This policy statement sets out CIB’s approach to managing its environmental and social effects. It reflects the Bank’s commitment to mitigating its direct social and environmental impacts as well as managing its indirect impacts and, all along, advancing financial services that fortify sustainability and the common good.
1.Incorporating the principles of sustainable development into business policies and practices
a. CIB is committed to a professional and dependable sustainability governance structure, rooted in its responsibilities towards its staff, code of conduct, customers, society, the environment and future generations. It will continue to define specific sustainability objectives for its departments, and oversee their implementation.
b. CIB regards sustainable development as a fundamental aspect of sound business management and views the financial services sector as an important contributor towards consistent development and growth.
c.The Bank believes that steady progress can best be achieved by allowing markets to work within an accountable and responsible framework of cost-efficient regulations and economic instruments.
d.The Bank recognizes that sustainable development is a corporate duty and an integral part of its pursuit of good and caring citizenship.
2.Implementing best practices in relation to social and environmental management
a. CIB supports the precautionary approach to social and environmental management, to anticipate and prevent potential risks. It recognizes that identifying and quantifying social and environmental risks should be part of its regular and prudent process of risk assessment and management, both in domestic and international operations.
b. The Bank is committed to complying with national and international social and environmental laws and regulations applicable to its internal operations and business services. It works towards integrating social and environmental considerations into its operations, asset management, and other business decisions.
c. The Bank regards compliance with applicable social and environmental regulations and the execution of sound social and environmental actions as important factors in achieving effective corporate management.
d. CIB will continue to pursue best practices in social and environmental management and will seek to form business relations with partners, suppliers, and subcontractors who follow similarly high standards.
e. The Bank intends to update its practices periodically to incorporate relevant developments in social and environmental management. It encourages the industry to undertake research in these and related areas.
f. CIB recognizes the need to conduct internal social and environmental reviews on a periodic basis, and to measure its activities against its social and environmental goals.
g. The Bank encourages the financial services sector to develop products and services consistent with social and environmental best practices.
3. Communicating CIB’s sustainability policies and practices publicly
a. CIB will publish its sustainability policy statement and periodically report on the steps taken to advance integration of social and environmental considerations into its operations.
b. The Bank will share information with customers, as appropriate, to strengthen their capacity to reduce potential social and environmental risks and promote sustainable development.
c. CIB will foster openness and dialogue relating to social and environmental matters with relevant audiences, including shareholders, employees, customers, government entities and the general public.
d. The Bank is committed to sharing its experiences and knowledge to extend best practices and lessons learnt.
This Sustainability Policy Statement will be advertised throughout CIB’s premises and will be applicable to CIB- financed and/or supported projects.