Maybank is a Malaysian bank founded in 1960. Today it has a presence in 18 countries including all ten ASEAN countries. The financial institution has three business pillars: Group Community Financial Services, Group Global Banking and Group Insurance & Takaful. As of 2021, Maybank had MYR 888.17 billion in total assets and 42,000 employees.
In terms of senior leadership accountability, the responsibility for sustainability issues within Maybank lies with the board of directors. In terms of its approach towards impact management, the financial institution acknowledges that its financing activities have both positive and negative impacts. It has identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. Maybank publicly commits to gender equality and women’s empowerment.
Maybank has a grievance mechanism for stakeholders to raise concerns and complaints regarding bribery and corruption. Additionally, the financial institution discloses the proportion of its total direct operations workforce for each employee category by age group and gender. It also discloses the proportion of its workforce covered by collective bargaining agreements. In terms of providing transparency on financial inclusion, Maybank discloses the amount of finance it directs towards usually excluded groups and small- and medium-sized enterprises (SMEs). The financial institution also has a policy prohibiting bribery and corruption, as well as a global tax strategy.
There is no evidence that Maybank links the remuneration of its executive or management teams to sustainability performance criteria. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 25% of board members are women. The financial institution also has an opportunity to reach at least 40% female representation in senior leadership positions. Currently, 34% of top management are women. Moreover, the financial institution could disclose the actions taken to address any pay gaps. Regarding engagement, although the financial institution describes its process for engaging on ESG with clients, it has an opportunity to describe its approach to engagement on sustainability themes and impact topics across its financing activities.
There is no evidence that Maybank discloses a target to reach net-zero financed emissions by 2050. Furthermore, while the financial institution discloses a number of figures in relation to sustainable finance, there is no evidence that the financial institution discloses its financing activities specifically devoted to climate solutions. 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. Regarding nature and biodiversity, the financial institution has an opportunity to commit to minimising its negative impacts.
There is no evidence that Maybank 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. While the financial institution provides a grievance mechanism accessible to all stakeholders, it should specify that complainants have the option to identify themselves or remain anonymous, and that the channel can be used to raise human rights concerns. The financial institution has an opportunity to describe the process for identifying its human rights risks and impacts through its relevant financing activities.
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Revenue: MYR 45.96 billion; Total assets: MYR 888.17 billion