Corporate responsibility in the Italian banking industry: creating value through listening to stakeholders

Purpose This paper aims to offer the Italian Banking Association's view on corporate social responsibility (CSR) as the strategic management of a firm that is multistakeholder‐oriented and that is careful to produce value for all those with whom the firm has relationships and daily interchange. Design/methodology/approach The strategic approach outlined, which gives rise to a variety of activities in different firms, is shared by the banks that have worked on the subject. This contribution falls within the logical framework on CSR developed by ABI, interested banks, and stakeholders that have been provided, analyzing the central role of stakeholder engagement. Findings The paper presents the modular approach given to CSR and the need for integrating CSR into the “fundamental strategic orientation” of a bank, in order to mainstream CSR into the heart of business theory and practice. Originality/value The paper contains a brief reflection on stakeholder engagement, its main challenges and open questions. Finally some possible practical steps are suggested.