SustainCase: How Barclays is setting clear and consistent expectations of behaviour for its employees, ensuring societal and environmental considerations are taken into account in decision-making

Case study: How Barclays is setting clear and consistent expectations of behaviour for its employees, ensuring societal and environmental considerations are taken into account in decision-making

In 2012 Barclays was fined £290m to settle claims that it manipulated the London Interbank Offered Rate (Libor). A former Barclays banker, accused of manipulating the Libor interest rate, said he only did what he was told to do by his boss, without realizing it was wrong. The trial of five former Barclays employees charged with conspiracy to defraud by rigging US dollar Libor rates began in April 2016.

In the aftermath of the Libor scandal, a key material issue for Barclays is ensuring proper governance and conduct, with a clear, accessible and well-communicated global code of conduct for all its employees. In order to set clear and consistent expectations of behaviour for its employees, ensuring societal and environmental considerations are taken into account in decision-making, Barclays took action to:
• implement a global code of conduct by launching The Barclays Way
• develop tools that help employees consider broader societal impacts and opportunities in business decisions, such as the Barclays Lens, a values based decision-making tool piloted in 2013 and
• update the Raising Concerns (Whistleblowing) Policy, introducing mandatory whistleblowing training for employees

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Sustaincase How Barclays Is Setting Clear And Consistent Expectations Of Behaviour For Its Employees Ensuring Societal And Environmental Considerations Are Taken Into Account In Decision Making


Author : www.sustaincase.com
Genre : Economics
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