Achievements in 2009 and goals for 2010
In 2009, NIBC continued working on existing programmes and launched several new initiatives. Our activities are related to each of the three cornerstones of our CSR strategy mentioned earlier.
Client interaction
We want to interact with clients in a responsible and sustainable way. Providing our clients with financial support and assistance is integral to our business as a bank. Yet we also have an impact on society through that interaction and we have a set of measures in place to ensure our services are provided in a responsible manner.
In our business activities and interaction with clients, we are guided by our Code of Conduct, Sustainability Framework and Customer Due Diligence Procedure (Know Your Customer). In 2009, we sharpened our Sustainability Framework, which is scheduled to take effect in mid-2010.
Sustainability framework
The sustainability standards that NIBC expects its clients to meet are set out in our general Sustainability Policy as well as in policies for specific asset classes (oil & gas, shipping, infrastructure and water & waste, renewable energy and commercial real estate) and in a policy for indirect investments. The Client Sustainability Procedure describes the processes and tools used to evaluate clients as well as who is responsible for these processes at NIBC.
The general Sustainability Policy and the sector-specific policies outline the risks we identify in each sector, the market practices that apply to the sector and our approach to those specific sectors. These criteria underpin what we believe to be the responsible offering of financial services. We expect our clients to meet the appropriate industry environmental and social market standards and market practices.
NIBC supports international conventions, protocols, codes of conduct and industry market standards and market practices including:
- UN Global Compact;
- OECD Guidelines of Multinational Enterprises;
- UNEP Finance Initiative: statement by financial institutions on the environment and sustainable development;
- ILO Tripartite Declarations of Principles concerning Multinational Enterprises and Social Policy; and
- The Equator Principles and the IFC Performance Standards of all Project Finance Financings.
Where clients do not meet these market standards and market practices, NIBC will work with them to improve over time.
For 2010, we will further embed the general Sustainability Policy and the sector-specific policies within the organisation by developing a tool for the CSR assessment of all transactions. In addition, we aim to be able to report on our CSR assessment of transactions in 2010.
Social citizenship
We want to contribute to society and enable and encourage employees to do the same by lending time and expertise to projects in our community. In addition to bank-wide projects, we support employees’ initiatives by matching their time and money spent on charitable projects in local communities.
In 2009, NIBC started a new project aimed at training youths to manage their finances responsibly. NIBC staff initiated the programme, spurred by local media reports about individuals’ debt problems caused by the financial crisis. We contacted the The Hague city council and offered to address the problem by making NIBC’s time and expertise available to the local community. NIBC volunteers will this year facilitate group discussions and workshops and will give classes to teach children to manage their finances. The project was designed in 2009 and will be rolled out at two schools in The Hague in the first half of 2010, with potential further rollout in the years thereafter.
In 2009, we continued our matching programme, which means that NIBC will ‘under certain conditions’ match 50% of time or financial contributions that an employee makes towards a charitable cause.
Every year the analysts on the NIBC Analyst Program select a CSR project to support. In 2009, they decided to offer their time and expertise to the Climate Fund of the City of The Hague, an initiative aimed at making The Hague carbon-neutral by 2050.
For 2010, we will maintain our matching principle and aim to support at least one more bank-wide project.
Environmental sustainability
For NIBC, environmental sustainability means such things as making meaningful reductions in CO2 emissions and ensuring our suppliers meet our sustainability standards. We are investigating the possibility of becoming a carbon-neutral organisation by reducing CO2 emissions and compensating any remaining CO2 emissions.
We introduced ‘Green IT’ at NIBC last year by replacing our data centre servers with a new generation of energy-efficient IT systems.
We also expect our suppliers to meet our sustainability standards. Last year, we included sustainability criteria in all new contracts with suppliers.
It is our goal in 2010 to increase the number of suppliers that comply with our standards. We hope to take concrete steps to improve the energy label of our buildings in The Hague, and reducing CO2 emissions will remain high on our list of priorities.
