Grupo Credicorp is a financial services holding company headquartered in Peru and with a presence in Bolivia, Chile, Colombia and Panama. Its portfolio of services include universal banking, microfinance, insurance and pension funds and investment banking. Founded in 1889, BCP has total assets worth PEN 245 million and more than 17,000 employees.
Grupo Credicorp has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. Furthermore, it discloses the proportion of women in its total direct operations workforce for each employee category. The financial institution has a policy prohibiting bribery and corruption and takes steps to identify and address them. In addition, Grupo Credicorp discloses a global tax strategy.
In terms of its approach to senior leadership accountability, Grupo Credicorp has an opportunity to link the remuneration of its executive and management teams to sustainability performance criteria. Furthermore, there is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment. Women are underrepresented on the board of directors where only two out of nine board members are women. The financial institution also 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. Grupo Credicorp has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities.
There is no evidence that Grupo Credicorp discloses a target to reach net-zero financed emissions by 2050. It has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Furthermore, the financial institution could disclose the amount of its financing activities devoted to climate solutions. In addition, 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. Regarding nature and biodiversity, Grupo Credicorp could make a commitment to minimising its negative impacts or financing regenerative solutions.
There is no evidence that Grupo Credicorp has a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. It has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, the financial institution could disclose the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
More about the company
Net income: PEN 1.6 billion; Total assets: PEN 245 billion