Bancolombia 

The financial institution has a publicly available policy statement committing to respect ILO core labour rights and human rights. It discloses quantitative information on worker health and safety, as well as a list of trade associations it is a member of.

Furthermore, the institution provides details on the monetary share of products, services, and capital linked to high-emitting and fossil fuel sectors, alongside time-bound and measurable targets for climate and nature-positive solutions. It discloses the monetary share of products, services, and capital provided to women-owned businesses, usually excluded groups, and small- and medium-sized enterprises. Additionally, it discloses the monetary share of products, services, and capital provided to low-income and lower-middle-income countries and reports its operational details by country.

The financial institution has several aspects where it can improve its transparency and commitment. Firstly, while it expects its suppliers to respect specific workers’ rights, it has an opportunity to reference all the ILO fundamental rights at work. Additionally, it has the chance to disclose how it determines a living wage for the regions where it operates. The financial institution already prohibits bribery and corruption, but it could further specify that this prohibition includes the financial institution giving and receiving anything of value to gain any advantage.

Although the financial institution identifies material sustainability impacts across its value chain, it could further detail its process and how objective criteria and/or supportable evidence were considered for the identification and priortization of those impacts. Regarding biodiversity and deforestation, while the financial institution discloses its exposure to prioritized sectors, it could specify whether these sectors represent the its highest negative impact on nature. Moreover, as the financial institution provides products, services and capital that could support the climate adaptation and resilience of society, it could be more intentional about these provisions and refer to climate adaptation and resilience explicitly.

It is recommended that the financial institution discloses the breakdown of clients or beneficiaries by income group and clarifies processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, it could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition. The financial institution could also provide an example of actions taken in the past three years to address salient human rights issues identified through risk assessments related to the products, services, and capital it offers.

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.