Bank VTB is a publicly listed company established in October 1990. Headquartered in Moscow, Russia, the bank has 1500 branches in the country and employs nearly 76,000 people. Its clients include large, medium and small businesses, individual entrepreneurs, self-employed and individuals and offers its customers corporate banking services and products.
In terms of senior leadership accountability, Bank VTB assigns responsibility for sustainability to the supervisory council. Furthermore, the financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. The bank also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Bank VTB has a publicly available policy statement committing it to respect human rights. It also discloses the proportion of its total direct operations workforce for each employee category by age group and gender. Furthermore, the financial institution discloses the amount of finance it directs towards small to medium sized enterprises (RUB 1.6 trillion). Additionally the bank has a policy prohibiting bribery and corruption and discloses the proportion of its total direct operations workforce covered by collective bargaining agreements.
Bank VTB states it links remuneration of members of the board to ESG key performance indicators, however, no further evidence could be found that the financial institution links the remuneration of the group’s executive team to sustainability performance criteria. No evidence was found that the financial institution is committed to gender equality and women’s empowerment. The bank has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Furthermore it has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that Bank VTB discloses a target to reach net-zero financed emissions by 2050. The financial institution also has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. There is no evidence that the financial institution discloses its financing activities devoted to climate solutions and that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Bank VTB has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution also has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. There is no evidence that the bank discloses the amount of finance directed towards women-owned businesses or to another usually excluded groups and low-income developing countries.