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Société GénéraleFrance
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Last update: 2024-12-17 11:07:34
Société Générale head offices in Paris. Photo: Olivier Passalacqua via Wikimedia Commons (CC BY-SA 2.5)
Active
This profile is actively maintained
Last update: 2024-12-17 11:07:34
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About
| Website | http://www.societegenerale.com/ |
| Headquarters |
29, boulevard Haussmann
75009 Paris
France
|
| CEO/chair |
Slawomir Krupa Chief Executive Officer |
| Supervisor | |
| Ownership |
listed on NYSE
Société Générale's shareholder structure can be accessed here. |
Société Générale ("SocGen") is one of the oldest banks in France, dating back to 1864. The original name was Société Générale pour favoriser le développement du commerce et de l'industrie en France. Société Générale offers retail and specialised financial services to 30 million customers in France and in 48 countries worldwide. In addition it provides services to companies, investors and private clients. Its businesses include retail, private, investment and corporate banking; insurance and investment management.
Sustainability
Commitments
Policies
Voluntary standards
Société Générale's most important sustainability commitments can be found at the website sections listed below.
Société Générale has committed itself to the following voluntary standards:
Dodgy Deals
Société Générale is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Société Générale's link to these deals.
Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Resources
Documents
Links
Accountability
Grievances
Response
tracking
Société Générale has not established any process or mechanism open to individuals and communities to raise a complaint related to human rights issues. However, employees can report breaches of ethical standards via the bank's whistleblowing channel. Other stakeholders may instead raise complaints via the OECD National Contact Points (see OECD Watch guidance).
Société Générale is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.
This page evaluates Société Générale's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
JSW Utkal steel and coal, India (February 2025)
0
0
0
n/a
Response
0
Out of 1
Rationale for score
The bank responded, stating that "its rule of conduct is not to provide information about specific companies or operations, whether or not it accompanies them." Action
0
Out of 1
Rationale for score
No information is available on whether the bank engaged with its client or took appropriate action. Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress. More info
Banks assisting with war mobilisation in Russia (October 2022)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Banks profiting from the construction and hotel boom in Qatar (November 2022)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client(s) or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Base Toliara mineral sands mining project (October 2020)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information available on there the bank monitored the impacts or the actions of its clients Don't Buy into Occupation report (November 2022)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank has stated that it responded to the International Federation for Human Rights (FIDH), a member of the Don’t Buy Into Occupation coalition. However, the response was not public, and thus, does not receive a score. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
East African Crude Oil Pipeline (March 2021)
0
0
0
0
Response
0
Out of 1
Rationale for score
Although news sources reported that the bank would not finance the project, the bank has not responded to stakeholders or confirmed its position publicly. Action
0
Out of 1
Rationale for score
Although media reports suggest the bank has taken appropriate action by refusing to provide finance to the project, the bank has not set this position out publicly. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored measures taken by its client to address the impacts associated with the project. Banks and Dirty Diesel: Vitol and Trafigura (May 2017)
1.5
1
0.5
0
Response
1
Out of 1
Rationale for score
The bank publicly responded confirming its link to the company and addressing the issues raised. The bank states that "Information of the last few months regarding the quality of car fuels in African countries and debates around the role of the different actors of the value chain have been factored in our reviews" of the companies involved. Action
0.5
Out of 1
Rationale for score
The bank detailed its engagement with the company, but provided no detail on any appropriate action being taken. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress. More info
Belarus: links to the state and state-owned companies (May 2021)
1
1
0
0
Response
1
Out of 1
Rationale for score
The bank publicly responded confirming its link to the client and addressing the issues raised. The bank stated that it "carefully considered the elements brought to its attention" by the letter from PUBB. Action
0
Out of 1
Rationale for score
The bank stated that it performed an additional internal investigation to determine the use of net proceeds from The Ministry of Finance's bond. However, the bank did not detail whether it engaged with its client or outlined specific actions sought from its client. Monitoring
0
Out of 1
Rationale for score
No information available on there the bank monitored the impacts or the actions of its clients More info
IOI Corporation labour standards violations (February 2016)
0.5
0.5
0
0
Response
0.5
Out of 1
Rationale for score
The bank acknowledged its link with the company and also discussed its responsibilities under the UNGPs with regard to the management of minority shareholdings. The bank did not comment on the specific issues raised. Action
0
Out of 1
Rationale for score
The bank did not provided any details on whether it had engaged with its client or taken appropriate action. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress. More info
Myanmar: Equity exposure to companies linked to the military regime (October 2021)
0.5
0.5
0
0
Response
0.5
Out of 1
Rationale for score
The bank responded publicly, acknowledging that Lyxor Asset Management, a wholly owned subsidiary of Société Générale, has exposure to companies with direct involvement in Myanmar. However, the response does not comment on the substance of the issue raised nor set out any actions taken to address the impact. Action
0
Out of 1
Rationale for score
The bank did not address the substance of the allegations and did not set out any appropriate measures of action. Monitoring
0
Out of 1
Rationale for score
No information available about whether the bank monitored progress. More info
Nachtigal Hydropower project, Cameroon (January 2021)
1.5
1
0.5
0
Response
1
Out of 1
Rationale for score
The bank publicly responded acknowledging its link to the impact and responding to the issues raised. The bank states that it is "aware of some recent challenges encountered by the project". Action
0.5
Out of 1
Rationale for score
The bank has stated that "actions have been taken and we believe that these issues are being satisfactorily addressed by the lenders pool". The bank also referred to a letter from its client which addresses the issues raised by communities. The bank did not outline any specific actions sought from the company. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored the issue or steps taken by the client. Rio Tinto's Jadar mine, Serbia (December 2021)
0.5
0.5
0
0
Response
0.5
Out of 1
Rationale for score
The bank responds publicly to the allegations and its response acknowledges its link to the impact via its finance for Rio Tinto, but without detailing specific actions taken. Although the bank states that it engages with the company, it does not make clear that it engaged on the specific issues related to this mining project.
Action
0
Out of 1
Rationale for score
The bank does not describe any engagement with its client on the topics raised in the letter or appropriate action, only a general engagement process that applies to all clients in the sector. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
UN human rights complaint regarding Saudi Aramco and its financiers (July 2023)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank responded publicly but it did not speak to the subject matter nor did it acknowledge a link to the impacts raised and the company in question. The bank instead listed its relevant social and environmental policies. Action
0
Out of 1
Rationale for score
The bank does not indicate that it will take action on the allegations raised, or that it will engage its client. The bank reiteraites its commitment to respecting human rights and the enviroment without outlining a plan for action. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress. More info
ArcelorMittal steel impacts (June 2024)
0
0
0
n/a
Response
0
Out of 1
Rationale for score
The bank's response neither acknowledges its link to the impact, nor addresses the issues raised citing that "we are not able to comment on any existing or potential client relationships." Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress. More info
Impacts of Indonesia’s state electricity company PLN (March 2025)
0
0
0
n/a
Response
0
Out of 1
Rationale for score
The bank responded, stating: "Societe Generale group (the “Group”) has a policy, due in particular to legal and/or contractual confidentiality obligations, of not providing information regarding specific companies or operations. For this reason, we will not be able to comment on the elements listed in your open letter." Action
0
Out of 1
Rationale for score
No information is available on whether the bank engaged with its client or took appropriate action. Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress. More info
See the letter BankTrack sent the bank here.
Average
67%
0.37
0.3
0.07
0
Banks and Climate
Banks and Climate
The 2025 Banking on Climate Chaos report showed that Société Générale provided $53.9 bn in financing to the fossil fuel industry between 2021 and 2024. In 2024 only, Société Générale provided $11.7 bn, including $4.7 bn for oil, gas and coal companies expanding fossil fuels. Find further details on Société Générale's fossil fuel portfolio and how it compares to other large banks globally on the Banking on Climate Chaos website below.
Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Société Générale’s fossil fuel policy below.
False Solutions Tracker expansion
BankLast update
Country
Wind Energy
Solar Energy
Geothermal Energy
Ocean Energy
Energy grids and storage
Hydropower
Hydrogen
Solid Biomass
Biofuels
CCUS
Nuclear Power
Details
Explanation
The purpose of the False Solutions Tracker is to give a clear overview of energy technologies that fall under banks' individual sustainable finance commitments. The tracker lists 11 energy technologies that are usually associated with the energy transition and the decarbonisation of the economy. These technologies are defined here and classified in three categories:
-
Real solutions: Technologies that deliver on a Just Transition towards Energy Democracy. BankTrack considers these technologies as real solutions only if and when they do deliver Energy Democracy.
-
Solutions under strict conditions: Energy technologies that could be real solutions if they deliver on a Just Transition towards Energy Democracy but that could also be false solutions. This is the case of hydrogen and hydropower. On one hand, fossil-free and green hydrogen could be a real solution under certain conditions. However, fossil-based hydrogen and nuclear hydrogen are always false solutions. On the other hand, hydropower lifespan extension could also be a real solution under strict conditions while hydropower expansion is a false solution.
-
False solutions: Energy technologies that are not aligned with a just transition towards Energy Democracy.
For each one of the 11 energy technologies, the tracker indicates if it is included in bank's individual sustainable finance commitments:
For Real solutions:
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting.
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting, but under certain conditions. In this case, those conditions are mentioned in the "relevant policy document" section for each bank.
- : No, the bank does not include its finance towards this energy technology in its sustainable finance reporting.
- : It is unclear whether the bank includes or not its finance towards this energy technology in its sustainable finance reporting.
For solutions under strict conditions and for false solutions:
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting.
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting, but under certain conditions. In this case, those conditions are mentioned in the "relevant policy document" section for each bank.
- : No, the bank does not include its finance towards this energy technology in its sustainable finance reporting.
- : It is unclear whether the bank includes or not its finance towards this energy technology in its sustainable finance reporting.
For more details see this page.
Banks and Human Rights
Banks and Human Rights
BankTrack assessed Société Générale in its 2024 Global Human Rights Benchmark, where it achieved 6.5 points out of 15 and was ranked as a “follower”.
The bank scored 0.5 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.
In addition, Société Générale scored 0.38 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the “Accountability” section of this profile.
The table below shows BankTrack's assessment of how Société Générale has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.
Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Société Générale
FRA
6
Follower
6
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Global Human Rights Benchmark 2024
BankLast update
Country
Score
Ranking
Details
Société Générale
FRA
6.5
Follower
6.5
0
Explanation
Laggard
Follower
Moderate achiever
Leader
0 - 3 points
3.5 - 7 points
7.5 - 10.5 points
11 - 15 points
For more details see this page.
Banks and Nature
Banks and Nature
Société Générale’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 5.4 out of 10 and ranking it as a front runner. Société Générale achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 5.8 out of 10 for its policies related to the palm oil sector.
Between 2016 and 2022, Société Générale provided USD 479 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 1 million as of 2022.
BankTrack has also assessed Société Générale’s policies related to the wood biomass sector and found that biomass is not mentioned in its policies and no safeguards or exclusions are in place for wood biomass. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Beef
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Palm Oil
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the NZBA
Tracking the Net Zero Banking Alliance
Société Générale is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
Banks and Russia
Banks and Russian Aggression in Ukraine
BankTrack is keeping track of the public response of Société Générale to Russia's illegal invasion of Ukraine. Société Générale did not publicly condemn the war. As of February 2022, we considered the bank's exposure to Russia as large with over $21bn in financial assets. Société Générale has since exited Russia. For further details, see the table linked below.
Banks and Steel
Banks and Steel
Société Générale is a member of the Sustainable Steel Principles. This means it has committed to measuring and disclosing its steel-related financed emissions on an annual basis, and reporting its alignment with the International Energy Agency’s Net Zero by 2050 pathway for the steel industry.
As part of the Net Zero Banking Alliance (NZBA), Société Générale is required to set interim targets for 2030 for high emission priority sectors. For Société Générale, this includes its lending to the steel sector. You can see Société Générale’s iron and steel decarbonisation targets, and its progress towards meeting them in our NZBA steel targets compliance tracker:
Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Société Générale provided US$ 3.4 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Société Générale’s metallurgical coal financing and and how it compares to other large banks globally in the report.
Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Société Générale’s metallurgical coal policy below.
According to a report by Reclaim Finance, between 2016 and June 2023, Société Générale provided $5.9 billion in finance to the fossil-steel industry, making it the 22nd largest financier worldwide. Find further details on Société Générale's steel financing and how it compares to other large banks globally in the report.
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