The “S” in ESG: An analysis of the social responsibility actions of brazilian banks

Abstract

Purpose: This study analyzes the social responsibility actions of major Brazilian banks, focusing on the “S” pillar of ESG—Environmental, Social, and Governance. The research seeks to understand how these institutions integrate social initiatives into their sustainability strategies and how these practices align with internationally recognized frameworks such as ISO 26000, Dahlsrud’s multidimensional model, and Carroll’s pyramid of corporate social responsibility.

Design/Methodology/Approach: A qualitative, exploratory, and documentary analysis was conducted based on the 2024 Sustainability Reports of Itaú Unibanco and Bradesco. The data were triangulated with external sources, including UN Global Compact publications, Procon complaint records, and labor court data. The study identifies social programs, inclusion metrics, and transparency practices related to workforce diversity, social investments, and stakeholder engagement.

Findings: Results reveal significant social investments and progress in diversity and inclusion policies. Itaú Unibanco demonstrates robust quantitative indicators, transparency, and external auditing, while Bradesco exhibits long-term educational impact through the Bradesco Foundation. However, both institutions show limited measurement of qualitative outcomes and insufficient evidence of stakeholder participation in program design. Contradictions between institutional discourse and consumer experience—such as high complaint and litigation rates—highlight gaps between narrative and practice.

Research Limitations/Implications: The study is limited to two private banks and secondary data sources. Future research should include longitudinal and participatory analyses involving stakeholders.

Originality/Value: This research critically advances the debate on the “S” in ESG within Brazil’s financial sector, exposing the symbolic appropriation of social responsibility discourses and emphasizing the need for authentic, impact-driven practices.