Caixabank

The responsibility for sustainability issues within Caixabank lies with the Appointments and Sustainability Committee. In terms of accountability, the bank links the remuneration of its executive team to sustainability performance criteria. Regarding engagement, the financial institution has a policy where it describes its approach on sustainability themes and impact topics with clients and investees. Caixabank also publicly commits to gender equality and women’s empowerment. It has gender-balanced representation among its senior leadership roles where 43% are women and it discloses a target to have 43% women in management positions. In terms of its approach towards impact management, Caixabank has identified and prioritised its impacts and reports according to the Principles of Responsible Banking. 

As a member of the Net Zero Banking Alliance and Net Zero Asset Owner Alliance, Caixabank has set a target of net-zero financed emissions by 2050. Moreover, as a member of Climate Action 100+, the bank discloses that it collectively engages with its clients on the topic of climate change. It also discloses the aggregate amount of finance it devotes to climate solutions, such as renewable energy loans, and that its climate solutions are defined according to internationally adopted frameworks. Caixabank discloses absolute financed emissions as well as the underlying data quality and coverage of its financed emissions. Furthermore, the bank is committed to minimising its negative impacts on nature and biodiversity. 

Caixabank has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. Moreover, the bank describes the process for identifying its human rights risks and impacts in specific locations or activities covering its own operations, as well as discloses categories of stakeholders whose human rights have been or may be affected by its activities. Caixabank discloses a global tax strategy for which the board of directors is responsible and also discloses income tax payments for all its tax jurisdictions. Regarding diversity, Caixabank discloses the proportion of its total direct operations workforce for each employee category by age group and gender. It also discloses the amount of finance it directs towards self–employed women.  

In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 6 out of 17 board members are women. While Caixabank discloses the total ratio of basic salary to men and women and the average remuneration of directors by gender, it could provide a further breakdown per employee category as well as disclose how it takes action to address any pay gaps. Although Caixabank has an engagement policy that includes a framework with success criteria, there is no evidence that this policy includes escalation points. It could also publish case studies describing where it has engaged successfully with clients and investees on sustainability themes and impact topics. 

While there is currently no evidence that Caixabank discloses interim financed emissions reduction targets, it aims to publish decarbonization targets for 2030 during the third quarter of 2022. While the bank discloses that it will not finance new projects involving oil sands, arctic oil and gas and fracking, it has an opportunity to also disclose that it will not provide any form of finance to any new fossil fuel project. Similarly, though Caixabank states to require a transition plan in line with the Paris Agreement for all coal, as well as new oil and gas companies with more than 25% (for coal) or 50% (oil and gas) of their consolidated earnings coming from fossil fuels, it could disclose a similar strategy which covers all fossil fuels across all its financing activities. 

Though Caixabank describes a process for identifying its human rights risks, it could clarify whether this concerns all of its financing activities. The bank provides a grievance mechanism; however, it could specify that the mechanism is accessible to external stakeholders. To provide transparency on financial inclusivity, the bank could disclose the amount of finance it directs towards SMEs and low-income developing countries.