Grupo Financiero Banorte

Grupo Financiero Banorte 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, Grupo Financiero Banorte has set a target of net-zero financed emissions by 2050. The financial institution discloses that its subsidiary, Afore XXI Banorte engages with its investees on the topic of alignment with the Paris Agreement. Furthermore, the subsidiary is also a member of Climate Action 100+. Grupo Financiero Banorte discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are. Furthermore, the financial institution is committed to minimising its negative impacts on nature and biodiversity.

Grupo Financiero Banorte has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. In addition, it discloses the proportion of women in its total direct operations workforce for each employee category. It also has a policy prohibiting bribery and corruption. Grupo Financiero Banorte discloses the amount of finance it directs towards small- and medium-sized enterprises.

In terms of its approach to senior leadership accountability, Grupo Financiero Banorte has an opportunity to assign responsibility for sustainability to the group’s highest governing body and link the remuneration of its executive or management teams to sustainability performance criteria. In terms of female representation in leadership positions, women are not represented on the board of directors as all members are men. Furthermore, the financial institution 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 Financiero Banorte has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities.

Grupo Financiero Banorte could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. 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. While the financial institution’s subsidiary, Afore XXI Banorte encourages its investees to set a 1.5°C-aligned strategy, it has an opportunity to make this a requirement. Furthermore, the financial institution could align all its financing towards climate solutions with internationally recognised frameworks and set time-bound targets explicitly for its climate solutions.

Grupo Financiero Banorte has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. It could also establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. Furthermore, the financial institution has an opportunity to disclose the proportion of its total direct operations workforce for each employee category by age group. In addition, Grupo Financiero Banorte could disclose the amount of finance directed towards women-owned businesses, businesses owned by another usually excluded groups or low-income developing countries.