Caixa Econōmica Federal

The financial institution assigns responsibility for implementing its sustainability strategy to functions, teams, or committees within the institution. It also discloses its operational details by country. However, no leading practices were identified for the financial institution with regard to Financing Climate and Nature protection and restoration, Environmental footprints and Inclusive finance.

The financial institution discloses commitments to respect the ILO’s fundamental rights at work and expects its suppliers to do the same, but could strengthen its commitment by placing them in formal policy documents. It has the opportunity to clarify how it determines a living wage in its operational regions. 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. Additionally, its risk assessment process includes risks associated with some of ILO fundamental rights at work for those impacted by its provision of products, services, and capital but it could cover the full set of rights.

It is recommended that the institution disclose that it has established a transition plan covering its own operations, supply chain, and portfolio and disclose the breakdown of clients or beneficiaries by income group. It could also clarify 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 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 its products, services, and capital.

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.