Akbank is a privately-owned Turkish commercial bank operating in the fields of corporate and investment banking, commercial banking, SME banking, retail banking, payment systems, private banking, investment services, and treasury transactions. It also provides services in the insurance sector through various branches. Akbank was established in Adana, Turkey in 1948 and is headquartered in Istanbul. With its public offering in 1990 and its secondary public offering in 1998, Akbank has been trading in international markets as an American Depository Receipt (ADR).
Akbank identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. Additionally, in terms of senior leadership accountability, the responsibility for sustainability issues within the financial institution lies with the board of directors. The bank publicly commits to gender equality and women’s empowerment and is a signatory member of the United Nation Women’s Empowerment Principles and discloses a target to empower and promote the social, economic and political inclusion of all irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status by 2030. The bank also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Akbank discloses that it issued 50 million USD green bonds in 2020 and discloses that the green bonds are defined according to an internationally adopted framework, namely the International Capital Market Association (ICMA)
Akbank has a publicly available policy statement committing it to respect human rights as well as a publicly available policy statement committing it to respect the ILO core labour rights. In addition, the bank discloses the proportion of its total direct operations workforce for each employee category by age group and the proportion of women in its total direct operations workforce for each employee category.
In terms of its approach to senior leadership accountability, Akbank could link the remuneration of its executive or management teams to sustainability performance criteria. Akbank also has an opportunity to reach at least 40% female representation in the board and senior leadership positions. There is no evidence that Akbank discloses the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category. In addition, there is no evidence that Akbank discloses the actions taken to address any pay gaps. Akbank has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
Akbank discloses a net-zero target, but only for its own operations and not its financing activities and could also disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. The bank has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change. Regarding nature and biodiversity, no evidence was found that the bank is committed to minimising its negative impacts or financing regenerative solutions.
Akbank has an opportunity to describe the process for identifying its human rights risks and impacts through its relevant financing activities. To provide transparency on financial inclusivity, the bank could disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
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Net income: TRY 6.26 billion; Total assets: TRY 478 billion