Case study: How Itaú Unibanco promotes a culture of responsible banking among its employees
Itaú Unibanco is the largest private bank in Brazil by market value, estimated at US$8.6 billion according to Brand Finance’s 2025 Brazil 100 Ranking. Through a broad portfolio of industry products in Brazil, as well as its brands and strategic partnerships, Itaú Unibanco provides a diverse range of services across multiple channels. As a full-service, universal bank, Itaú Unibanco offers discounts, promotions, exclusive benefits, and solutions tailored to its clients’ everyday needs. Itaú Unibanco creates a comprehensive ecosystem that goes beyond traditional banking, serving the diverse requirements of individuals and corporate clients both within Brazil and internationally. Itaú Unibanco is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, promoting a culture of responsible banking among its employees. Tweet This!
This case study is based on the 2024 ESG Supplementary Index by Itaú Unibanco 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:
- Principle 5: Governance & Culture
- Principle 4: Stakeholders
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- How Itaú Unibanco proceeded with stakeholder identification and consultation, and
- How Itaú Unibanco promotes a culture of responsible banking among its employees
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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.
Itaú Unibanco continuously considers the opinions and expectations of its stakeholders, expressed through public meetings, relationship channels, targeted surveys, investor statements of interest, feedback from ESG rating agencies, results from corporate sustainability indexes, and public opinion.
Between 2023 and 2024, Itaú Unibanco reviewed its ESG materiality. The goal was to assess the progress of relevant topics both within and outside the organization, and to understand the current challenges and impacts of its business. This review aimed to ensure alignment with Itaú Unibanco’s global strategy and the perspectives of the various audiences with which Itaú Unibanco engages.
The process of identifying, analyzing, and prioritizing material issues involved employees, internal leaders, clients, shareholders, investors, market analysts, the supply chain, entities specialized in sustainability (such as ESG rating agencies and corporate sustainability indexes), representatives of civil society, and specialized consultancies.
How does Itaú Unibanco promote a culture of responsible banking among its employees?
In its 2024 ESG Supplementary Index Itaú Unibanco reports that it took the following actions to promote a culture of responsible banking among its employees:
Itaú Unibanco’s vision is to be the leading bank in sustainable performance and customer satisfaction. To promote the adoption of best practices in its business operations and stakeholder relationships, Itaú Unibanco conducts communication, engagement, and development campaigns for employees and leaders on ESG topics, social, environmental and climate risks, diversity and inclusion, ethical relationships, financial education, and climate strategy, among others.
Itaú Unibanco also conducts Human Rights Due Diligence (HRDD) on a periodic and recurring basis to prioritize risks of human rights violations, identify involved areas, assess the existence of prevention and remediation measures, and develop action plans as needed.
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 Itaú Unibanco, 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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