Case study: How Polaris Bank works with its clients and customers to encourage sustainable practices

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.

Polaris Bank prioritized community impact through responsible investment activities designed to enhance the socio-economic development of its host communities. The bank maintained engagement with existing stakeholders to ensure effective reach and maximize both business and social impact during the year under review, to foster strong collaboration and strategic partnerships with stakeholders, focused on its identified CSR pillars.

Investing in communities where Polaris Bank operates is an integral part of its corporate strategy as a financial institution. This approach fosters positive stakeholder relationships between Polaris Bank and its host communities. The bank’s aim is to give back in a manner that ensures the greatest possible impact on its beneficiaries.

During the reporting period (January 01, 2022 to December 31, 2022), Polaris Bank successfully implemented the following CSR projects, among others:

• Partnered with Pacegate Limited on Evolve CSR to support the Girl-Child through education and address global warming.
• Organized a Media Capacity Building webinar for Online Media Journalists on ‘Managing Virtual Newsroom’ and ‘The Cybercrime Law & You.’
• Supported the 6th Annual Childhood Cancer Awareness Walk.
• Donated Hydraulic and Electric Delivery Beds to the Federal Teaching Hospital, Gombe.
• Handed over an upgraded and resourced Skills Acquisition Centre at Ibeju, Lekki, for the Lagos State Ministry of Women Affairs & Poverty Alleviation.
• Partnered with Societal Healthcare Organisation (SHO) to organize Lifesaving Skills Training for fifty (50) Midwives & Community Health Extension Workers.
• Partnered with Care Organisation and Public Enlightenment (COPE), a Cancer-focused NGO, to organize a free breast ultrasound scan screening for Lagos female staff and some customers.
• Provided clean and stable water supply and effective water sanitation for the people of Lafiaji & Onireke Communities in Eti-Osa & Amuwo Odofin LGAs, respectively.
• Donated to Adesuwa Ogundoyin Polytechnic, Eruwa, Oyo State.
• Organized a Financial Literacy & Public Enlightenment Awareness Campaign for Nigerian Youth.
• Provided Facilitation Fees for Speakers and Honoraria for Media Associations/Participants at Media Seminars held in Abuja, Port Harcourt, Lagos, and Ibadan.
• Donated to Kwara State Polytechnic.
• Provided Medical treatment support for Mr. Mayowa Ogungbe.
• Donated to the ASSBIFI Resource Centre.
• Renovated the ICT Building at Obafemi Awolowo University, Ile-Ife, Osun State.
• Renovated the Accident & Emergency Ward at Lagos State University Teaching Hospital, Lagos State.

 Polaris Bank identified and engaged stakeholders based on three strategic pillars:

1. CSR Policy: Guided by its Board-approved CSR policy, with key focus areas including Education, Sports, Health & Safety, Social Infrastructure, Women and Youth Empowerment, Environment, and Cultural & Civic Projects.
2. Communities where Polaris Bank operates.
3. Geographical Spread.

How did Polaris Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2022 PRB Reporting and Self-Assessment Template Polaris Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Polaris Bank has established a robust framework for actively engaging with clients and customers to promote sustainable practices and enable sustainable economic activities. This approach is anchored in the bank’s Environmental and Social (E&S) Policy and Assessment Framework, which is pivotal in shaping business activities and financing decisions to ensure environmental sustainability. These guiding principles are fundamental to Polaris Bank’s commitment to sustainability. Polaris Bank is wholeheartedly dedicated to collaborating with clients and customers to foster sustainable practices and facilitate sustainable economic activities while safeguarding the long-term health of the environment.

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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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 Polaris Bank, 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.polarisbanklimited.com/UNEP FI PRB Reporting  Self-Assessment_2022.pdf

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