Case study: How the LLB Group works with its clients and customers to encourage sustainable practices
The LLB Group operates as both a locally grounded full-service bank and an international private bank. Its business model revolves around two lucrative market segments: the Private and Corporate Clients division and the International Wealth Management division. Geographically, the bank concentrates on Central Europe, primarily in its home markets of Liechtenstein, Austria, and Switzerland. Additionally, it serves international clients through representative offices located in Geneva, Zurich, Abu Dhabi, and Dubai. The LLB Group is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the 2024 PRB Reporting and Self-Assessment Template by the LLB Group prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How the LLB Group proceeded with stakeholder identification and consultation, and
- How the LLB Group worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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Stakeholder identification and consultation
Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.
The LLB Group is deeply engaged with its stakeholders. It maintains close communication with its majority shareholder, the Principality of Liechtenstein, while also fostering dialogue with its clients. In both contexts, the importance of sustainability is increasingly recognized.
Additionally, the Group participates in numerous interest groups and initiatives to collaborate with partners on innovative solutions. These include local organizations such as the Liechtenstein Bankers Association, the Liechtenstein Chamber of Industry and Commerce, and the Swiss Climate Foundation. On an international scale, LLB is involved in initiatives such as the UN Principles for Responsible Banking (PRB), the Net-Zero Banking Alliance (NZBA), the Principles for Responsible Investment (PRI), the UN Global Compact, the Partnership for Carbon Accounting Financials (PCAF), and The Climate Pledge.
Stakeholder groups are being increasingly integrated into the sustainability processes, particularly through the ongoing double materiality analysis.
How did the LLB Group work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2024 PRB Reporting and Self-Assessment Template the LLB Group reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Clients in the investment sector are routinely surveyed by the LLB Group about their sustainability preferences. If such preferences are identified, customized products are made available to align with those interests. Client advisors also undergo training to ensure they can effectively implement these preferences in the best interests of their clients.
Similarly, in the lending sector—especially regarding mortgages—client advisors receive specialized training focused on climate-related issues to assist clients as effectively as possible.
UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet
With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
FBRH Principles for Responsible Banking (PRB) Assurance:
First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience
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- FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
- FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
- FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.
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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.
References:
This case study is based on published information by the LLB Group, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://llb.li/en/llb/sustainability/developement/our-dna
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