NBB vows commitment to corporate sustainability

MANAMA: Environmental leadership, social responsibility and corporate governance (ESG) are the foundation of National Bank of Bahrain’s (NBB) recently-released Annual Financial and Sustainability Report (AFSR) for the year 2020.

The first AFSR highlights the bank’s commitment to integrating sustainability at the core of its business, providing an overview of organisational performance and ESG reporting, as the bank continues on its journey towards adopting an even more socially-conscious approach in accordance with international standards and best practices.

“We have renewed our commitment to corporate sustainability, embedding and systematically managing environmental, social and governance risks and opportunities in all aspects of the group’s business,” said Farouk Almoayyed, NBB chairman.

“We are proud to reflect this in this Annual Financial and Sustainability Report, as another important step in our ongoing transformation.

“2020 was an unprecedented year with the Covid-19 pandemic challenging all stakeholders to stand together for our common good. It forcefully reminded us that the health and well-being of individuals, society and our environment are essential for a vibrant economy and the financial success of the bank and the group as a whole.”

The report highlights objectives for the group’s seven-pillar sustainability framework – economic growth; responsible banking; serving customers; nurturing the workforce; community investment; preserving natural resources; and governance and ethical behaviour.

Since 2019, the bank has reported important non-financial information about its operations, promoting transparency and providing comprehensive coverage of significant sustainability topics.

In the last year, the bank has focused on strengthening every department to maintain business sustainability. It considers itself well-positioned as a market benchmark in terms of compliance with regulations, corporate governance and risk management.

It has identified committees to drive its future ESG plans and established several sub-committees which provide effective support to the full board in carrying out its responsibilities under specific stipulations mentioned in the report.

“Our commitment to be a leader in sustainable banking is one of our continuous aspirations,” added Jean-Christophe Durand, NBB’s chief executive.

“We believe that we have made leading progress already – taking a rigorous and systematic approach towards integrating environmental, social and governance issues into our core business, underpinned by practical action.

“Our sustainability roadmap, now being embedded in the business, sets out a clear direction for the practical steps we will take over the next three years, and provides a foundation for further development thereafter.”

As part of its commitment to transparency and international best reporting practices, NBB developed the report as per the Central Bank of Bahrain’s guidelines and in accordance with the Global Reporting Initiative (GRI) Standards.

 

Source: https://www.gdnonline.com/Details/941614/NBB-vows-commitment-to-corporate-sustainability

 

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