As a bank, all our actions also have an impact on the environment. This starts with the financial services we offer our retail and corporate clients and includes also the way we run our own business – from energy efficiency of our offices to the way our employees get to work. Due to the enormous negative effects of the climate crisis on the environment and people, we are focusing more intensively on environmental protection, conscious usage of resource and CO2 emission reduction to ensure that also future generations have a future worth living. And this future we want to shape together with our customers. Because we believe not only in our customers, but also in better tomorrow.
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ESG: 3 Letters that define our actions
We have defined sustainability measures in three areas of environment, social and governance (ESG) as the guiding principles of our daily actions.
The Code of Conduct provides a reference point for our actions and behaviour and serves as a binding set of rules governing the behaviour for our daily business activities.
It describes what is important to us and makes our commitments clear and sets the basis to act as a good corporate citizen. The Code of Conduct shows that we need to act responsibly, respectfully and sustainably in all aspects of our operations.
Erste Group fulfils the disclosure obligations resulting out of Regulation 2019/2088 on sustainability-related disclosures in the financial services sector by making available the following documents on its website:
Erste Group, as one of the leading financial institutions in Central and Eastern Europe (CEE) and with its historic background, has an inherent responsibility for broader sustainability and ESG risks toward the society. ESG risk identification like potential environmental damages, severe negative social consequences or poor governance have always been an integral part of Erste Group business and risk management framework. With the rising urgency and accelerating climate change, Erste Group will manage the ESG risks in a more holistic approach, implement a systematic ESG data collection and integrate ESG risk in a pronounced way into the capital management framework. The Group ESG Risk Definition Policy provides definition of ESG risks of Erste Group through positive impact aimed ESG objectives laying down the basis of business alignment with the UN Sustainable Development Goals (SDGs), and definition of ESG Risks, which are addressing the negative impacts and to be identified, assessed and mitigated through policies and procedures.
The Remuneration Policy is fully aligned with the Group ESG Risk Definition Policy. When setting, approving and overseeing the implementation of a remuneration policy that is in line with the remuneration principles set out in Directive 2013/36/EU and the EBA guidelines on sound remuneration policies, the management body aims at ensuring a sustainable business model that takes into account all risks, including environmental, social and governance risks. Furthermore, variable remuneration of the designated Management Board members is linked to the ESG objectives based on the principles of Erste Group’s sustainability strategy and part of the variable remuneration of designated Management Board members depends on fulfillment of ESG targets.
Erste Group's sustainable finance framework reflects the bank's strong commitment to its ecological and social responsibility in society. The framework defines the scope of sustainable project categories with either environmental and/or social aspects for which money on the bond market will be used. An independent Second Party Opinion conducted by ESG rating agency ISS ESG certifies the full alignment with best-practice approaches in the market.
Environmental issues are becoming increasingly important in communicating with stakeholders. In our environmental, energy and climate strategy, you can find out how Erste Group handles this important topic.