedures.
57
More generally, the employees of the Crèdit
Andorrà Group have the right and duty to know
the code of ethics and conduct and the manual
to prevent money laundering.
SO4 (P)
Actions taken in response to incidents of
corruption.
No corruption incidents have occurred.
SO5 (P)
Public policy positions and participation in public
policy development and lobbying.
The Bank does not take a position in public
policies or take part in their development.
SO6 (A)
Total value of financial and in-kind contributions to
political parties, politicians, and related institutions
by country.
The Crèdit Andorrà Group has not made any
financial or in-kind contribution to political
parties or related institutions.
SO7 (A)
Total number of legal actions for anticompetitive
behaviour, anti-trust, and monopoly practices and
their outcomes.
There has not been any legal action related
to anti-competitive behaviour, anti-trust or
monopoly practices.
SO8 (P)
Monetary value of significant fines and
total number of non-monetary sanctions for
noncompliance with laws and regulations.
There have not been any significant penalties
or fines for non-compliance with regulations
regarding the supply and use of products and
services.
Social: Product Responsibility
Paging
Management focus
16-17, 25-31
FS15
16-17, 26-31
The information on products is subject to
regulation by the ANIF.
Policies for the fair design and sale of financial
products and services.
A file is also produced for each product issued,
with its characteristics and a detailed description,
as well as a special section on risks.
100
Coverage
PR1 (P)
Life cycle stages in which health and safety
impacts of products and services are assessed
for improvement, and percentage of significant
products and services categories subject to such
procedures.
There are security measures at the branches to
minimise the risk of attack and robbery (presence
of digital image recording equipment, exclusive
access door, etc.). There is a security director.
PR2 (A)
Total number of incidents of non-compliance with
regulations and voluntary codes concerning health
and safety impacts of products and services during
their life cycle, by type of outcomes.
There has been no incident in this respect. Every
product issued is supervised by the Product
Committee and an institutional investment
framework supervised by the Assets and
Liabilities Committee.
PR3 (P)
Type of product and service information required
by procedures and percentage of significant
products and services subject to such information
requirements.
16-17
The information on products is subject to
regulation by the ANIF.
PR4 (A)
Total number of incidents of non-compliance
with regulations and voluntary codes concerning
product and service information and labelling, by
type of outcomes.
There has been no non-compliance in this
respect.
FS16
Practices related to customer satisfaction, including
results of surveys measuring customer satisfaction.
37-43
To help create a financial culture, Crèdit Andorrà
Asset Management, the funds management
company of Crèdit Andorrà, regularly publishes
reports for customers that provide an overview
of the market trends, strategies, particular issues,
etc. The firm also acts as a trainer for the internal
network of the Bank and insurance arm.
PR5 (A)
Initiatives to enhance financial literacy by type of
beneficiary.
Crèdit Andorrà Asset Management is the first
entity in Andorra to be admitted as a member
of the Board of the Asociación Española de
Presentación de Resultados de Gestión, Spain’s
country sponsor for the Global Investment
Performance Standards (GIPS).
It has also been awarded ISO certificate
9001:2008. The departments of Treasury and
Capital Market and of Market Administration
and Control, as well as Valira Capital Asset
Management, have also been awarded ISO
certificate 9001:2008.
Crèdit Andorrà Asset Management also
forms part of AIMA (Alternative Investment
Management Association) and has been MiFID
Compliant since 2009.
PR6 (P)
Programs for adherence to laws, standards,
and voluntary codes related to marketing
communications, including advertising, promotion,
and sponsorship.
16-17
PR7 (A)
Total number of incidents of non-compliance
with regulations and voluntary codes concerning
marketing communications, including advertising,
promotion, and sponsorship by type of outcomes.
There has been no incident in this respect.
PR8 (A)
Total number of substantiated complaints
regarding breaches of customer privacy and losses
of customer data.
The Crèdit Andorrà Group has not received any
complaint regarding respect for privacy or loss of
customer data.
PR9 (P)
Monetary value of significant fines for
noncompliance with laws and regulations
concerning the provision and use of products and
services.
There has not been any significant fine for not
complying with regulations concerning the
provision and use of products.
101
Consult the online version of the Corporate
Social Responsibility Report 2012:
List of photographers
Àlex Lara:
page 65
Cora Estival:
page 72
Crèdit Andorrà:
pages 6, 12, 18, 33, 34, 35, 36, 37, 38,
39, 40, 41, 42, 43, 55, 66, 68, 70, 85
Eduard Comellas:
page 67
Marc Colominas:
page 71
RTVA:
page 67
Ultra Trail:
page 36
Design and lay-out: lavola
Printed by: www.cege.es
Legal deposit: AND.141-2013
ISBN: 978-99920-60-46-9

Corporate Social Responsibility Report 2012

Transcription

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