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.

The trust relationships with stakeholders*—those who have interests in The Norinchukin Bank and are closely related to its management and daily operations—were developed gradually over the Bank’s long history since its establishment. These relationships are vital assets for The Norinchukin Bank, and it is crucial to maintain and strengthen them not only with the aforementioned stakeholders but also with the younger generation. This ensures The Norinchukin Bank can fulfill its fundamental mission and social responsibility with a future-oriented approach. To achieve this, The Norinchukin Bank will continue to strive for a highly transparent organizational culture by emphasizing disclosure and accountability to its stakeholders.

*Stakeholders of the Bank: Members (Japan Agricultural Cooperatives (JA), Japan Fishery Cooperatives (JF), Japan Forestry Cooperatives, etc.), members of JA, JF, and others engaged in the AFF industries, partner companies in deposits, savings, and loans (e.g., companies affiliated with the AFF industries), members of local communities, business partners in all operations (financial institutions, market participants, subcontractors, etc.), government entities, and staff.

How did The Norinchukin 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 The Norinchukin Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Through dialogues and collaborations with investment and finance clients, The Norinchukin Bank engages in deep discussions to mutually understand their issues and needs, providing tailored solutions.

Engagement Based on Client Relationship

The Norinchukin Bank interacts with finance clients about according to their current conditions, issues, and responses, particularly regarding their awareness of climate change risks. These discussions help The Norinchukin Bank develop solutions that meet their specific needs. In fiscal 2022, The Norinchukin Bank conducted over 100 engagements, including supporting the measurement and reduction of GHG emissions and proposing sustainable finance solutions to high-emissions entities and companies in the agriculture, fishery, and forestry industries.

Engagement as a Global Institutional Investor

The Norinchukin Bank, along with its Group company Norinchukin Zenkyoren Asset Management Co., Ltd., is a member of Climate Action 100+ (CA100+), an international investor-led initiative aimed at promoting corporate action on climate change through collaborative engagement with institutional investors worldwide.

By collaborating with other institutional investors to engage in constructive dialogue on climate change, The Norinchukin Bank encourages target companies to move toward decarbonization.

The Norinchukin Bank also accumulates knowledge through these collaborative efforts, enhancing the effectiveness of its individual engagements as it works towards creating decarbonized societies.

 

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 The Norinchukin 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.nochubank.or.jp/en/sustainability/management/initiative/pdf/PRB_Report.pdf

Note to The Norinchukin Bank: 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.