The Director General of the Central Bank of the Republic of San Marino (BCSM), Dr. Andrea Vivoli, took part yesterday in the second edition of the Human Economic Forum, held at the Chamber of Deputies, speaking in Panel III - "Regenerative Governance: new standards between ethics and sustainability," dedicated to the role of financial institutions in promoting equitable and sustainable development models.
In his speech, the Director General emphasized that finance must return to being at the service of people and not the other way around, highlighting the need for deep reflection on how banks contribute to collective well-being. "If we put human dignity and the most fragile at the center ," he noted, " then banks become an essential junction of social sustainability, not just environmental sustainability."
Dr. Vivoli then recalled the challenge that sustainability poses to bank governance today, in an increasingly complex and evolving European regulatory environment: CSRD, SFDR, EU Taxonomy, Corporate Sustainability Due Diligence Directive (CSDD), as well as the new CRR III / CRD VI package and the EBA Guidelines on ESG risks. "Such regulatory layering ," he reminded, " reflects a necessary evolution, but exposes banks to the risk of fragmented compliance and makes it complex for boards to define stable and consistent long-term strategies."
Among the central themes of the speech was the difficulty of measuring and integrating the social dimension of sustainability: while on the environmental front metrics and indicators are being consolidated, aspects related to human rights, working conditions and financial inclusion still remain difficult to translate into objective parameters of risk and performance.
The CEO also called for regenerative banking governance, which does not simply add committees or reporting sections, but incorporates the social value created or destroyed by portfolio choices into risk and capital processes. Possible measures include:
- The creation of prudential incentives for fully social-sustainable investment and financing, similar to the "SME Supporting Factor" already provided for SMEs, grounded in sound empirical evidence and consistent with the Basel Committee framework;
- the promotion of public-private partnershipsto manage portfolios of impaired loans to vulnerable households, aimed at financial re-inclusion and the prevention of over-indebtedness poverty.
"True regenerative governance ," he concluded, " is not just about changing the language with which we tell the financial story of our communities, but really changing that story so that finance becomes an instrument of cohesion and sustainable human development."
📺 The full recording of the event is available on the Chamber of Deputies Web TV.