Sustainability
Transforming Lives and Enterprises Responsibly
As a responsible Development Finance Institution transforming the Nigerian industrial sector through sustainable finance, the Bank of Industry is committed to embedding sustainability in its business practices to drive strategic social, economic and environmental impact in the communities we serve and the world at large.
By the very structure of our business and the objectives of our corporate strategy, we are positioned to be a force for global sustainable development driving economic impact by leveraging sustainable finance to alleviate poverty, reduce inequalities, and drive industry, innovation and infrastructural development, whilst promoting decent work and economic growth.
Environmental and Social Risk Management
Utilizing Appropriate and International Standards of ESG Performance
Sustainability is imperative for the achievement of the development goals of the Bank of Industry. As such, the Bank has begun to incorporate Environment, Social and Governance (ESG) standards into its business and operational activities. In March 2020, the bank set up its ESG Group, under the Risk Management Directorate (RMD) to oversee the process of integrating ESG risk management into its end-to-end credit and investment appraisal and monitoring.
We are convinced that sustainable banking is the future and the guarantee for the long-term success of institutions. The future would be driven by technological innovation, disruptive changes and environmental and social responsibility, therefore, the Bank must position itself for this.
The Bank has developed a robust Environmental and Social Risk Management process, to assess its operations and financial activity for environmental, social and (where applicable) governance risks, using standards and guidelines designed in line with appropriate national and international standards of ESG performance.
Corporate Social Responsibility
Managing Impact through Transparent and Ethical Behaviour
Corporate Social Responsibility at the Bank of Industry refers to our commitment to recognising and managing our impact on society by achieving a balance of economic, environmental and social imperatives (the triple-bottomline approach), while at the same time addressing the expectations of shareholders and stakeholders.
This is achieved through transparent and ethical behaviour that is consistent with sustainable development and the welfare of society; takes into account the expectations of stakeholders and the needs of customers, suppliers, shareholders and employees; and is integrated throughout the organization and practised in our relationships.
Our CSR focus areas are determined by what resonates most with the Bank’s purpose and are based on the premise that people and organizations are socially responsible if they behave ethically and with sensitivity toward social, cultural, economic and environmental issues.
Climate
Optimizing Operations for Environmental Protection
We understand that our activities impact the environment in which we operate, through our consumption of energy and resources as well as through the waste we produce. We also recognize that the financial services we provide present both risks and opportunities relating to environmental protection.
Thus, we will work to be a driving force for good in the natural environment in which we operate by finding ways to avoid, minimise or offset the negative impact whilst innovating new means to achieve positive gains.
Partnerships for Change
Commitment through Partnerships for a Better World
Collaborative partnerships create opportunities for the Bank to further drive the sustainable development of the local and global economy and society. In the execution of our strategy, we will collaborate in local, international and sector-wide efforts to drive improved standards and progress on Sustainable Development:
The United Nations Global Compact is a voluntary initiative based on CEO commitment aimed at mobilizing a global movement of sustainable companies and stakeholders to create the better world we seek. The UN Global Compact supports companies to do business responsibly by aligning their strategies and operations with the 10 Principles on human rights, labour, environment and anti-corruption; and by taking strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals, with an emphasis on collaboration and innovation.
