The principle of transparency in the field of corporate social responsibility: an analysis applied to the case of Spanish Banks

Abstract

In the field of Corporate Social Responsibility (CSR) transparency is one of the basic principles. The observance of this principle demands elaboration and transmission of relevant information to the stakeholders through different communication channels. The credibility that stamps the fulfilment of the principle leads, in turn, to a higher level of legitimacy for the company. This credibility becomes guaranteed when an independent expert verifies the information. In this paper we first make reference to the relevant publi‑ cations on information needs to satisfy stakeholders’ expectations in the CSR field by answering three basic questions: why inform, inform on what and how to inform. Secondly, we summarise certain contributions applied by the financial sector in the CSR field. Finally we examine information incorporated into sustainability reports by the main Spanish banks from the point of view of their adjustment to the orientations contained in the more widely recognized normalizing initiatives, GRI3 and AA1000. The aim of this empiric study is to check to what extent the sustainability reports correspond to the above-mentioned principle of in‑ formation transparency. In this study, which is descriptive, we make a ge‑ neral proposal as regards the content of the reports, and then we analyse these contents in the six largest Spanish banks, from two perspectives: the CSR management process and the results of the process from an economic, social and environmental point of view.