Responsible finance: a structuring commitment at the heart of private banking
By Brendan Robin, Head of Sustainable Development at Societe Generale Private Banking.
In a world in constant motion, where economic, social, and technological transitions are redefining business models, Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) criteria lie at the heart of risk management and opportunity identification.
Extra‑financial criteria: a tool for in‑depth and complementary analysis
ESG criteria do not replace financial analysis or the portfolio manager’s expertise. They provide an additional perspective on companies: quality of governance, talent management, exposure to disruptions, adaptability, strategic consistency, and long‑term vision. These elements serve as valuable signals for anticipating risks or identifying potential future performance dynamics.
Methodologies vary, ratings sometimes differ, and no single framework can fully capture the complexity of a business model. This is why we cross‑reference sources and supplement these assessments with thorough internal analysis. “ESG data is a fully integrated component of fundamental analysis; taking it into account is directly part of our fiduciary duty,” emphasizes Alexandre Cegarra, CEO of SGIS Europe.
Education and dialogue: a relationship built on trust
While more than 70% of clients say they are sensitive to sustainable development, few know how to integrate it into their wealth strategy. Some see it as a matter of personal convictions, others as a risk or a quest for meaning. Only a few approach it as a genuine management tool.
Our support often consists of explaining and demystifying. This involves concrete explanations, meaningful sector comparisons, illustrated trade-offs, and educational approaches tailored to each profile: heirs, executives, entrepreneurs, blended families, philanthropists, etc. Informal discussions often become key moments. This is where clients express what truly matters to them. Responsible finance then acts as a catalyst, helping align wealth management decisions with personal convictions.
Philanthropy: a lever for engagement and cohesion
Among the challenges of sustainable development are solidarity and philanthropy. Philanthropy is a unique space where clients can support causes that matter to them: education, health, culture, climate, inclusion, and more. It allows wealth to be transformed into tangible impact. “I am regularly surprised to see how many clients without children spontaneously consider creating testamentary foundations. It opens deep conversations about the transmission of values,” says Claire Douchy, Regional Director in Savoie.
Philanthropy is also a powerful factor for intergenerational cohesion; it can help structure a family narrative and give meaning to wealth transfer. “Philanthropy is often a binding force. It helps families project themselves into the future together and define what matters to them. Our role is to make this commitment concrete and effective,” explains Ines Marey, Head of Philanthropy Expertise.
Societe Generale Private Banking’s support can help structure this approach: values assessment, selection of causes, intervention model, governance, and impact measurement. Philanthropy can be a natural component of a wealth strategy, just like investment or inheritance planning.
Embracing uncertainty: a condition for credibility
Responsible finance operates in an environment marked by diverging ratings, risks of greenwashing, complex value chains, and trade-offs between performance and impact. We make a clear choice: to acknowledge this complexity rather than hide it. This means recognizing the limits of certain tools, providing context, guiding clients through areas of uncertainty, and prioritizing coherence over a perfectly polished narrative.
Toward co‑constructed finance: every conversation matters
Responsible approaches take many forms: ESG, thematic strategies, impact investing, philanthropy, transition finance, and family strategies. None of them fits every profile universally. For this reason, co‑construction can sometimes be the right path, allowing solutions to evolve at the same pace as the client’s life. Responsible finance is not a product. It is a living, demanding, and deeply human dialogue. Each exchange—whether about a mandate, a hesitation, or a family project—enriches this shared construction.
This ambition must also be reflected in portfolios, through indicators we need to make simple and easy to read, such as carbon footprint or the concept of “portfolio temperature,” despite the biases they may introduce. These indicators speak more clearly to clients and can be adapted within the bounds of their expectations.
Responsible finance is embodied, shared, and built together.
Sources
1. Data from client preference questionnaires – Sources: Société Générale Private Banking – end of 2025
2. The ‘temperature’ of a portfolio estimates how many degrees Celsius the world would warm if the companies held were to follow their current emissions trajectory (using the Carbon Budget concept from the Paris Agreement).
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