Grupo Financiero Banorte

The financial institution has a publicly available policy statement committing to respect ILO core labour rights and expects suppliers to do the same. It discloses quantitative information on worker health and safety and assigns responsibility for implementing its sustainability strategy to specific functions, teams, or committees. The stewardship policy includes client and stakeholder engagement, advocacy, and partnerships.

There is a commitment to respect human rights, and the institution transparently identifies key sectors, clients, and investees for climate engagement. It monitors Scope 1-2 emissions and other Scope 3 categories by category. Interim targets aligned with a 1.5C trajectory are set for 2025 and 2030. Furthermore, the institution discloses the monetary amount or share of products, services, and capital provided to women-owned businesses and small and medium-sized enterprises. It also publishes the breakdown of clients and beneficiaries by company size.

The financial institution has the opportunity to disclose its method for determining a living wage in its operational regions. It includes anti-bribery and anti-corruption clauses in contracts but does not specify the consequences for breaches. Political contributions are made after internal approval, yet it could clarify if these are exceptions and the criteria for them. While it identifies material sustainability impacts, further detail on the process and the criteria used for prioritisation is needed.

Recommendations include disclosing third-party assurance for target reporting, linking senior executive remuneration to sustainability targets, and providing a breakdown of clients by income group. Although the risk assessment process considers some ILO fundamental rights at work, there is an opportunity to integrate these rights into risk management and due diligence. It is also recommended that the institution disclose its process for mitigating identified risks and provide an example of actions taken regarding a salient human rights issue from the last three years.

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.