Institute supports launch of the UN Principles for Responsible Banking
The Chartered Banker Institute is proud to support the launch of the UN Principles for Responsible Banking at the UN’s Headquarters in New York.
The Institute was one of the first UK organisations to endorse the UN Principles for Responsible Banking earlier this year, and today’s official signing and launch was presided over by the UN Secretary General Antonio Guterres.
125 banks from 46 countries have now become Founding Signatories of the Principles. They jointly represent USD 46 trillion in assets ands with that over a third of the global banking industry.
The Principles provide guidance for banks to create value for their customers, shareholders and society. They are the first global framework to enable banks to integrate sustainability across all business areas, from strategic, to portfolio, to transaction level. The transparency and accountability mechanism of the Principles requires signatories to address their most significant impacts, set public targets and report back on progress.
Simon Thompson, Chief Executive, Chartered Banker Institute commented:
“We are delighted to be supporting the launch of the UN Principles for Responsible Banking. Successfully embedding the Principles for Responsible Banking (PRB) at the heart of our sector is crucial. As the oldest banking institute in the world, we have a long term commitment to setting and driving upwards the standards for knowledgeable, accountable and responsible bankers, and through this work our support of the responsible banking agenda. Having launched the world’s first Green Finance Certificate in 2018, we are now ensuring that the PRBs are being included in all our qualifications. This will not only help embed sustainability within our sector but will demonstrate in a very practical way the social purpose of banking and help reconnect banks and society.”
Notes to Editors:
The six Principles for Responsible Banking that banks commit to are:
1) Alignment: We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
2) Impact & Target Setting: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts.
3) Clients & Customers: We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
4) Stakeholders: We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
5) Governance & Culture: We will implement our commitment to these Principles through effective governance and a culture of responsible banking.
6) Transparency & Accountability: We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.
For more information about the Principles visit here.