In August 2023, the Strategy and ESG Committee of the Board of Directors of the Industrial Bank (IB) formulated the ESG Policy of IB Co., Ltd. (“ESG Policy”), which serves as the guiding principle and direction for the sustainable development of the Bank. The document is based on the Environmental and Social Risk Management Policy of the Industrial Bank issued by the Bank in 2009, which has been sorted out, supplemented and revised. After the deliberation and approval at the 19th Meeting of the 10th Session of the IB Board of Directors, the ESG Policy was issued and implemented, applicable to all levels of institutions and subsidiaries of the Bank at home and abroad.
Being mindful of the “great development of the Country”, IB adheres to the direction and principles of sustainable development, and integrates ESG factors into its development and business strategies. It upholds to integrate righteousness with profitability in the fulfillment of corporate social responsibilities, promotes and implements the ESG policies in accordance with environmental, social and corporate governance dimensions. The Board of Directors has established a Strategy and ESG Committee and an ESG Leading Group separately to coordinate and lead the Bank’s management and implementation of ESG policies. At the same time, IB has incorporated the ESG and climate risk management into the comprehensive risk management system, embedded the ESG into the credit granting process and the whole investment and financing process management. In addition, it continually enhances the innovation of green financial products to help customers improve the ESG management performance and promote the sustainable development. In response to China’s call to achieve carbon neutrality in 2035, IB promotes sustainable operations, and strictly implements the commitment in the Immediate Implementation of Climate Neutrality so as to strive to achieve carbon neutrality in all upstream and downstream activities of the Bank by 2035.
To protect the employees’ rights and interests, IB insists on equal pay for equal work and establishes a fair remuneration mechanism and reasonable welfare measures for its employees; and through the dual-track development model of management and professional sequences, it provides them with a diversified training system and promotion path. For the consumers’ financial protection, IB implements the “people-centered” development concept and the “customer-centered” business philosophy, serves customers in a fair and transparent manner, and protects their personal information security. In addition, IB is committed to promoting social inclusion, building and improving customers’ ESG data warehouse by enhancing the capability in digital transformation, and exploring to become a leader in the inclusive finance industry through digital means. It has also strengthened the ESG-related information disclosure, formulated the ESG information disclosure system, and treated all stakeholders fairly, openly and impartially so as to promote the ESG management capabilities.
For more details on the ESG Policy Summary, please click here.