Banco de Chile was formed as a result of the merger of Valparaiso, Agricola and Nacional de Chile in 1893. Today it is headquartered in Santiago and offers lending, savings, investment, advising and cash management services to both individuals and companies. The financial institutions four management segments are: Retail, Wholesale, Treasury and Subsidiaries. As of 2021, Banco de Chile had CLP 51.7 trillion in total assets and 12,284 employees
Banco de Chile discloses the proportion of its total direct operations workforce for each employee category by age group, gender and nationality. It also discloses the proportion of its workforce covered by collective bargaining agreements. Banco de Chile prohibits bribery and corruption and commits to respecting the health and safety of workers, in public policy documents.
There is no evidence that Banco de Chile assigns responsibility for sustainability to the group’s highest governing body. Moreover, the financial institution does not provide evidence that it links the remuneration of its executive or management teams to sustainability performance criteria. The financial institution has an opportunity to publicly commit to gender equality and women’s empowerment and to reach at least 40% female representation in senior leadership positions and on the board. Currently 17% of senior executive positions are held by women and only one out of 13 board members are women. Moreover, there is no evidence that the financial institution discloses actions taken to address any pay gaps. Regarding engagement, Banco de Chile has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that Banco de Chile discloses a target to reach net-zero financed emissions by 2050. Moreover, there is no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels, or the financial institutions stance on financing companies with new fossil fuel projects. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also discloses its financing activities devoted to climate solutions and commit to minimising its negative impacts on nature and biodiversity.
There is no evidence that Banco de Chile has a publicly available policy statement committing it to respect human rights. Moreover, while the financial institution provides a grievance channel, it should specify that: complainants have the option to identify themselves or remain anonymous; the mechanism is accessible to external stakeholders; and that it can be used to raise human rights concerns or complaints. It could also describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. In terms of transparency on financial inclusivity, while the financial institution discloses that it directs finance towards SMEs, it has an opportunity to provide the amount. Banco de Chile could also disclose the amount of finance directed towards usually excluded groups or low-income developing countries.
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Revenue: CLP 2.2 trillion; Total assets: CLP 51.7 trillion