Bank of Nova Scotia

The financial institution publishes an engagement report detailing outcomes related to sustainability impact topics and specifies that it does not make political contributions. Decision-making and oversight for the sustainability strategy are assigned to the highest governance body, with performance criteria for senior executive remuneration linked to specific sustainability targets. Implementation responsibility for the sustainability strategy is delegated to various functions, teams, or committees within the institution.

The institution discloses the positions it takes in its lobbying and political engagement activities on sustainability topics. It also transparently identifies the key sectors, clients and investees for climate engagement. Additionally, the institution monitors its scope 1-2 emissions and emissions from associated financing activities (Scope 3 category 15). Moreover, it discloses the amount in monetary terms of products, services and capital provided to women-owned businesses and usually excluded groups.

While the financial institution has a publicly available policy statement committing to respect specific workers’ rights and expects suppliers to do the same, it has an opportunity to reference all ILO fundamental rights at work. It has the opportunity to include anti-bribery and anti-corruption clauses in its contracts with business relationships.

While the institution identifies and prioritizes material sustainability impacts, it could enhance transparency by disclosing the objective criteria and evidence used in its materiality analysis. Although it restricts financing for certain fossil fuel projects or clients undertaking such projects, it could expand these restrictions to include all fossil fuels. The institution has established time-bound and measurable targets for its provision of products, services, and capital for “green” solutions but has the opportunity to specify the share devoted to climate solutions.

It is recommended that the institution disclose the breakdown of clients by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Furthermore, its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks.

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.