We manage ES issues in accordance with the guiding principles of our broader sustainability approach. One such principle is to consider internationally acknowledged and recognized standards, and, to this end, we draw upon the following global frameworks (among others):
- 10 principles of the United Nations Global Compact
- UN Guiding Principles on Business and Human Rights
- OECD Guidelines for Multinational Enterprises
ES risk management falls under our Reputational Risk Framework which provides consistent standards for identifying, assessing, and managing reputational risk issues.
Sectors in Our Focus
Following a risk-based approach, we have defined sectors with high potential for ES risk. These include:
- Energy utilities
- Infrastructure projects in certain countries
- Metals and mining
- Monocultures in agriculture and forestry
- Oil and gas
- Other activities with either high carbon intensity and / or potential for human rights infringements
Internal provisions embedded in our Reputational Risk Guidelines specify our approach to managing potential ES risks associated with these sectors. They define responsibilities, processes, and requirements for due diligence, as well as criteria for mandatory referral to our sustainability team. For sectors requiring mandatory involvement of our sustainability team, we provide detailed sector guidelines with further guidance on the scope of due diligence, as well as outlining good industry practice and principles.
Following our Group-wide ES management approach, Postbank has its own provisions for managing ES risks. Due to different business models, especially when there are no investment banking activities, a different ES management approach is appropriate.