Industrial and Commercial Bank of China (ICBC)

In terms of senior leadership accountability, the responsibility for sustainability issues within the Industrial and Commercial Bank of China (ICBC) lies with the board of directors. Additionally, ICBC acknowledges that its financing activities have both positive and negative impacts. The financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders aligned with the Principles for Responsible Banking (PRB). The financial institution also links the remuneration of its management team to sustainability performance criteria.

ICBC discloses absolute financed emissions. The bank discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are and discloses that its climate solutions are defined according to an internationally adopted framework. The financial institution is committed to minimising its negative impacts on nature and biodiversity and discloses its process for identifying its nature- and biodiversity-related impacts across all its financing activities.

ICBC discloses the proportion of its total direct operations workforce for each employee category by age group and gender. The financial institution discloses the amount of finance it directs towards small- and medium-sized enterprises (SMEs).

ICBC could link the remuneration of its executive team to sustainability performance criteria. No evidence was found that the financial institution is committed to gender equality and women’s empowerment and the bank could also reach at least 40% female representation in the board of directors and senior leadership positions. Additionally, it has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.

There is no evidence that ICBC discloses a target to reach net-zero financed emissions by 2050. The financial institution could disclose key sectors or companies identified as priorities to engage with on climate issues, specifically alignment with the Paris Agreement. No evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.

There is no evidence that ICBC has a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Additionally, there is no evidence that the financial institution has one or more channels/mechanisms, or participates in a shared mechanism, accessible to all external individuals and communities who may be adversely impacted by the financial institution to raise human rights complaints or concerns. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards women-owned businesses or low-income developing countries.