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.

As a leading financial institution, CIB believes that meaningful engagement with key stakeholders enables the bank to advance its ESG goals and generate value for investors, partners, clients, and the wider community. CIB facilitates dialogues with experts from the heavy-industry sectors it finances to discuss emerging trends, challenges, risks, and opportunities. Collaborations with clients, government ministries, Multilateral Development Banks (MDBs), and Development Finance Institutions (DFIs) strengthen CIB’s sustainable finance initiatives. Its stakeholders include Development Financial Institutions, international organizations such as UNEP-FI, GFANZ, WEF, and CDP, governmental bodies and academia.

As an active member of the Net-Zero Banking Alliance (NZBA) and the Principles for Responsible Banking (PRB), CIB plays a crucial role in influencing global banking practices. Participation in the NZBA Steering Group Meeting in London and the PRB Board meeting in the UK highlights its dedication to aligning banking operations worldwide with the goal of net-zero emissions by 2050 and promoting responsible banking standards.

CIB’s international engagement also includes significant contributions to the Glasgow Financial Alliance for Net-Zero (GFANZ), where it is a key member of both the Africa Advisory Board and the Africa Network Working Groups. These platforms enable CIB to shape climate action policies across Africa, emphasizing the importance of sustainability in financial practices.

Furthermore, CIB actively participates in global forums such as MENA Climate Week in Riyadh, where it hosted a side event on transition finance, and the Africa Climate Summit in Nairobi, highlighting the climate challenges and opportunities on the continent. Its involvement in the World Economic Forum’s Green Hydrogen Initiative and discussions on transitioning to green energy sources like hydrogen demonstrate CIB’s commitment to innovative climate solutions.

CIB’s participation at COP28 was especially significant, where it not only took part in panels on climate finance and green building initiatives but also played a strategic role in advocating for the expansion of net-zero transition efforts and the enhancement of regional carbon markets. Its active contribution to shaping discussions at such international forums, combined with its leadership in regional initiatives, highlights CIB’s central role in advancing both global and regional sustainability goals. Through these efforts, CIB has solidified its position as a leader in integrating environmental considerations into banking practices, championing the cause of sustainable finance.

CIB also proudly celebrates the achievements of the “Choices and Voices” event organized by the Women’s Initiatives Network (WIN) on December 14th, 2023. This event was designed to empower women within the bank and boost their confidence in their ability to succeed and lead. Since its launch in 2019, WIN has been a strong advocate for diversity and inclusion at CIB, working to empower women across the organization and foster a more equitable workplace. The initiative regularly hosts meetings and seminars featuring prominent female leaders from the business community, focusing on strategies for success, career growth, overcoming challenges, and leadership development. This ongoing commitment demonstrates CIB’s dedication to creating an inclusive and supportive environment for all employees.

CIB took part in the 6th Job Fair at Nahda University in Beni Suef as part of the “Your Dream Matters” initiative. This program aims to empower women and strengthen their role within the banking industry, highlighting the significance of women’s workforce participation and providing all graduates with opportunities to apply for jobs. CIB’s participation demonstrates its dedication to supporting gender diversity and offering career prospects for young professionals.

In addition, CIB sponsored the “Financial Careers” job conference to inspire and guide young professionals in their career development. The event provided a valuable platform for connecting with talented youth eager to enter the financial sector. This initiative reflects CIB’s ongoing commitment to engaging in Egypt’s leading professional events and nurturing the next generation of financial experts.

CIB also participated in the fourth edition of the American University in Cairo’s Business Forum, where it discussed recent developments in the S1 and S2 International Financial Reporting Standards (IFRS) related to climate disclosures and their implementation in Egypt. The forum brought together experts from academia, business, regulatory bodies, private sector firms, auditors, and consulting organizations to explore the implications for investors and companies, as well as regional opportunities and challenges. CIB emphasized the importance of institutional collaboration in adopting these standards, reaffirming its leadership in advancing sustainability initiatives and integrating environmental considerations into banking practices.

How does CIB promote a culture of responsible banking among its employees?

In its 2024 PRB Progress Report CIB reports that it took the following actions to promote a culture of responsible banking among its employees:

To drive systemic change towards embedding sustainability into its policies and culture, CIB emphasizes and advocates for the importance of sustainable finance education (SFE). Unlike traditional finance education, which has historically concentrated on teaching the basics of profit-making, SFE highlights the vital link between finance and ESG (Environmental, Social, and Governance) factors. Recognizing that integrating ESG principles across its policies and culture requires a deep understanding of their significance for business growth as well as societal and environmental well-being, CIB views SFE as a critical pillar in this effort. In line with its mission to promote sustainable finance throughout its operations, CIB leverages the expertise of its Learning and Development team to deliver up-to-date, best-practice training and capacity-building initiatives on sustainable finance for its employees, clients, and other stakeholders, aligned with the different stages of the framework’s development.

An introductory sustainable finance module, designed to highlight the fundamental principles and pillars of sustainability, is available to all CIB staff across the organization. In addition, various tailored and off-the-shelf sustainability courses are offered, targeting specific areas, while sustainable finance education has been fully integrated into CIB’s flagship Credit, SME, and Retail Courses.

Furthermore, CIB has entered into a Memorandum of Understanding (MoU) with LinkedIn Learning to enhance digital education for its employees. This collaboration aims to broaden employees’ technological knowledge through LinkedIn Learning’s extensive library of over 20,000 expert-led instructional videos. By providing access to this on-demand educational platform, CIB seeks to support the country’s economic development through education and enable its staff to keep pace with industry changes.

CIB believes that fulfilling its climate and financial inclusion commitments depends significantly on well-informed and engaged employees who can effectively promote the bank’s sustainability products and services. Developing a culture aligned with its strategic vision is essential to this effort.

 

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

• • • 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.

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 CIB, 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.cibeg.com/-/media/project/downloads/about-cib/esg/portfolio-impact-assessment/2024-portfolio-impact-assessment.pdf

Note to CIB: 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.

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.

Drawing on the United Nations Sustainable Development Goals (SDGs), globally recognized social responsibility standards, specific features of the financial sector, and the bank’s experience in ESG initiatives, CIB has identified six key stakeholders: government officials or banking regulators, the bank’s directors, supervisors, and shareholders, its customers, employees, residents of communities surrounding the bank, and partners (including financial peers, suppliers, and NGOs). In 2023, the stakeholder survey focused on distributing and effectively retrieving questionnaires from customers, directors, supervisors, investors, and other relevant parties, resulting in the recovery of 7,889 completed questionnaires. CIB follows the guidelines set by the Task Force on Climate-Related Financial Disclosures (TCFD), closely tracking the effects of climate risks, proactively evaluating the risks and opportunities presented by climate change, and integrating these factors into its existing risk management framework. The bank regularly analyses, assesses, and develops appropriate response strategies. It places substantial emphasis on and actively supports the sustainable development of the marine economy. In 2020, CIB became the first Chinese institution to join the United Nations Environment Programme Finance Initiative (UNEP FI) “Sustainable Blue Economy Finance Initiative” (SBEFI). For further details, please refer to the “Materiality Analysis,” “Focus Areas and Progress,” and “Blue Finance” sections in the [Governance] chapter of CIB’s 2023 Sustainability Report.

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

In its 2023 Sustainability Report CIB reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

CIB works closely with its clients in a responsible way, fostering sustainable practices and supporting the growth of economic initiatives. In 2023, CIB accomplished significant results in collaboration with various stakeholders in areas such as green finance, inclusive finance, biodiversity conservation, and carbon emissions reduction. For more details, please refer to the [Environment] chapter of CIB’s 2023 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

• • • 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.

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 CIB, 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://download.cib.com.cn/netbank/download/cn/Sustainable_Finance/Sustainability_Report_2023_en.pdf

Note to CIB: 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 CIB identified a range of material issues, such as financial performance, governance and compliance, privacy and security, financial inclusion, operational efficiency. Among these, promoting employee welfare stands out as a key material issue for CIB.

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 CIB engages with:

To identify and prioritise material topics CIB engaged with its stakeholders through the following channels:

Stakeholder Group	Method of engagement
Shareholders and Investors	·      Quarterly Financial Results ·      Annual Analysts and Investors Meeting ·      The Annual General Meeting
Board of Directors	·      Board Meetings ·      Board Committee Meetings ·      Board Strategy Meeting ·      Annual Report ·      Annual General Meeting
Employees	·      Annual Assessment ·      Ongoing Coaching and Supervision ·      Training Sessions ·      Internal Meetings on all Departmental Levels
Industry Associates and Sustainability Partners	·      UNEP-FI ·      Bloomberg Gender-Equality Index ·      Annual CDP Reporting ·      FTSE4Good Sustainability Index
Customers	·      Branches Customer Services ·      Account Relationship Manager ·      Call Centre ·      Public Website ·      Brand Activations ·      Satisfaction Surveys ·      Social Media Interaction ·      Career Fairs ·      Fintech Programmes
Suppliers	·      Pre-tendering Meetings ·      Project-based Satisfaction Surveys ·      Briefings and Feedback on New Bank Policies on S&E Assessments and Criteria
Government and Regulatory Bodies	·      Central Bank of Egypt, Egyptian Stock Exchange, and Others ·      Quarterly and Periodic Meetings ·      Daily and Periodic Emails and Direct Communications with CBE Department and Investors Relations Team
National Community	·      Partnerships with Nonprofit Organisations ·      Periodic Mutual Press Releases ·      Social Media Announcements ·      Programmers, Initiatives, Sponsorships, and Donations for Cultural and Social Developments ·      Accessible Branches ·      Annual CIB Foundation Activity Report ·      Annual CIB Report

What actions were taken by CIB to promote employee welfare?

In its 2019 Sustainability Report CIB reports that it took the following actions for promoting employee welfare:

• Implementing an Employee Stock Ownership Plan
• CIB implements an Employee Stock Ownership Plan (ESOP) as part of its compensation strategy aimed at attracting, motivating, retaining, rewarding, and strengthening ties with outstanding employees, managers, and executive board members. ESOP allows designated employees to own CIB stocks at face value via promise-to-sell agreements. CIB allocates 1% of its issued and paid-in capital to ESOP. During 2019, CIB allocated a total of 10,541,330 stocks to 4,242 employees. Since the inception of the plan in 2006 and its renewal in 2015, CIB has allocated 91,032,963 shares to its employees (taking into consideration capital increases throughout the stated period).

• Promoting parental leave for both men and women
• CIB is among very few national organisations in Egypt that promote parental leave for both men and women. CIB fathers are entitled to a short-paid leave of three days from the delivery date. In 2019, 105 fathers requested and were granted paternal leave, while all 96 mothers who took parental leaves in 2019 returned to work, in addition to 13 mothers who started their parental leave in 2018.

• Providing comprehensive benefits
• CIB provides comprehensive benefits to its employees that promote financial security for them and their families. CIB’s benefits include full medical insurance for all employees who are covered by social insurance. CIB has agreements with an extensive network of first-class doctors, hospitals, and labs in all cities across the country. Other benefits include:
  • Interest Free School Loans: CIB’s interest free loan is equivalent to a maximum amount of two months of gross salary or one month of gross salary based on the employee’s grade. The loan is to be repaid over a maximum tenor of 12 months to support CIB’s employees with accommodating the current school fees. In 2019, more than 1,000 employees benefited from the loan.
  • Staff Loan: A loan with a subsidised decreasing average interest rate of 7.75% to be repaid over a maximum tenor of six years. In 2019, over 4,000 employees benefited from it.
  • Mortgage Loan: A loan granted to CIB’s staff with a subsidised average interest rate of 11% as an employee benefit.
  • Credit Cards: Credit cards are given to CIB’s staff with a subsidised interest rate that is less than 1.3%.

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

The GRI Standards addressed in this case are:

1) Disclosure 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees

2) Disclosure 401-3 Parental leave

 

Disclosure 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees corresponds to:

• Sustainable Development Goal (SDG) 3: Ensure healthy lives and promote well-being for all at all ages
• Targets: 3.2
• Sustainable Development Goal (SDG) 5: Gender Equality
• Targets: 5.4
• Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
• Targets: 8.5

Disclosure 401-3 Parental leave corresponds to:

• Sustainable Development Goal (SDG) 5: Gender Equality
• Targets: 5.1, 5.4
• Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
• Targets: 8.5

 

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

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

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References:

1) This case study is based on published information by CIB, 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 CIB: 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.