Case study: How Monex works with its clients and customers to encourage sustainable practices
Monex provides, through its subsidiaries, specialized financial and high-quality payment products to clients both in Mexico and internationally. Headquartered in Mexico City, Monex has operations in Mexico, the United States, Canada, the United Kingdom, Spain, the Netherlands, Luxembourg, and Singapore. Monex 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 Monex, 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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- How Monex proceeded with stakeholder identification and consultation, and
- How Monex 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.
To identify the impact areas, various bank departments were consulted using UNEP-FI tools to provide the necessary information.
Responsible Banking priorities will be incorporated into the Sustainability Strategy, which is founded on materiality analysis. For this analysis, external consultations were conducted with stakeholders, including collaborating shareholders, suppliers, authorities, and other sectoral influences. Additionally, the client perspective was gathered through the insights of those responsible for serving clients at Monex.
Monex also maintains regular communication with its stakeholders, offering channels and platforms with specialized teams available to them.
Moreover, Monex actively engages with national banking associations and authorities to support the implementation of ESG initiatives.
How did Monex work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2022 PRB Reporting and Self-Assessment Template Monex reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Since 2020, Monex has had the COSUSTENTA Committee, responsible for integrating ESG aspects into the business model and promoting and coordinating the Sustainability Strategy, which was finalized in Q3 2023.
Monex’s Code of Ethics outlines the main guidelines for the relationship between Monex and its various stakeholders: employees, customers, shareholders, suppliers, counterparties, the environment, the community, and competitors.
The 2022 ESG Report will highlight the main initiatives undertaken by Monex, as a result of:
- Results obtained using UNEP-FI impact analysis tools. To gather the necessary information for these tools and establish qualitative objectives, as well as to document current quantitative indicators, different strategic areas of the bank were consulted.
- The Sustainability Strategy, which was based on the materiality analysis. Both processes involved consultations with different stakeholders and areas of the bank.
Regarding social action, Monex has been a signatory to the UN Global Compact since 2005. It communicates its initiatives in the Communication on Progress Reports (COP), which will be included for the first time in the 2022 ESG Report to provide a more comprehensive document and facilitate communication and information dissemination for stakeholders.
The Bank has also started integrating ESG criteria into its digital onboarding and credit approval processes for SME customers.
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), IEMA 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 Monex, 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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