Bank of Africa

The financial institution delegates the responsibility for executing its sustainability strategy to designated functions, teams, or committees within the organization. It also reports the monetary value or proportion of products, services, and capital allocated to women-owned businesses.

The financial institution has the opportunity to disclose its methodology for determining a living wage in its operational regions. It identifies material sustainability impacts across its value chain, but could provide more detail on the objective criteria and evidence used for prioritisation. Other recommendations include disclosing third-party assurance of target reporting, linking senior executive remuneration to sustainability targets, and specifying measurable goals for climate mitigation solutions.

While the financial institution discloses that it allocates funds for loans related to water and the circular economy, it should connect these to the priority sectors/areas with significant nature-related impacts. Furthermore, the institution is encouraged to provide examples of how its offerings support climate adaptation and resilience, detail its footprint calculation methodology, and disclose a transition plan for its operations and supply chain.

Additionally, the financial institution should break down clients by income group, as well as outline processes to avoid unintended divestment from low-income countries. Furthermore, it should disclose a risk assessment which includes risks related to ILO fundamental rights, as well as mitigation processes for identified risks. It should also have a process to identify and mitigate social risks linked to the net zero transition, as well as provide specific conclusions and actions regarding salient human rights issues from assessments conducted 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.