Société Générale has a scientific council

The French bank Société Générale chose to create a new Scientific Advisory Council within its organization. The latter will now have to provide the Branch with insights into the main emerging trends that will influence the economic environment and the activities of the group. And these insights must be based on scientific approaches.

FACTS

• The new Scientific Advisory Council of Société Générale is composed of eight members from various disciplines able to justify a great expertise on major topics in the fields:
  • technology,
  • AI,
  • climate and nature,
  • the international and urban economy,
  • social behaviour,
  • human rights and international relations.

• Subra Suresh, Emeritus Professor at MIT and Brown University, will chair this new board at the bank.

ISSUES

• A new internal advisory tool : The new Advisory Scientific Council of Société Générale is presented by the bank as an advisory body based on complementary expertise capable of offering an overall vision to the bank to enable it to make informed decisions.

• Planning and understanding Societe Generale hopes to be able to count on this new Council to better understand the future, its challenges, but also to better capture future opportunities ahead of the market and competition.

• A CSR approach In addition to the technological topics (the study of which should enable the bank to gain efficiency and seize opportunities), the other main areas of expertise of the experts selected by Société Générale concern CSR dimensions. This selection illustrates the bank's commitment and ambitions to achieving responsible ecological and social goals.

PERSPECTIVE

• The key word of the launch of this new council by the general society is that of anticipation. But the bank is also seeking to make its CSR efforts concrete and to give some capacity to this committed positioning by using internationally recognized experts.

• In particular, this strategy should enable the bank to gain credibility while banking institutions have recently been accused of greenwashing again. According to the report " Banking on Climate Chaos published by a consortium of NGOs including Reclaim Finance, the world's 65 largest banks (both US and Japanese) even granted an increasing amount to finance fossil fuels in 2024.

• French banks, for their part, remain regarded as "international leaders in the energy transition" according to the Fédération Bancaire Française (FBF).

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