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.

Multibank is committed to environmental protection and social responsibility, contributing to the holistic development of its clients and, by extension, Panamanian society. Multibank has been signatory to the Panamanian chapter of the United Nations Global Compact, “SUMARSE,” since 2003.

As signatory, Multibank pledges to uphold the 10 principles derived from the Universal Declaration and conventions across four areas: human rights, environmental stewardship, labour standards, and anti-corruption.

Multibank’s policies and activities are aligned with these principles, and Multibank makes sure they are reflected in its annual reports submitted to the Global Compact. Multibank also includes its progress and actions in the proper implementation of the 10 principles.

Multibank has identified and prioritized its relevant stakeholders through surveys, a workshop, and interviews, with their key issues and concerns outlined as follows:

• Board of Directors, Vice Presidents, Allied Directors: Development of a transparent governance structure, implementation of ethics and behaviour policies.
• Investors, Partners, Stockholders: Return on investment, increased equity over time, transparency of information, and ongoing dialogue.
• Public Institutions: Integrity and full compliance with the sector’s regulatory framework.
• Employees: Job security, timely and agreed-upon wages, professional and personal development, and quality of life.
• Clients, Allies, and Companies: Institutional solidity, satisfaction with services and products, and innovative offerings tailored to their needs.
• Suppliers: Efficient and fair procurement processes.

Through these mechanisms, Multibank aims to foster transparent, productive relationships that create value for all parties and support the continuous improvement of its activities.

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

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

Multibank’s Environmental and Social Risk Management area has established policies and procedures accessible to all employees.

With a focus on sustainable development, Multibank regularly trains clients and employees based on the latest updates and regulations regarding environmental and social matters.

Specifically, employees in the commercial area receive ongoing training on SGAS guidelines and tools, such as the environmental and social rating forms.

In the realm of sustainable financing and product development, Multibank offers personal loans and car loans based on credit policies with special conditions for sustainable financing. These include options for solar panels, energy-saving and efficiency equipment, and the purchase of hybrid and electric vehicles, all meeting established green criteria to promote the implementation of sustainable practices that generate a positive impact.

Multibank conducts regular monitoring and follow-up visits to financed projects and clients, verifying compliance with best practices and legal requirements. These visits also allow Multibank to identify business opportunities and provide recommendations that encourage sustainable practices among its clients.

For example, Multibank has financed projects in agriculture and supermarkets, such as biodigesters, which exemplify its commitment to sustainability.

 

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 Multibank, 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.multibank.com.pa/sites/default/files/2024-07/unep-reporting-multibank-2022.pdf

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