Environmental, Social & Governance (ESG)

ESG is an acronym that stands for environmental, social, and governance. These three main topics in ESG reporting frameworks are used to evaluate a company’s sustainability and ethical impact. The “E” factor captures energy efficiencies, carbon footprints, greenhouse gas emissions, deforestation, biodiversity, climate change and pollution mitigation, waste management and water usage. The “S” factor covers labour standards, wages and benefits, workplace and board diversity, racial justice, pay equity, human rights, talent management, community relations, privacy and data protection, health and safety, supply-chain management and other human capital and social justice issues. The “G” factor covers the governing of the “E” and the “S” factors, viz. corporate board composition and structure, strategic sustainability oversight and compliance, executive compensation, political contributions and lobbying, and bribery and corruption.

The Bank embarked on its ESG journey with the publication of Business Responsibility Report (BRR) from FY 2015-16. The Bank is endeavouring to improve its ESG performance, keeping in view the growing focus around ESG-related matters. Towards this end, the Bank published its first ever ESG Policy in FY 2022-23. In compliance with the extant regulatory norms, the Bank also published its first ever Business Responsibility & Sustainability Report (BRSR) for FY 2022-23 as a part of its Annual Report 2022-23.