Citigroup is a global diversified financial services holding company providing consumers, corporations, governments, and institutions with financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citigroup's origin dates to the founding of the City Bank of New York in 1812. It currently operates in more than 160 countries and jurisdictions.
In terms of its approach towards impact management, Citigroup acknowledges that its financing activities have both positive and negative impacts and has identified and prioritised its impacts through an impact analysis aligned with the Principles for Responsible Banking (PRB). The banking group assigns responsibility for sustainability issues to the Nomination, Governance and Public Affairs Committee of the board. Citigroup publicly commits to gender equality and women’s empowerment and has a gender-balanced board of directors where eight out of fifteen members are women. It discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
As a member of the Net-Zero Banking Alliance, Citigroup has set a target of net-zero financed emissions by 2050. It discloses its absolute financed emissions associated with its energy and power lending portfolio. Further, the bank discloses that it has identified clients with high emissions footprints as priorities to engage with on climate change, specifically on the topic of alignment with the Paris Agreement. It also discloses the amount of environmental financing and the related time-bound target of USD 500 billion by 2030.
Citigroup has a publicly available policy statement committing it to respect human rights. It describes its process for assessing its human rights risks and discloses what it considers to be its salient human rights issues. It further describes its global system to take action to prevent, mitigate or remediate salient human rights issues, including a description of how the system is applied and how it has acted on a salient human rights risk issue. Citigroup discloses categories of stakeholders whose human rights have been or may be affected by its activities. In addition, the bank has a policy prohibiting bribery and corruption and a process to identify and address related risks. It also discloses its lobbying expenditures. Citigroup discloses the amount of finance it directs towards black-owned businesses.
Citigroup has an opportunity to link the remuneration across its executive and management team to sustainability performance criteria, including both environmental and social criteria. In terms of gender equality, it has an opportunity to reach at least 40% female representation in senior leadership positions and disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category. Citigroup could also provide evidence of actions to address its gender pay gap. It could describe its engagement approach on sustainability themes and impact topics across all its financing activities.
While Citigroup discloses an interim intensity emission reduction target, it has the opportunity to disclose an interim absolute emissions reduction target for all its financing activities. The bank discloses it helps enhance clients’ strategies on decarbonisation, but it could make this a requirement. Further, while Citigroup discloses it aligns its green bonds with the Green Bond Principles, it could align all its financing for climate solutions with internationally recognised frameworks. Citigroup discloses the total exposure and amount of funds directed towards oil, gas and coal in the credit portfolio. However, it could provide further details of its approach to fossil fuels that spans across the fossil fuel value chain and all its financing activities. No evidence was found that Citigroup is committed to minimising the negative impacts it has on nature and biodiversity.
Citigroup describes the process to identify human rights risks through an environmental and social risk management (ESRM) policy framework. However, it has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its advisory activities such as wealth management. The bank discloses the ages of its board of directors and executive officers but could disclose this information for each employee category.
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United States of America
Net income: USD 21.95 billion; Total assets: USD 2.29 trillion