Tracing back its roots to 1882, Crédit Mutuel group is a French banking and insurance co-operative group comprising of Crédit Mutuel network and all its subsidiaries. It employs over 83,000 salaried staff and 21,000 directors and it makes its financial service available to 36.1 million customers, 33.2 million of whom are private individuals. It is owned by 8.3 million members and offers retail banking, insurance, asset management and private banking and corporate and investment banking services.
In terms of senior leadership accountability, the responsibility for sustainability issues within Credit Mutuel lies with the board of directors. Additionally, Credit Mutuel acknowledges that its financing activities have both positive and negative impacts and has prioritised its impacts through a materiality assessment process through an impact analysis aligned with the Principles for Responsible Banking (PRB).
As a member of the Net-Zero Banking Alliance Credit Mutuel has set a target of net-zero financed emissions by 2050. The financial institution discloses that alignment with the Paris Agreement is one of its engagement topics.
Credit Mutuel has an opportunity to link the remuneration of its executive or management teams to sustainability performance criteria. No evidence was found that the bank is committed to gender equality and women’s empowerment and it could disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. The bank also has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
Credit Mutuel could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. There is no evidence that the financial institution discloses key sectors or companies identified as priorities to engage with on climate issues. Additionally, the financial institution has an opportunity to disclose its financing activities devoted to climate solutions. There is no evidence that the financial institution is committed to minimising the negative impacts it has on nature and biodiversity. No evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
There is no evidence that Credit Mutuel has a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles. The financial institution could describe the process for identifying its human rights risks and impacts through its relevant financing activities. There is no evidence that the financial institution discloses the proportion of its total direct operations workforce for each employee category by age group and gender. There is no evidence that the financial institution discloses the proportion of its total direct operations workforce for each employee category by gender. To provide transparency on financial inclusivity, Credit Mutuel has an opportunity to disclose the amount of finance directed towards small- and medium-sized enterprises (SMEs) or low-income developing countries.