To strengthen its Vision to be the best bank in Europe, and its Mission of increasing the value it creates for customers, shareholders, employees, the society and the environment by utilizing its influence, agility and organizational efficiency, Garanti Bank acknowledges the importance of conducting its business activities in a responsible manner, and aims through this Policy Statement to ascertain the guiding principles for its Sustainability strategy and efforts.
The principles support Garanti Bank in effectively defining and addressing material Sustainability risks and opportunities facing the Bank in Turkey.
This Policy Statement, covering the Bank’s business activities in Turkey, has been developed in line with the corporate regulations and legislations, and is entered into effect by a prior approval of the Board of Directors.
Overall Sustainability Vision
Sustainability issues are gaining importance within the Turkish society, and are increasingly impacting the banking sector. Garanti Bank strongly believes that operating sustainably is a key driver to the long-term success of the Bank, and aims to be the leader in introducing and implementing sustainable banking to Turkey.
Building on the Bank’s Core Values, Garanti Bank defines Sustainability as a commitment to build a strong and successful business for the future, while minimizing negative environmental and social impacts, and sharing long-term values with its customers, staff, shareholders and the communities it operates in.
Garanti Bank aspires to achieve its aim of sustainable banking through technological innovations, managing the environmental footprint of its operations and developing sound environmental & social risk assessment as part of its risk management framework. The Bank also recognizes the importance of an effective organizational structure and strong corporate governance to maintain ongoing development and successfully deliver its sustainability objectives.
Furthermore, Garanti Bank is aware of the need to collaborate and engage with its peers and suppliers on a global level to identify new opportunities, capture emerging best practices and products and remain a sustainability leader in Turkey.
Garanti Bank focuses on improving the basics of banking by integrating sustainability into its operations. The below principles, highlight the measures Garanti Bank will be taking to achieve this aim:
1- Focusing on Customers through Sustainable finance
- Introduce new practices to Turkey that go beyond common practices and compliance to relevant national laws and regulations;
- Enhance E&S risk processes across the Bank and its subsidiaries to minimize the negative impact of lending and investment activities;
- Educate customers on Sustainability and become a trusted advisor in supporting and facilitating customers to minimize their own footprint;
- Develop products and services that help catalyze the transition towards a more sustainable economy, increase financial inclusion and commit to ethical marketing and selling.
2- Focusing on managing Environmental impact of operations
- Measure and monitor the Bank’s environmental footprint, and implement measures to increase resource and energy efficiencies;
- Set targets to reduce emissions and resource usage in targeted areas and increase cost-effectiveness;
- Work closely with suppliers to benefit from the latest environmentally friendly solutions and expand sustainability across the supply chain.
3- Focusing on Communities
- Invest in communities through direct contributions and development of mutually beneficial partnerships;
- Build on Garanti Bank’s current philanthropy and sponsoring activities to further increase the wellbeing and lifestyle of Turkish communities.
4- Focusing on Stakeholders
- Liaise and engage with different stakeholders at the national and international levels to follow the latest developments and include their views into decision-making processes;
- Play an active role in increasing financial education and sustainability awareness within Turkish society;
- Report transparently on issues material for the Bank and its major stakeholders.
5- Focusing on Human Resources
- Monitor employee satisfaction and ensure a fair remuneration and benefits scheme at all seniority levels;
- Continuously educate employees and proactively engage them to develop and implement sustainable initiatives in their day-to-day activities, both at and outside work.
6- Focusing on Corporate Sustainability Governance
- Adopt an effective governance structure to develop, implement and monitor sustainability actions within the Bank;
- Integrate sustainable banking into Garanti Bank’s operations in line with the bank identity and culture.
Responsibility for this Framework
The Board of Directors is authorized and responsible to approve the Sustainability Policy. The monitoring, amendment, improvement, implementation and enforcement of the Policy is under direct responsibility of the Sustainability Committee. All changes and amendments should be subsequently approved by the Board of Directors, then published internally and made public through the Bank’s website.