Policy Recommendations: Environmental, Social, And Governance Disclosure And Reporting For Banks
December 11, 2023
Dwi Rahayu Ningrum, Ricko Nurmansyah, Eka Afrina Djamhari, Victoria Fanggidae, Herni Ramdlaningrum + 2 more authors

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Abstract

This book contains policy recommendations regarding disclosure and reporting of environmental, social and governance aspects for banking. The book also emphasizes the importance of adopting and implementing more robust due diligence. Banks are expected to screen existing and potential customers for their compliance with bank policies and laws through strict due diligence on customer operational activities. This due diligence should also verify the existence of 'legitimate proof of ownership' from the bank customer, including complete documentation of all required social and environmental analyzes and permits.

Apart from that, this book also emphasizes the importance of comprehensive accountability, down to the Board of Directors level, on sustainability issues. Even at staff level, banks are also expected to provide training regarding effective social and environmental risk management.

What happens if banks do not disclose and report environmental, social and governance aspects for banking? Banking may continue to fund activities that are contrary to sustainability. This needs to be identified as a risk that the bank must face and has an impact on the bank's reputation.

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