ICICI Bank is an Indian diversified financial services group established in 1994 by its then parent company ICICI Limited. Today it provides a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. As of 2021, ICICI Bank has INR 14.11 trillion in total assets and 103,010 employees.
ICICI Bank discloses the amount of finance it directs towards usually excluded groups, namely marginal farmers and micro enterprises, as well as small- and medium-sized enterprises (SMEs). The financial institution has a grievance mechanism accessible to all workers to raise human rights complaints or concerns. It also has a policy prohibiting bribery and corruption and discloses a public commitment to protect personal data.
While ICICI Bank’s board of directors support the implementation of sustainability, it is unclear if the end responsibility for sustainability issues lies with this body. Moreover, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. Additionally, women are underrepresented on the board of directors where only 3 out of 12 board members are women. The financial institution has an opportunity to reach at least 40% female representation in senior leadership positions and on the board. Moreover, it could publicly commit to gender equality and women’s empowerment and disclose the actions taken to address any pay gaps. Regarding engagement, ICICI Bank has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that ICICI Bank discloses a target to reach net-zero financed emissions by 2050. Furthermore, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also align its climate solutions with internationally recognised frameworks and disclose time-bound targets explicitly for its climate solutions. Regarding nature and biodiversity, ICICI Bank has an opportunity to commit to minimising its negative impacts.
There is no evidence that ICICI Bank has a publicly available policy statement committing it to respect human rights laid out in the UNGPs and the ILO declaration on fundamental rights at work. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. The financial institution discloses the ages of its total workforce but has an opportunity to disclose this information for each employee category. ICICI Bank could also disclose the amount of finance directed towards low-income developing countries.
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Revenue: INR 1.93 trillion; Total assets: INR 14.11 trillion