Responding to Societal Challenges: A framework for bank boards and their directors

October 2023

The banking industry is a critical player in financing the global economy and society. According to McKinsey, global banks now manage an estimated $370 trillion in worldwide assets, which are expected to grow to between $500 trillion and $550 trillion in the next decade. Given their size and impact, and as governments prove increasingly unable to meet societal challenges, it is not surprising that there is now an expectation for global corporations and banks to play a greater role in addressing a wide range of social, political, and environmental issues.