Nedbank Group 

The financial institution discloses a stewardship policy which supports environmental transitions and social best practices, as well as covers client engagement, advocacy, and partnerships. The entity commits to respecting human rights and discloses its trade association memberships, lobbying positions on sustainability, and the monetary share of products and services linked to high-emitting and fossil fuel sectors. Furthermore, it identifies key sectors and clients for climate engagement and provides examples of how its products, services and capital support climate adaptation and resilience.

In terms of governance, decision-making and oversight for the sustainability strategy assigned to the highest governance body. Performance criteria for senior executive remuneration are linked to specific sustainability targets, and responsibility for implementing the sustainability strategy is assigned to various functions, teams, or committees.

The financial institution has a publicly available policy statement requiring suppliers to respect ILO core labour rights and identifies bribery and corruption risks through qualitative evidence. It does not make political contributions and maintains a gender balance of 40-60% at the senior executive level. Additionally, third-party assurance or verification of target reporting is conducted by the entity. Finally, it discloses monetary amounts for products and services provided to women-owned businesses, usually excluded groups, small and medium-sized enterprises, along with low-income countries and operational disclosures by country.

The financial institution should disclose a risk assessment process which includes ILO fundamental rights at work, along with a mitigation strategy for identified risks. Additionally, disclosing the breakdown of clients by income group and processes to avoid divestment from low-income countries is suggested. Moreover, the entity should identify social risks related to the net zero transition and provide examples of actions taken regarding salient human rights issues from recent assessments.The financial institution has the opportunity to disclose its criteria for determining a living wage in its operational regions. Furthermore, it should detail the objective criteria and evidence for identifying material impacts, along with further detailing its policy engagement and lobbying actions, aligning them with its sustainability strategy. While it has measurable targets for sustainable development finance, it has the opportunity to specify the share devoted to climate mitigation solutions.

While the institution restricts financing to high-impact industries in conservation areas, it could identify sectors and area with significant nature-related impacts for its whole portfolio. It should also disclose a strategy for the protection and restoration of nature, as well as the amount of products, services and capital allocated to nature-positive solutions. Finally, although the entity discloses its carbon footprint methodology, specifying market or location-based methods for Scope 2 emissions and expanding the number of Scope 3 categories 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.