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In-depth study of the client’s ESG practices and maturity
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Identify material ESG issues pertaining to the company through stakeholder survey and develop a materiality matrix
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Develop a short-term ESG roadmap based on the material ESG issues identified
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Prepare a GRI-/DFM- compliant sustainability report with a view to promoting ESG practices and securing ESG funds
CLIENT CHALLENGES
- The client is one of the oldest banks in the Middle East, providing best-in-class online banking and eCommerce services through its offices in over 10 nations. The bank provides services in commercial, retail, investment and Islamic banking.
- We supported the client in assessing and identifying material ESG issues so that these could be managed proactively, ensuring value is preserved or augmented.
- We also supported their sustainability team in preparing a sustainability report in line with the Dubai Financial Market (DFM) ESG disclosure requirements and GRI standards.
- These solutions enabled the bank to satisfy the need for information of its diverse stakeholder groups, sustain its legitimacy in society and secure multiple benefits associated with the publication of a sustainability report with a view to promoting its ESG activities and securing investment. Details of these benefits can be found here: The Business Case for Sustainability Reporting: Key Rationale and Motivations | Acuity Knowledge Partners (acuitykp.com)
OUR APPROACH
- Review of existing ESG initiatives
The team interacted with the respective stakeholders to understand the ESG-focused approaches and programmes in place and conducted an in-depth review of the client’s ESG policies, programmes and documents. - Materiality assessment
The team identified key internal and external stakeholders. They conducted peer benchmarking and desk research to identify issues relevant to the sector. They also undertook activities such as preparing a stakeholder survey, collecting responses and comparing survey results with the research and with management responses. Our project team also conducted a focused discussion with the client team to finalise material topics and prepare a materiality matrix. - Identification of ESG KPIs
The team created a comprehensive list of key sustainability performance metrics in accordance with GRI and DFM ESG requirements and helped the client understand the key performance indicators (KPIs) relevant to its operations and as monitored by peers. - Data collection and analysis
The team assisted in preparing data-collection templates and guidelines and in capturing, analysing and aligning the data with the relevant sections of the GRI standards. They also assisted in collating all client data and running quality checks. - ESG report preparation
The team reviewed all updated policies and documents that would form part of the report. They drafted the design and structure of the report and obtained client feedback. The team implemented the client feedback and conducted a final review of the sustainability report.
IMPACT DELIVERED
- The stakeholder survey and the materiality matrix facilitated proactive management of critical ESG issues affecting the bank and its internal and external stakeholder groups.
- The development of a short-term ESG roadmap helped better manage material ESG issues and provided structure and uniformity to ESG management.
- The compilation of a sustainability report helped communicate to a range of stakeholder groups the client’s commitment to sustainable business practices, how it is creating or preserving shared values, its ambitions and the mechanisms in place to proactively manage ESG matters.
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