Canara Bank

The financial institution assigns responsibility for implementing its sustainability strategy to functions, teams or committees within the financial institution. It discloses a list of the trade associations of which it is a member and discloses the amount or share, in monetary terms of products, services and capital provided to small and medium-sized enterprises. However, no leading practices were identified for the financial institution with regard to Financing Climate and Nature protection and restoration and Environmental footprints.

The financial institution commits to respecting the ILO’s fundamental rights at work but has the opportunity to formalise this in a policy document. It can disclose its method for determining a living wage in its operational regions and provide a publicly available policy statement against bribery and corruption, including relevant clauses in its contracts with business relationships.

While the institution identifies and prioritises material sustainability impacts, it could disclose the objective criteria and evidence used in its materiality analysis. Furthermore, it has the opportunity to disclose that it links performance criteria for remuneration at the senior executive level to specific sustainability targets. Although the institution discloses Scope 1-2 emissions, it could clarify its Scope 2 emissions as market-based or location-based.

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.