ABN AMRO is a Dutch financial institution providing banking services to retail, private and business clients. It was initially formed in 1991 as a result of the merger of Algemene Bank Nederland and Amsterdamsche en Rotterdamsche Bank. An additional merger took place in 2010, with Fortis Bank Nederland. ABN AMRO has three client units: Personal & Business Banking, Wealth Management and Corporate Banking. Based in Amsterdam, the Netherlands, the financial institution operates in 13 countries and had 19,957 employees in 2021. 50.1% of the total shares of ABN AMRO are listed on Euronext Amsterdam.
ABN AMRO links the remuneration of its executive team to sustainability performance criteria. It also describes its approach to engagement on sustainability themes and impact topics with clients and investees. This engagement approach includes a clear framework with success criteria and escalation points in the event that engagement is unsuccessful. The financial institution also provides details regarding how it engages with clients and investees in practice. In regard to trade associations, ABN AMRO discloses a list of associations of which it is a member including sustainability- and non-sustainability-related organisations. Finally, on the topic of gender equality and diversity, the financial institution publicly commits to gender equality and women’s empowerment and has a gender-balanced board of directors where 3 out of 7 members are women.
ABN AMRO discloses its absolute financed emissions, including the underlying data quality and coverage. It also has a time-bound target in relation to its climate solutions. By 2024, the financial institution aims to increase the proportion of renewables in its energy loan portfolio to at least 45%. In terms of engagement, both alignment with the Paris Agreement and nature- and biodiversity-related impacts, are engagement topics with companies to which ABN AMRO provides financial services. Furthermore, as a signatory to the Finance for Biodiversity Pledge, the financial institution is committed to minimising its negative impacts on nature and biodiversity. Beyond this the financial institution also discloses its process for identifying its nature- and biodiversity-related impacts across all its financing activities.
ABN AMRO has a publicly available policy statement committing it to respect human rights. It also has a global system to take action to prevent, mitigate or remediate salient human rights issues, which also applies to its financing activities. Moreover, the financial institution engages with stakeholders whose human rights have been or may be affected by its activities and has a grievance mechanism accessible to all workers and external stakeholders to raise human rights, as well as bribery and corruption concerns or complaints. Furthermore, ABN AMRO prohibits, and takes steps to identify and address bribery and corruption. Additionally, the financial institution discloses that an executive-level body has responsibility for its global tax strategy.
In terms of its approach to senior leadership accountability, while ABN AMRO’s Supervisory Board supports the implementation of sustainability, the financial institution could clarify if responsibility for sustainability issues lies with this body. Moreover, ABN AMRO has an opportunity to link the remuneration of its management team to sustainability performance criteria. On the topic of remuneration, while the financial institution monitors its pay gap, there is no evidence that it takes action to address it. In terms of gender equality, the bank also has an opportunity to reach at least 40% female representation in senior leadership positions. In addition, ABN AMRO has an opportunity to publish case studies describing where it has engaged successfully with clients and investees on sustainability themes and impact topics.
There is no evidence ABN AMRO discloses a target to reach net-zero financed emissions by 2050. Furthermore, while the financial institution discloses that it requires some of its clients to have a strategy on climate change, it could specify that this strategy must be 1.5°C aligned. In regard to financing for climate solutions, although the financial institution discloses several figures in relation to sustainable financing, it could disclose the amount it explicitly directs towards climate solutions in an aggregated way. Finally, while the financial institution will not directly finance new oil and gas exploration, new thermal coal mines or the acquisition or construction of new coal-fired power plants, it has an opportunity to disclose that it will not provide any form of finance to any new fossil fuel project.
While ABN AMRO describes a process for identifying its human rights risks, it could clarify whether the process covers all its financing activities. In terms of financing for usually excluded groups, although the financial institution discloses that it directs finance towards women entrepreneurs and small- and medium-sized enterprises, it has an opportunity to provide an amount. Moreover, there is no evidence that ABN AMRO discloses the amount of finance directed towards low-income developing countries.
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Revenue: EUR 7.59 billion; Total assets: EUR 399.11 billion