CaixaBI has, since 2004, published an annual sustainability report on the economic, social and environmental domains as an integral part of its Annual Report. Over the course of these years, society as a whole and the Bank with it, have evolved to growing levels of awareness of the importance of social responsibility and sustainable development.
Recognised as a leading and reference institution in the national investment banking system, CaixaBI, in line with the sustainability practice of the CGD Group, has undertaken additional responsibilities concerning sustainability and social responsibility, complying with the following principles:
- Involvement based on ethical business values;
- A desire to achieve continuous progress;
- Understanding and acceptance of the company’s interdependence with its environmental surroundings;
- Long term vision based on responsibility towards future generations;
- Principle of prudence as a decision-making rule;
- Regular dialogue and consultation with all parties involved;
- A desire to inform coupled with transparency;
- Acceptance of responsibility for the direct and indirect consequences of its activity.
In 2015, the CGD Group was distinguished in its conduct of sustainability, having the Bank pursued its activity based on the same sustainability strategy, i.e. focusing on business guidelines based on sustainable development and, simultaneously, contributing to business evolution and creation of shareholder value.
In this regard, special mention should be made to the distinction awarded to CGD within the Carbon Disclosure Project, in recognition of its progress in the reduction of carbon emissions and its strategy to mitigate the risks of climate change, which achieved the maximum score of 100 points in Disclosure, entering in the Iberian Climate Disclosure Leadership Index.
1. Strategies adopted
CaixaBI recognises that sustainable development of its activity is enhanced by the establishment of transparent and trustful relationships with its stakeholders (shareholders, customers, partners, suppliers, workers, financial markets, competitors, regulators, public opinion and the community), favouring continuous dialogue and effective involvement on the basis of its diverse channels in accordance with currently available technological solutions and the social and economic environment in which the Bank operates.
This involvement with stakeholders should be considered a constant and evolving process, highlighting the mutual impact of such stakeholder on the Bank’s activity and vice-versa. CaixaBI’s strategy for the involvement of its stakeholders is in line with CGD guidelines and essentially based on five guidelines:
- Identification of strategic stakeholders;
- Assessment of materiality;
- Operationalisation of dialogue;
- Integration of information obtained from stakeholders;
- Business and sustainability management.
- Financial markets
- Public opinion
Close involvement with stakeholders allows for the identification, understanding and alignment of their expectations and concerns in respect to the Bank’s performance, as well as risk management and identification of opportunities resulting from the interaction between the CGD Group and society.
2. Sustainability Programme and Management Model
CGD's Sustainability Programme is based on four essential pillars directing the Bank’s activity:
- Economic viability;
- Financial viability;
- Social fairness;
- Environmental correctness.
Upon the formalisation and implementation of its Sustainability Programme and respective Management Model, CGD expresses its desire for the entire Group to implement guideline processes and procedures in all of its activity in this domain, designed to create value for the Group as a whole.
The Management Model for CGD’s Sustainability Programme is based on the formalisation of the responsibilities of each of its structural bodies and various CGD Group companies, such as CaixaBI, for the correct furtherance of the adopted strategies, defined policies and recommendations.
The Management Model for CGD’s Sustainability Programme comprises the following structures, with CaixaBI being represented in the following Task Forces:
- General Sustainability Committee (CGSU): a consulting body responsible for considering, discussing and monitoring the implementation of the Sustainability Strategy at CGD and recommending relevant issues for the approval of the Executive Committee.
- Sustainability Steering: constitutes an interim forum with overseeing responsibilities in the implementation of the Sustainability Programme and preparation of meetings for the CGSU.
- Sustainability Programme Coordination Team: responsible for coordinating and overseeing the Sustainability Programme and promoting the activities of task forces.
- Workgroups: composed by directors of several structural bodies and Group entities, working on specific issues such as Voluntary Policies and Codes, Risk, Product, Environment, Involvement with the Community, Reports and Stakeholders, Human Resources and CGD Groups in Africa and Brazil.
- Ambassadors and Leaders: persons in charge of examining and validating proposals generated by Task Forces, to be submitted to the CGSU.
3. Policies pursued to ensure economic, financial, social and environmental efficiency
CGD Group has defined a series of policies which constitute the foundations of its Corporate Sustainability Programme and which act as guidelines for its implementation.
The Sustainability Policy ensures:
- Integration of non-financial variables (environmental, social and management) in the Institutions’ overall strategy;
- Sharing of knowledge and expertise on such issues with Group units operating in other markets;
- Together with stakeholders, the creation of mechanisms needed to integrate environmental and social issues in day-to-day management to ensure the domestic leadership in sustainable financial services;
- Transparency in reporting all activity in accordance with best international practices;
- Contribution to disclosing information on Sustainable Development principles, allied with domestic and international initiatives and promoting own actions whenever justified.
In addition to its Sustainability Policy, CGD has other guideline policies to promote the integration of Sustainability management such as its Environmental Policy, Community Involvement Policy, the Product and Service Policy, in line with the CGD Group's Marketing and Commercial Policy.
It should also be noted that the performance of CGD Group on a sustainability level comprises the voluntary adoption of economic, environmental and social commitments far in excess of its legal and compliance obligations and which have an overall positive effect on economic and sustainable development, strengthening competitiveness, internationalisation and innovation, job creation, financial inclusion and promotion of responsible consumption and renewable energies in addition to subscribing to Good Governance Principles for companies in the State’s Corporate Sector. The CGD Group meets various sustainability ratings and endorses relevant codes and principles in the performance of its activity.
As an integral and operative part of CGD Group, CaixaBI implements the policies and principles set out in CGD’s Sustainability Report, produced to comply with the guidelines corresponding to the maximum level (A+) for the Global Reporting Initiative as a fundamental tool to guarantee the effective management of the Bank’s economic, social and environmental activity.
4. Level of compliance with established goal
In order to assure the pursuit of the Corporate Sustainability Programme’s objectives, CGD has defined a Sustainability Policy which sets out five strategic operating areas:
- Responsible Banking: incorporation of sustainability in the Bank's governance model; ethics and conduct; quality of processes and certification; involvement of stakeholders; promotion of sustainability in the supplier chain; promotion of sustainable development in CGD channels.
- Promotion of the Future: development of environmentally and socially responsible products and services, and integration of sustainability aspects in the assessment of corporate credit risk.
- Environmental Protection: implementation of the environmental strategy; promotion of the awareness on environmental protection among stakeholders.
- Management of Human Assets: talent management; performance management; knowledge management; monitoring of the social climate; health and safety in the job; and promotion of the awareness on sustainability among employees.
- Community Involvement: implementation of a policy of involvement with the community; social innovation; promotion of voluntary work and promotion of financial literacy.
In order to assure compliance with its commitments, CGD defines, implements and monitors a series of initiatives carried out by the Group's structural bodies and companies under the Corporate Sustainability Programme.