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Sustainable Finance, the Law and Stakeholders: Values-based Banks and Global Banking Regulation

Global banking regulation is on the verge of a ground-breaking transformation from the mainstream dominant economic model to a people-oriented sustainable approach. GABV banks are well placed to inform this paradigm shift and the Sustainable Finance, the Law and Stakeholders (SFLS) project led by Dr Radek Stech at the University of Exeter in partnership with the GABV and the World Bank aims at helping GABV banks in aligning the regulatory frameworks with values based models.

The Project will run from September 2018 until August 2021 and is fully funded, with major contribution of more than $300.000 from the UK Economic and Social Research Council (ESRC). Together with the in-kind contribution from partners and ad-hoc smaller pots total project funds amount to nearly half a million USD. The project will be conducted over several Phases by taking a mixed methods approach: a desk-based review and a triangulation of quantitative and qualitative data.

The key objectives of the project are:

  1. Identify values-based banks’ innovative and niche values based practices by drawing from the experience of the Global Alliance for Banking on Values’ (GABV) banks.
  2. Assess how far these practices can and should inform global banking regulation.
  3. Put forward proposals for reforms, which could reshape global banking regulation to achieve a focus on sustainable development of the banking sector. In doing so, the research will identify the preferred regulatory strategies for embedding the innovative and niche values based practices into global regulation.
  4. Assess and test these proposals with the global regulators and large banks and, ultimately, identify those that can be taken up by the global regulators. In doing so, use the leverage offered by the World Bank’s Vice-Presidency to target the appropriate regulators.
  5. Contribute to shaping GABV as a global banking regulatory community.

 

About Radek Stech

Radek Stech, GABV Fellow, SFLS Founder (University of Exeter)

Radek Stech (PhD, Cardiff) is the founder and the CEO of the Sustainable Finance, the Law and Stakeholders (SFLS) Network and a lecturer in Law at the University of Exeter. Radek has recently won a highly competitive UK research grant to lead on a nearly half a million USD global research and impact project in partnership with the Global Alliance for Banking on Values (GABV) and the World Bank.

Radek has more than a decade of solid research, consultancy and advisory experience in sustainable banking, banking/environmental policy and law in collaboration with such stakeholders as the US Chamber of Commerce Institute for Legal Reform, the Welsh Government, WWF UK, United Kingdom Environmental Law Association and leading international law firms. His PhD project on costs barriers to justice in England and Wales was launched in the House of Lords (2010), published by the UNECE and referred by the Aarhus Convention Compliance Committee.  He was a visiting fellow at George Washington University Law School and a researcher at the World Bank (Global Themes). Between 2012 and 2013, he worked as a Senior Evidence Analyst in the Welsh Government, where he was developing, through policy and legal instructions, the Well-being of Future Generations (Wales) Act 2015. He is an Observer of the Green Bond Principles and has collaborated with the Secretariat to promote both Green and Social Bond Principles in Poland. He trained prospective judges of the Astana International Finance Centre in banking/common law (through the City Law School’s/Law Society’s Kazakhstan Judicial Training Programme). He has regularly reviewed and commented on other projects for the EU Committee of the Regions, Oxford University Press, US National Science Foundation and the UK Economic and Social Research Council.

Immediately after his studies in 2003, he worked on attracting EU funding for new movies in the Oscar-nominated (for Three Colours: Red) and intellectually charged Warsaw’s TOR Film Production. He then contributed to producing award-winning movies and played a leading role in the organisation of  the Krzysztof Kieslowski film festival, negotiating deals with Polish film studios, the Polish National TV, among others.

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