ICICI Bank 

In terms of governance, the financial institution assigns decision-making and oversight of its sustainability strategy to its highest governance body, while delegating implementation responsibilities to specific functions, teams, or committees within the organization. Moreover, the institution has a publicly available policy statement committing to respect human rights, as well as discloses a comprehensive list of its membership in trade associations. Finally, it reports the monetary amount or share of products, services, and capital provided to small- and medium-sized enterprises.

The financial institution has the opportunity to disclose its methodology for determining a living wage in its operational regions. In addition, it identifies material sustainability impacts across its value chain but could provide more detail on the criteria and objective criteria/evidence used for prioritisation. Further recommendations include disclosing third-party assurance of target reporting and linking senior executive remuneration to sustainability targets.

Although it has an exclusion list for high-emitting sectors, it could clarify that it does not support new fossil fuel projects nor clients involved in such activities. Moreover, while philanthropic efforts are mentioned, an example of how its products and services support climate adaptation and resilience of society could be disclosed.

The financial institution has piloted emissions calculations for financed activities but should provide actual emission values for this. Although it monitors scope 3 emissions, it could include additional categories and a rationale for exclusions. A transition plan for its operations, supply chain, and portfolio is also recommended, along with a breakdown of clients by income group and processes to avoid unintended divestment from low-income countries. In addition, the financial institution could transparently identify the nature-related impacts associated with its provision of products, services and capital.

Although the financial institution’s human rights policy aligns with ILO standards, it should disclose that its risk assessment process related to these rights and includes mitigation processes for such risks. Lastly, an example of actions taken regarding a salient human rights issue from the last three years is recommended.

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.