LEADING BY EXAMPLE ON SUSTAINABILITY & RESPONSIBLE BUSINESS PRACTICES
We are committed to improving the sustainability of our organisation and the communities we serve. Improving the environment and social good cases is important in all our dealings with our clients, neighbors, partners and employees.
Clarien recognises our role in enhancing biodiversity, supporting our global efforts to reach Net Zero, and upholding the highest standards of business conduct with our clients, colleagues, customers and suppliers.
We have partnered with Furthr – BCorp Sustainability experts, to ensure our is approach to sustainability is underpinned with the highest integrity. This includes end-to-end emissions measurements, along with a selection of transparent, additional & biodiversity-focussed carbon compensation solutions.
OUR RESPONSIBLE BUSINESS STRATEGY
We’re committed to making a tracked difference across three important areas:
Environmental Stewardship
Delivering our Net Zero strategy & supporting biodiversity
Responsible Governance
Ensuring oversight & accountability accross our responsible business processes
Within each of these areas we have mapped out key goals and objectives and we are delighted to share our work to date:
We understand Clarien’s powerful role in helping Bermuda and our clients navigate the transition to a lower carbon-based and more sustainable economy. The Bank is well placed to connect the providers of capital with users, helping to address the key challenge of accessing finance to achieve sustainable goals.
We are committed to creating access for environmental finance solutions such as lending for: clean energy, water, transport, low carbon technologies and social infrastructure. We will also continue to develop and support our charities which aim to improve the environment and the Bermudian community.
As of June 2024, we have delivered the following progress:
- We have put together a cross-departmental Sustainability team, with oversight from our Executive Committee and day-to-day strategic guidance from independent experts Furthr.
- We have quantified our baseline Greenhouse Gas footprint (2023 Financial year).
- We have purposefully focussed this baseline beyond Scope 1 & 2, capturing our value chain emissions within Scope 3.
- We are now drafting our first Carbon Reduction Plan for our internal stakeholders, with an ambition to release Near-term and Long-term Net Zero targets in the next 2 years.
- As we start to implement our Carbon Reduction Initiatives across our value chain, we have chosen to compensate for a significant portion of our emissions using high-integrity, nature-based carbon credits.
Clarien incorporates environmental and social risk (E&S) considerations into our financial activities and help our staff to continually identify and communicate these risks.
Understanding clients E&S performance is an important element of how we assess and manage risk. The consequences of failing to appropriately manage E&S issues can directly impact our client’s activities, our neighboring communities, the environment, our reputation and the long term economic viability of Bermuda.
As part of our commitment to actively ensure availability and equality of opportunities across our services, operations and systems, our responsible business strategy includes the following Social Pillars:
- Financial Inclusion: Offering accessible financial products and services to underserved populations, such as low-income individuals, small businesses, and marginalised communities, can promote financial inclusion and empower economic opportunities.
- Diversity and Inclusion: Maintaining a diverse and inclusive workplace culture, where our people feel valued and respected regardless of their backgrounds, identities, or abilities.
- Ethical Business Practices: Upholding high ethical standards in our operations, including transparency, integrity and fair treatment of customers, suppliers, and employees.
- Social Impact Investments: Investing in projects and initiatives that address social challenges, such as affordable housing, education and healthcare.
- Stakeholder Engagement: engaging with diverse stakeholders, including our customers, employees, shareholders, and local communities, to understand their needs and expectations of us.
We understand that Responsible Governance Practices are integral to the delivery of our Responsible Business Strategy.
- Robust Framework: Adhering to our comprehensive corporate governance policies and procedures.
- Board Oversight: Continuing to ensure that our Board of Directors provides effective oversight of the bank’s operations, strategic direction, risk management, and compliance with all regulatory requirements.
- Risk Management: Delivering robust risk management processes and internal controls to identify, assess, and mitigate risks.
- Compliance and Regulatory Adherence: Maintaining compliance with relevant laws, regulations, and industry standards, as well as maintaining a culture of regulatory compliance among our employees.
- Ethical Culture: Promoting an ethical culture within the Bank by encouraging integrity, honesty, and ethical behaviour among employees, and providing training and support to reinforce ethical principles.
- Transparency and Disclosure: Providing timely and transparent communication to stakeholders about the bank’s financial performance, governance practices, risk exposures, and corporate social responsibility initiatives.
SPOTLIGHT ON:
Find out more about our work with Furthr here.
Delivering Responsible Governance Practices
Our investment approach reinforces the concept that long-term value creation and sustainability are inextricably linked. Environmental, social, and governance (ESG) best practices are part of Clarien’s daily workflow and are captured in our Environmental Social Risk Policy.
As part of our general assessment, environmental and social impacts and risks are reviewed for each investment. Our review process is based on international environmental and social standards, such as the Sustainability Standards of the International Finance Corporation. If we detect gaps between those standards and the performance of an investment, we develop adequate corrective measures, which we detail in an Environmental and Social Action Plan (ESAP). The ESAP provides details on the gaps, the necessary actions, the responsible parties and a timeline for the implementation of each action. We work closely with our clients as a respectful and supporting business partner.