Case study: How Banesco works with its clients and customers to encourage sustainable practices
Banesco (Panama) S.A. and its subsidiaries form a globally diversified organization with a strong footprint in retail banking, wholesale banking, and administration. Additionally, Banesco offers financial services and operates in various other industries, primarily in insurance. Banesco is active and operates in both Panama and Curacao. Banesco 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 2022 PRB Reporting and Self-Assessment Template by Banesco, 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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With this case study you will see:
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- How Banesco proceeded with stakeholder identification and consultation, and
- How Banesco 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.
Banesco has identified the stakeholders responsible for implementing the Principles for Responsible Banking, with each contributing their expertise toward a shared commitment to these principles.
Currently, Banesco has been communicating to individuals responsible for other areas what their roles should be in setting objectives and action plans, as well as in monitoring their implementation. These areas have distinct characteristics, and Banesco recognises that they require specialists in data management, client relations, product development, legal matters, and senior management, among others. Key areas involved include business, risk management, data analytics, legal, sustainability, human resources, product design, and the CEO, among others.
How did Banesco work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2022 PRB Reporting and Self-Assessment Template Banesco reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Banesco has established a Corporate Sustainability Policy that outlines the environmental and social goals and principles aimed at achieving sustained performance with a positive impact on the organization’s operations. Banesco is also dedicated to upholding human rights and ensuring the effective implementation of its Environmental and Social Management System (ESMS), adhering to the Exclusion List, aligning with international standards – including the eight performance standards on environmental and social sustainability set by the IFC. Once Banesco finalizes its objectives and action plans, it will integrate the relevant elements necessary for ensuring compliance into this policy.
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 Banesco, 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:
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