Bank of India

The Bank of India has a publicly available policy statement affirming its commitment to uphold the ILO core labour rights. It also specifies that it does not make political contributions.

The financial institution delegates decision-making and oversight responsibilities for its sustainability strategy to the highest governance body. Responsibility for implementing the sustainability strategy is assigned to specific functions, teams, or committees within the organization. Additionally, the financial institution has a publicly available policy statement committing to respect human rights.

Bank of India has a materiality assessment on sustainability issues related to environmental and social matters, but there is no evidence of a process for prioritising material impacts. It is recommended that performance criteria for senior executive remuneration be linked to specific sustainability targets. The entity has identified 10 trade associations based on total membership, but lacks a comprehensive list.

While scope 1-2 emissions are disclosed, further detail on scope 2 emissions is needed, along with monitoring of other scope 3 categories. A transition plan covering operations, supply chain, and portfolio should be established, with emissions reductions aligned with interim targets. A breakdown of clients by income group is also recommended. The Bank primarily operates in India, but does not disclose operations by country.

Bank of India has the opportunity to disclose its method for determining a living wage in its operational regions and to include anti-bribery and anti-corruption clauses in contracts as well. A risk process for human rights topics exists, yet it does not include risks related to ILO fundamental rights at work. It is advised that a process for identifying social risks linked to the net zero transition be disclosed, along with an example of conclusions and actions taken regarding salient human rights issues from the last 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.