Case study: How GIB works with its clients and customers to encourage sustainable practices
Gulf International Bank (GIB) is a pan-Gulf Cooperation Council (GCC) universal bank founded in 1975 and regulated by the Central Bank of Bahrain. GIB operates in regional and international markets, offering a comprehensive range of financial products, services, and tailored banking solutions to a diverse client base in the GCC, Europe, and North America. GIB 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 Principles for Responsible Banking report by GIB, 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 GIB proceeded with stakeholder identification and consultation, and
- How GIB 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.
GIB follows the Global Reporting Initiative (GRI) guidelines in its stakeholder identification and consultation process. GIB identified stakeholders based on their representation of groups where the bank’s actions can have a material impact, as well as those that can significantly affect the bank and its operations. Key stakeholders identified by GIB include its employees, clients, customers, investors, shareholders, suppliers, regulators, governments and policy makers, business and sustainability partners, and the communities in which GIB operates.
To engage effectively with stakeholders, GIB employs various methods to maximise engagement across different stakeholder groups. These methods include workshops, training sessions, GIB’s sustainability report, and both virtual and face-to-face meetings.
GIB’s approach to engaging with these stakeholders is explained in detail in its sustainability report.
How did GIB work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2022 Principles for Responsible Banking report GIB reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
As part of GIB’s sustainability advisory services, the bank has been actively engaging with clients to understand where they stand on their sustainability journey and to provide assistance in facilitating their transition towards a more sustainable business model.
Moreover, in order to understand where its clients stand on their sustainability journey, GIB introduced a climate risk and ESG scorecard for corporate clients.
Furthermore, within GIB’s portfolio of sustainable and sustainability-linked financial products, the bank continues to assist clients in identifying the sustainability areas that are material to them in terms of both opportunities and risks, and in establishing corresponding objectives. Detailed information regarding the sustainable and sustainability-linked financing options offered in 2022 can be found in GIB’s sustainability report.
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 GIB, 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://www.gib.com/sites/default/files/gib_bsc_prb_report_2022.pdf
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