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.

BAC defines its stakeholders as individuals, social groups, and organizations that could be significantly impacted by the company’s activities, products, and services, as well as those whose actions might influence BAC’s capacity to successfully implement the strategies necessary to achieve its goals.

The comprehensive process of identifying stakeholders required a thorough understanding of the elements within BAC’s value chain.

To achieve this, BAC developed the following methodology:

1. Identification of risks deriving from each value creation process and new emerging stakeholders.
2. Information consolidation, validation, and analysis.
3. Graphic reproduction of the main process flows for creating economic value.
4. Identification of the main stakeholders related to each process.
5. Practical workshops with leaders and executives responsible for these processes.
6. Identification of the main stakeholders related to each process.

BAC periodically reviewed previously obtained results to ensure they remained current and to validate each stakeholder’s connections to the company’s primary value creation processes, assessing their level of influence and significance.

This exercise greatly enhanced BAC’s ability to identify and map stakeholders, resulting in a more thorough analysis. BAC recognized that, in fulfilling its commitment to transparency and accountability, it was essential to gain a deeper understanding of stakeholder expectations and to identify potential impacts and issues that were important to them regarding the bank.

• Shareholders
• Customers
• Vendors
• Internal public
• Strategic partners
• Citizenry
• Competitors
• Regulators
• Opinion makers
• Government

Consult Stakeholders
In 2023, for the third consecutive year, BAC assessed its reputation regionally by utilizing a reputation evaluation tool based on a multi-stakeholder methodology consisting of six assessments and over twenty information sources.

This study also examines BAC’s financial leadership in comparison to leading companies in each of the countries where it operates. It encompasses a business ranking by country and analyzes key variables across various management areas, including Sustainability, Brand and Reputation, Economic-Financial Results, Quality of Business Offering, Talent, Ethics and Transparency, Corporate Responsibility, International Dimension of the Company, Innovation, and others.

Map of stakeholders

Government	Central governments   Local governments   Counterparts and managers   Health authorities   National emergency Committees
Customers	Individuals SMEs Large companies Businesswomen Entrepreneurs
Vendors	Critical vendors Non-critical vendors
Internal public	Employees Board of directors and committee members Families of employees
Strategic Partners	Project partners Non-bank correspondents Co-brandings and business partnerships Correspondent banks and other funding sources International organizations
Citizenry	Neighbouring communities Trade and consumer associations Organized civil society Universities and academia Informal workers At-risk persons
Competitors	Commercial banks Other Financial entities
Regulators	Superintendencies Card brands Central banks Risk rating agencies
Shareholders	Shareholders
Opinion-makers	Mass media Alternative media Influencers

Relationship mechanism

Having a clear understanding of who its main stakeholders are, BAC has established a diverse range of information, consultation, and dialogue mechanisms to foster various levels of engagement with them.

LEVEL 1

Information

• Financial and sustainability reports
• Corporate website: baccredomatic.com/es-cr/nuestra-empresa
• Social media: /BACCredomatic /baccredomaticnetwork
• Leaflets, posters and screens in branches I

LEVEL 2

Consultation

• Customer service studies, reputation study, surveys, focus groups, etc.
• Transaction and relationship surveys to evaluate the NPS (Net Promoter Score)
• Organizational climate evaluation
• Voice of Employee program, eNPS, Pulses
• Innovation system, competitions

LEVEL 3

Dialogue

• Call centers
• VoC (Voice of Customer) program
• Web chats, email, online contact forms
• Ombudsperson program, Ethics Line
• Social media: /BACCredomatic /baccredomaticnetwork
• Formal and informal meetings, conferences, talks, and workshops
• Round table discussions with internal and external stakeholders

LEVEL 4

Participation

• Prototyping with customers
• Installed capacity creation through advisory, co-creation, and networking
• Ideas campaign

What actions were taken by BAC on its PRB targets, climate strategy and inclusion and financial health?

In its 2024 PRB Reporting and Self-Assessment Template BAC reports that it took the following actions on its PRB targets, climate strategy and inclusion and financial health:

• SMART Target 1: Climate strategy
• In 2023, BAC defined a roadmap for its decarbonization process, with these activities currently being carried out in 2024. In the next PRB report, BAC will include the results of the implementation of this strategy and its progress towards the stated objectives.
• BAC is currently working on profiling its priority clients and assessing their progress in decarbonization processes. These activities are crucial for identifying specific actions based on the type of client and their status on the path to decarbonization.

• SMART Target 2: Inclusion and financial health
• In 2023, BAC aimed to achieve a 30% conversion rate associated with digital financial education, with two products defined for each country, ultimately reaching a conversion rate of 33% by the end of that period.
• In 2024, BAC established its SMART goal for the MSME segment. In its next report, BAC will provide an update on the progress of this goal.

 

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 BAC, 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.baccredomatic.com/sites/default/files/2024-08/Informe PRB BAC 2024 EN Final.pdf

Note to BAC: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

What are the material issues the company has identified?

In its 2019 Sustainability Report BAC identified a range of material issues, such as ethics and integrity, compliance, business continuity and emergency preparedness, climate change. Among these, creating economic value for its stakeholders stands out as a key material issue for BAC.

Stakeholder engagement in accordance with the GRI Standards              

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups BAC engages with:

Stakeholder Group	Method of engagement
Internal Staff and Contractors	·      Weekly newsletters ·      Regular ‘Staff Talks’ sessions ·      Annual surveys
BAC Board	·      Meetings at regular intervals ·      Engagement with BAC management
BAC Shareholders	·      Regular financial and sustainability reporting
Airport Tenant and Service Operators	·      Individual departments within BAC communicate to tenants through various means, from weekly newsletters and meetings to quarterly themed workshops
Passengers	·      Traditional and social media and the BNE website ·      Service quality and passenger satisfaction surveys
Airlines	·      Information collaboration and formal meetings and workgroups
Local Community	·      Community Engagement Programme
Government Agencies	·      Formal written correspondence ·      Regular informal meetings ·      Workgroups

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics BAC conducted electronic surveys and one-on-one interviews with select stakeholders.

What actions were taken by BAC to create economic value for its stakeholders?

In its 2019 Sustainability Report BAC reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• Employment at Brisbane Airport is estimated to provide $1.5 billion annually in employee wages to Queensland families, with a further $818 million earned through the associated supply chains.

• Contributing economically to the Australian economy
• Brisbane Airport’s total economic contribution to the Australian economy is forecast to grow from its current figure of $4.7 billion per annum to an estimated $8.7 billion by the year 2040, a real annual growth rate of 3.1 per cent. Together, the direct and indirect economic contributions of Brisbane Airport are estimated to currently account for approximately 1.3 per cent of Queensland Gross State Product. Additionally, there are many other businesses outside the airport that derive economic benefit from the airport’s operations, which range from tourism providers, construction services, transport operators and freight organisations. The three main components that make up Brisbane Airport’s economic contribution include:
  • Direct inputs (in $) from wages and added business values of the airport businesses
  • Indirect contributions or associated flow on benefits (in $) from the business transactions between airport businesses and the broader economy
  • Provision of vital infrastructure which enables opportunities for greater access and connectivity to local and global markets (qualitative)

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

• Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
• Targets: 8.1, 8.2
• Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
• Targets: 9.1, 9.4, 9.5

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

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References:

1) This case study is based on published information by BAC, 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 original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to BAC: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.