Case study: How Bank J. Safra Sarasin takes action on its PRB targets: climate change mitigation and biodiversity
Bank J. Safra Sarasin is a prominent Swiss full-service private bank that has made sustainability a core aspect of its corporate philosophy for more than 30 years. In Switzerland, the bank operates offices in Basel (head office), Bern, Geneva, Lucerne, Lugano, and Zurich. Bank J. Safra Sarasin is recognized for delivering high-quality service and expertise as an investment advisor and asset manager for both private and institutional clients, with the majority of its assets under management being based in Switzerland. Bank J. Safra Sarasin is a signatory of the Principles for Responsible Banking (PRB) and has, accordingly, set and published two targets which address two different areas of most significant impact identified in its impact analysis. Tweet This!
This case study is based on the 2023 PRB Reporting and Self-Assessment Template by Bank J. Safra Sarasin, 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 (PRB) addressed in this case are:
- Principle 2: Impact and Target Setting
- Principle 4: Stakeholders
Abstract
Bank J. Safra Sarasin has set targets for climate change mitigation and biodiversity. In order to show that it has implemented the actions it defined to meet the set targets, Bank J. Safra Sarasin took action on:
- SMART Target 1: Climate change mitigation
- SMART Target 2: Biodiversity
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With this case study you will see:
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- Which are the PRB targets Bank J. Safra Sarasin has set and published;
- How Bank J. Safra Sarasin proceeded with stakeholder identification and consultation, and
- What actions were taken by Bank J. Safra Sarasin on its PRB targets
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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.
Prioritizing its clients while also considering the needs of its employees and the demands of society for long-term prosperity and environmental integrity is central to Bank J. Safra Sarasin’s long-term strategy. Accordingly, Bank J. Safra Sarasin consistently engages with key stakeholders, including private and institutional clients, employees, industry organizations, and regulators. Bank J. Safra Sarasin implements an Active Ownership strategy, engaging directly with investee companies, collaborating with larger shareholder groups, and participating in public policy discussions. These engagement activities are detailed in the annual Active Ownership Report.
Additionally, Bank J. Safra Sarasin is actively involved in civil society initiatives through various sustainability commitments and working groups, such as the Principles for Responsible Investment (UN PRI), UN Principles for Responsible Banking (PRB), Finance for Biodiversity Pledge, and Swiss Sustainable Finance, among others. These diverse engagements provide valuable insights and outcomes that support Bank J. Safra Sarasin’s sustainability objectives and its contribution to achieving society’s sustainability goals.
What actions were taken by Bank J. Safra Sarasin on its PRB targets, climate change mitigation and biodiversity?
In its 2023 PRB Reporting and Self-Assessment Template Bank J. Safra Sarasin reports that it took the following actions on its PRB targets, climate change mitigation and biodiversity:
- SMART Target 1: Climate change mitigation
- Since adopting the Climate Pledge, Bank J. Safra Sarasin has successfully increased the proportion of addressable assets under management (AuM) covered by the pledge to 19% as of December 31st, 2022, by progressively incorporating additional strategies. The integration of these strategies into the Climate Pledge is primarily led by the Sustainability Team, working closely with the Chief Investment Officer, the head of the Asset Management & Institutional Clients department, as well as the ESG Committee and the Corporate Sustainability Board.
- SMART Target 2: Biodiversity
- As Bank J. Safra Sarasin has not yet established a portfolio-level biodiversity target, it is unable to report on implementation progress at this time. Nevertheless, Bank J. Safra Sarasin has initiated efforts to incorporate biodiversity into its investment process, including engaging with companies and beginning the development of an impact and dependencies analysis module. In 2021, the bank participated in the UN PRB working group that provided guidance on biodiversity target-setting. In 2022, Bank J. Safra Sarasin joined an investor group within a WWF working group to create a company-specific biodiversity risk tool. Additionally, in 2022, Bank J. Safra Sarasin developed a first Biodiversity Assessment tool to facilitate a closer examination of the dependencies and impacts of portfolio holdings for clients. Following its first application to a customer portfolio, this analysis is currently being refined and reviewed for broader application.
- The Annual Sustainability Report details how specific sustainability objectives, such as biodiversity, are being integrated into the sustainable investment process.
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.
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References:
This case study is based on published information by Bank J. Safra Sarasin, 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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