UN Principles for Responsible Banking: Principle 6 – Transparency & Accountability

The UN Principles for Responsible Banking were signed by RBI in 2021. Ever since, we have taken our commitment very seriously. In this article, you’ll find an overview of all six principles.

This time, we’re going to dig deeper into Principle 6 which is about transparency and accountability.

At RBI, we believe that transparency is the cornerstone of building trust with our stakeholders. We are committed to being part of the solution and leading by example in our industry. Our dedication to transparency is evident in our adherence to national and international best practices and the implementation of internal policies such as our code of conduct. One of the ways we demonstrate this commitment is through the annual publication of our sustainability report, providing a comprehensive overview of our environmental, social, and governance initiatives. To make sure the report is accurate, we have it checked by an independent auditor. With transparency as one of our guiding principles, we aim to build trust, be accountable, and work towards a better future.

There are several national and international policies we apply and to which we have committed ourselves, primarily to fulfill the desired objectives:

• We are proud to be a signatory of the UN Global Compact (UNGC), demonstrating our commitment to its principles.
• Our sustainability strategy is aligned with the most relevant and material Sustainable Development Goals (SDGs) that complement our business objectives.
• We ensure that the environmental and social risk process at six of our subsidiary banks in Central and Eastern Europe adheres to the IFC/MIGA standards.
• As part of our environmental efforts, we have joined the Science Based Targets Initiative, following internationally recognized guidelines to set carbon targets based on the Greenhouse Gas Protocol (GHG Protocol).
• We apply the Partnership Carbon Accounting of Financials Initiative (PCAF) method, a standard for measuring greenhouse gas emissions from portfolios.
• As a responsible banking institution, we comply with all relevant EU and national legal regulations. As a listed company, RBI AG acknowledges and complies with the Austrian Code of Corporate Governance. Likewise, the relevant compliance laws are adequately implemented (e.g., in the area of anti-money laundering and combating corruption and bribery).
• We also provide regulatory disclosure in accordance with the EU Taxonomy Regulation.
• The new Pillar 3 disclosure requirements set by the European Banking Authority also require publishing a range of qualitative and quantitative information on transitional and physical risks, exposures to risk sectors and loans for environmentally friendly activities on a semi-annual basis. Pillar 3 is part of the global Basel framework, which promotes market discipline through transparency.
• Last, but not least, we are complying with the current EU ESG disclosure requirements and are preparing the up-coming ones of the European Corporate Sustainability Reporting Directive and other relevant regulations.

In the upcoming months and years, we remain committed to advancing our efforts and enhancing the implementation of the Principles for Responsible Banking. Emphasis will be placed on further aligning with and fulfilling these principles.