A values-based culture

While our purpose answers “why” we exist, we define “how” we work with our values – Inclusion, Meritocracy, Partnership, Accountability, Client Focus, and Trust. Together, these values form the statement “IMPACT” and provide the framework by which we reinforce good behaviors and address poor behaviors.

In parallel to the writing and launch of the purpose statement, the defined values are the result of a refresh of the framework we had used previously (Conduct and Ethics (C&E) Standards). The C&E Standards served us well for four years – providing global consistency across Credit Suisse as a single, behavioral framework and a clear message of accountability and ethical behavior. At the same time, over the last four years, the world has evolved and our learning has developed, and with the advent of our purpose statement it was an opportune moment to further review and refresh our approach.

Our purpose statement and refreshed cultural values ensure a common understanding and consistent expectations in respect of our culture and conduct. Our culture is underpinned by a governance framework (as detailed in the “Corporate governance” section, see pages 12-17), which ensures Board oversight and clear accountability at the executive level. In fact, our Board of Directors was instrumental in the final review and approval of the purpose statement and values framework. The values and associated behaviors are now implemented throughout our performance management and promotion tools, and will serve as the framework in which we evaluate our work. The culture agenda is a key priority, with high importance being assigned to the recognition of positive behaviors and preventative training, as well as to ensuring appropriate governance and sanctions for negative conduct.