National Development Fund (NDF) was established by Royal Order No. (A /13) dated 03/10/2017. It was mandated to advance the performance of development funds and banks as well as to empower development funds and banks to better fulfil development priorities and economic obligations related to the Kingdom of Saudi Arabia’s Vision 2030.
In terms of its approach to senior leadership accountability, there is no evidence that the National Development Fund assigns responsibility for sustainability to the group’s highest governing body. In terms of its approach to senior leadership accountability, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. No evidence was found that the National Development Fund is committed to gender equality and women’s empowerment. It has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
There is no evidence that the National Development Fund discloses a target to reach net-zero financed emissions by 2050. 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 the alignment with the Paris Agreement. There is no evidence that the National Development Fund discloses its financing activities devoted to climate solutions. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions. No evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
There is no evidence that the National Development Fund 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 National Development Fund has an opportunity to disclose the proportion of its total direct operations workforce for each employee category by age group, gender or another indicator of diversity. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises or low-income developing countries.