Case study: How Creand Crèdit Andorrà promotes a culture of responsible banking among its employees

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 key stakeholders identified by Creand Crèdit Andorrà include: customers, who are central to its business decisions and its very purpose; shareholders, as the owners of the entity; employees, its most valuable asset and essential to overcoming challenges; the community, where Creand Crèdit Andorrà aims to make a positive impact by supporting its progress and social, economic, and environmental development; suppliers, vital for ensuring the delivery of high-quality and secure services; and the media, whose role in informing and influencing society is increasingly significant in a transparent world.

Between 2023 and 2024, the bank carried out a new materiality assessment to review, identify, and prioritize factors that could have a substantial impact on Creand from an economic, social, and environmental (ESG) perspective. Creand Crèdit Andorrà adopted a dual materiality approach aligned with the latest standards, focusing on two aspects: impact materiality, which examines the actual or potential effects of the bank’s activities on the environment and stakeholders; and financial materiality, which considers the possible economic repercussions of ESG risks and opportunities for the bank.

To develop this analysis, maintaining ongoing dialogue with the public and stakeholders was essential. Accordingly, consultations were held with shareholders, management, employees, customers, suppliers, and the community. Additionally, to deepen the understanding of dual materiality, a workshop was organized with employees from various departments and organizational levels to gather and share perceptions and expectations. The bank has undertaken several actions aimed at the following stakeholders:

Community

Creand Crèdit Andorrà implements a variety of initiatives designed for the general public, aiming to provide accessible tools, knowledge, and experiences to all members of society, regardless of age or social background:
• Public debates
• School sessions
• Training programs
• Large-scale conferences
• Content for social media
• Podcasts
• Media collaborations
• Creand Chair of Entrepreneurship and Banking (IESE)

Suppliers

In 2024, Creand Crèdit Andorrà focused on developing a supplier contracting document that incorporates an ESG questionnaire. This document is currently under review to ensure it complies with Andorran data protection laws and to strengthen its overall effectiveness. At the same time, efforts have been made to advance and finalize two policies related to supplier relationship management, which serve as a foundation for integrating ESG criteria more broadly into the upstream value chain:
• Outsourcing Functions Policy
• Supplier Selection and Evaluation Policy

These policies were expected to be approved by May 2025 and will facilitate actions across various areas, including the potential development of subsidiary-specific policies.

Employees

With regard to employee-focused actions, the bank has approved a Remote Work Policy aimed at enhancing flexibility and work-life balance, while also contributing to a reduction in employee commuting. Accordingly, Creand Crèdit Andorrà is committed to conducting a new mobility survey once the policy has had sufficient time to take effect (after 6 months of implementation), in order to assess whether emission reduction targets related to employee travel can be established.

How does Creand Crèdit Andorrà promote a culture of responsible banking among its employees?

In its 2024 PRB Reporting and Self-Assessment Template Creand Crèdit Andorrà reports that it took the following actions to promote a culture of responsible banking among its employees:

As a prerequisite for implementing the Principles, it is essential to foster an internal culture of awareness and commitment. This ensures that the workforce aligns with the project’s values and objectives, ultimately reflecting the broader international frameworks that underpin the Principles, such as the Paris Agreement. To this end, targeted training has been provided to members of the task force.

Creand Crèdit Andorrà has also established a communication plan aimed at all internal and external stakeholders to promote and raise awareness of the UNEP FI project. This plan, which is regularly updated to maximize its effectiveness, includes actions to communicate milestones achieved and progress made in implementing the Principles.

Regarding the Environmental Management System, training is incorporated into the annual mandatory employee training program, ensuring new employees are also informed. Additionally, the corporate intranet serves as a platform for internal communication, complemented by a dedicated sustainability webpage on the bank’s corporate website.

To enhance sustainability awareness among employees, the bank has approved a Sustainable Mobility Plan, aligned with the Government of Andorra’s National Mobility Strategy (2021-2050) and in accordance with the Law on the Promotion of Energy Transition and Climate Change (LITECC). The plan aims to reduce employee travel and contribute to lowering the organization’s CO2 emissions. It includes various measures, monitoring indicators, a timetable, and a communication strategy to announce and promote the initiatives and objectives.

Since 2022, Creand Crèdit Andorrà has been running the Experts programme, a financial education initiative designed to broaden financial literacy and outreach. This programme involves bank employees with expertise in areas such as market analysis, macroeconomics, innovation, investments, and people management.

Finally, at the end of 2023, the Sustainability Unit organized a workshop involving various staff members—including technicians, department heads, and managers from strategic areas. The purpose was to enrich the dual materiality analysis by capturing diverse perceptions and expectations related to ESG aspects from different departmental perspectives. The insights gained were integrated into the overall analysis process, contributing to a more comprehensive understanding of material sustainability issues.

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 Creand Crèdit Andorrà, 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://creandgroup.com/wp-content/uploads/ICA_Creand_2024_complet_ANG_30.07.pdf

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