Spuerkeess Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Thu, 24 Apr 2025 05:55:29 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 Case study: How Spuerkeess works with its clients and customers to encourage sustainable practices https://sustaincase.com/case-study-how-spuerkeess-works-with-clients-and-customers-to-encourage-sustainable-practices/ Thu, 24 Apr 2025 05:53:41 +0000 https://sustaincase.com/?p=20633 Spuerkeess is a universal bank based in Luxembourg that provides a wide array of banking and financial products and services. It serves all customer segments—private individuals, professionals, institutions, and others—across various sectors. The bank aims to meet their needs for everyday management, financing, savings and investments, payment methods, and more. This case study is based on the 2023 PRB Reporting and Self-Assessment Template by Spuerkeess, 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 […]

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]]> Spuerkeess is a universal bank based in Luxembourg that provides a wide array of banking and financial products and services. It serves all customer segments—private individuals, professionals, institutions, and others—across various sectors. The bank aims to meet their needs for everyday management, financing, savings and investments, payment methods, and more. Spuerkeess 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 2023 PRB Reporting and Self-Assessment Template by Spuerkeess, 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.

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Which Principles for Responsible Banking have been addressed?

The Principles for Responsible Banking addressed in this case are:

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.

Spuerkeess collaborates with the following stakeholders with a clear objective of achieving mutually agreed outcomes:

  • Financial centre regulators (EBA, ECB, ESMA, European Commission)
  • The State of Luxembourg (the sole shareholder)
  • Customers
  • Bank employees
  • Employee representatives
  • ESG partners (researchers, consultants, UNEP-FI)
  • Scientific Advisory Board
  • Professional Associations (such as ABBL)
  • Suppliers
  • The Luxembourg population
  • Media
  • Local associations
  • NGOs
  • Rating agencies
  • Industrial subsidiaries
  • Companies included in Spuerkeess’s corporate equity portfolio
  • Companies from Spuerkeess’s business loans to SMEs portfolio

More details on how Spuerkeess identifies its stakeholder can be found in chapter 3 (“Contenu et matérialité”) at the beginning of the report (NFR 2023), on Spuerkeess’s stakeholders in chapter 2.5 of part I, on the stakeholder mapping in chapter 1.1 of part II (NFR 2023), on their management in chapter 3.7 of part III (NFR 2023).

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

In its 2023 PRB Reporting and Self-Assessment Template Spuerkeess reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Spuerkeess remains fully committed to its role as a “Transition Enabler” and takes its mission to support clients in transitioning to more environmentally and socially respectful modes of operation and consumption very seriously. This commitment includes actions at the bank level, particularly through educational and awareness campaigns aimed at customers, as well as advisory initiatives for those looking to enhance their ESG outcomes.

Additionally, the partnership with Greenomy will allow Spuerkeess to strengthen its position as a “Transition Enabler” by providing customers with a comprehensive reporting and consultancy package, developed in collaboration with one of its consultants, while fostering sustainability within the Luxembourg economy. Spuerkeess is engaging with key corporate and SME clients to prepare them for future reporting requirements, such as the EU Taxonomy and the CSRD. By developing a harmonized ESG questionnaire with specific questions, Spuerkeess aims to assess and improve their ESG maturity and collaboratively define future steps.

Spuerkeess has published various policies designed to promote sustainable practices, increase positive impacts, and mitigate negative ones. The following policies can be accessed via the referenced website links:

  • Fair advertising and marketing policy
  • Debt collection policy
  • ESG exclusion policy
  • Responsible Credit & Investment portfolio policy

Moreover, Spuerkeess engages with its equity stakeholders in sectors such as aviation and collaborates with businesses and SMEs to define decarbonization targets, supporting their transition to net zero by 2050.

In addition, Spuerkeess has established a dedicated team focused on innovation and product development for retail and professional customers, with the ambition of further incorporating the ESG dimension into its business solutions.

Spuerkeess also promotes ESG through interviews, conferences, podcasts, and blogs to educate customers and encourage them to make informed choices about investing in sustainable products. The bank guides clients in managing their finances through products and services that align with initiatives helping them in their day-to-day management.

Finally, Spuerkeess undertakes several initiatives to raise awareness and support clients in their transition, as described in Part I, Section 4.3 of the NFR, which include:

  • Accelerating e-mobility through preferential financing terms and partnerships with organizations such as ACL and Enovos.
  • Contributing to digitalization by financing digitalization and innovation projects and collaborating with the EIF (European Investment Fund).
  • Supporting energy efficiency projects through tools like the Green Eligibility Checker and Ecobonus, and providing aid and finance advice.

 

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 Spuerkeess, 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.spuerkeess.lu/fileadmin/mediatheque/documents/about_us/RSE/Principles_for_Responsible_Banking_Spuerkeess_2023.pdf

Note to Spuerkeess: 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.

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]]> Case study: How Spuerkeess creates economic value for its stakeholders https://sustaincase.com/case-study-how-spuerkeess-creates-economic-value-for-its-stakeholders-2/ Mon, 27 Mar 2023 06:01:54 +0000 https://sustaincase.com/?p=17536 As a systemic bank in Luxembourg, Spuerkeess has played an important role in Luxembourg’s economic and social development since its creation in 1856. Spuerkeess creates value entirely from two factors: fees and interest received in connection with its financing and the interest generated by its customers’ investments or by investing its own funds. This value generated is redistributed to all its stakeholders. This case study is based on the 2020 Sustainable Development Report by Spuerkeess, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability […]

The post Case study: How Spuerkeess creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> As a systemic bank in Luxembourg, Spuerkeess has played an important role in Luxembourg’s economic and social development since its creation in 1856. Spuerkeess creates value entirely from two factors: fees and interest received in connection with its financing and the interest generated by its customers’ investments or by investing its own funds. This value generated is redistributed to all its stakeholders.

This case study is based on the 2020 Sustainable Development Report by Spuerkeess, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ 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.

Abstract

In 2020, Spuerkeess recorded a total distributed value of EUR 390,5 million.  Tweet This! In order to create economic value for its stakeholders Spuerkeess took action to:

  • create economic value for employees
  • create economic value for the state
  • create economic value for communities

What are the material issues the company has identified?

In its 2020 Sustainable Development Report Spuerkeess identified a range of material issues, such as adopting ethical behaviour towards employees, customers, partners and suppliers,

promoting the environmental transition and supporting customers in this process, developing products/services that encourage social inclusion, training and professional development. Among these, creating economic value for its stakeholders stands out as a key material issue for Spuerkeess.

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 Spuerkeess engages with:

Stakeholder Group
Spuerkeess’s sole shareholder (represented by the Board of Directors)
Staff
Customers
Suppliers

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Spuerkeess engaged with its stakeholders through a survey among a total of 1,434 people.

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

In its 2020 Sustainable Development Report Spuerkeess reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2020, Spuerkeess paid EUR 237,5 million for staff costs.
  • Creating economic value for the state
  • In 2020, Spuerkeess paid EUR 27,2 million in taxes, while also distributing EUR 40 million from its own funds to the state as owner.
  • Creating economic value for communities
  • In 2020, Spuerkeess spent EUR 345,586 in community investments (sponsorship, humanitarian aid, etc.).

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:

 

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.

7 GRI sustainability disclosures get you started

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  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

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References:

This case study is based on published information by Spuerkeess, 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.spuerkeess.lu/fileadmin/mediatheque/documents/about_us/RSE/RDD_2020__FINAL_EN.pdf

Note to Spuerkeess: 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.

The post Case study: How Spuerkeess creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

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