Banco Santander

The financial institution has publicly available policy statements committing to upholding human rights and requires suppliers to respect ILO core labour rights. Notably, it does not make political contributions. Moreover, it conducts third-party assurance or verification of its sustainability target reporting.

The institution discloses the monetary amount or share of its products, services, and capital related to high-emitting and fossil fuel sectors. Additionally, it identifies key sectors, clients, and investees for climate engagement. It actively engages in partnerships to influence sectors and clients with regard to nature-related impacts.

Furthermore, the institution discloses the monetary amount or share of products, services, and capital provided to small- and medium-sized enterprises. Alongside this, it makes operational disclosures by country, such as information on employee numbers or revenue.

The financial institution has made certain disclosures regarding its commitment to respect the ILO’s fundamental rights at work. However, it could enhance its stance by employing stronger language and formalizing this commitment within a policy document. In addition, the institution has the opportunity to be more transparent about how it determines a living wage for the regions in which it operates.

When it comes to identifying material sustainability impacts across its value chain, it could provide a more detailed account of the process, including the objective criteria and supportable evidence used for identification and prioritization.Although Santander Asset Management, which is owned by the financial institution, has a stewardship policy in support of environmental transitions and social best practices, the institution should also disclose its own stewardship policy on sustainability at the group level.

When referring to sectors and areas with nature-related impacts, the financial institution has the chance to elaborate on how these were identified and prioritized as those with the highest impact in relation to its products, services, and capital. Similarly, when it mentions the protection and restoration of nature, it could disclose a comprehensive strategy covering at least its priority sectors and areas.

It is recommended that the financial institution discloses the breakdown of its clients and/or beneficiaries by income group. Moreover, it is advisable for the institution to disclose that its risk assessment process encompasses risks associated with the ILO fundamental rights at work for those affected by its products, services, and capital. Finally, it is recommended that the financial institution provides an example of the specific conclusions reached and the actions taken or planned in response to at least one of its significant human rights issues, resulting from assessment processes within at least one of its activities in the past three years.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.