Corporate Social Responsibility – Banco Santander
CSR Evaluation Banco SantanderThe Banco Santander Group is the largest bank in Spain and one of the largest in Europe. The corporation generated over $100 billion dollars in revenue in fiscal 2014[1]. Banco Santander is globally diversified, due in part to acquisitions, the bank operates over 14,000 branches in Europe, North America, South America, Africa, and Asia. With over 121 million customers, the main aspect of Santander’s operations is retail banking, which is responsible for 74% of the corporation’s profits.[2] Santander topped the list of Fortune 500 companies that invest in education through Corporate Social Responsibility initiatives. Additionally, Santander invests in many other initiatives and programs, including environmental responsible initiatives, programs for poor and disabled populations as well as investments in the arts and sciences. However, Santander has come under public scrutiny on a few occasions for investments in companies and project that are less than reputable in the Corporate Socially Responsible spectrum of business.          Santander is a leader in the banking industry with respect to investment in Corporate Social Responsibility strategies and initiatives. Their business model centers on providing excellent service that earns the loyalty of its employees, customers, shareholders, and communities.[3] With over 3.6 million shareholders, just under 200,000 employees, and 121 million customers, it would seem that the bank has its hands full, balancing the needs of all of its stakeholders. This is simply not the case, Santander’s business model not only integrates economic criteria but also ethical, social and environmental criteria as well.
Santander puts corporate and socially responsible practices at the heart of its business model. Santander’s investment in communities is unrivaled by most, the group claims to have helped over 1.2 million people just through scholarships and agreements with universities and academic institutions in over 21 countries, awarding over 35,000 scholarships across the globe.[4] According to the Corporate Social Responsibility Report for 2015, Santander invested 207 million Euros in community initiatives. This includes 160 million in scholarships, and 47 million in community support programs.         While education is the main social investment initiative that Santander partakes in, it is not the only one. The bank is also responsible for business practices that aid in the reduction of CO2 emissions and the use of renewable energy resources. Santander claims to have reduced CO2 emissions by 3.7% per employee from 2014 to 2015. Also, over 40% of electricity consumed in 2015 was from renewable resources. Santander also works with numerous NGO’s and other entities the support initiatives with the goal of enhancing people’s quality of life. The bank backs programs that deal with poverty, vulnerability and marginalization of people in many of the countries that it operates in. They invest in other programs that center on disease prevention and health promotion. Santander also contributes to welfare programs which specialize in facilitating the social inclusion and rehabilitation of disabled people.[5]