Civil Society Challenges Wall Street: Earn Our Trust, or Lose Your Social License to Operate

In 2002 a group on international non-governmental organizations met in Collevecchio, Italy to craft civil society’s first international declaration on the financial services sector and sustainability. The Declaration describes what civil society groups expect of private financial institutions regarding their role and responsibility in advancing environmental sustainability and social justice. As the World Economic Forum meets to discuss how to restore trust in multinational corporations, non-governmental organizations will launch the Declaration on 27 January 2003 as a challenge to big banks and investors – key players in the corporate and accounting scandals that have eroded public trust in the capital markets. Panelists will also answer questions about the growing trend among pressure groups to not only target corporations for unethical/ irresponsible behavior, but also the financiers backing those companies and activities.